Check a SOA and advice please !!

ashellis

Hi there, I have been reading this thread for what seems like months and months, and now is the time to get some advice as I am going to take the plunge and would like some words of wisdom from the lovely people here !!

Bit of background information :

I am married, have a 6 month old and a 5 year old. Hubby works full time.

On Thursday last week I had my creditors meeting to put my company in liquidation (voluntary), and that is why I have held off going bankrupt before now as I wanted to finalise everything to do with the company first.

It is only me that is going bankrupt, reasons are I put money into the business via personal loans etc and now since the company has folded, cannot pay them back.

I am currently on maternity allowance from the government (as my wages were so low from the business), and basically hubby pays for all of the bills apart from the food, which I normally pay for out of the benefits I receive.

My Maternity Allowance will cease at the end of March, and then I can sign on for 6 months to receive the Job Seekers Allowance, so in April my benefits will lower by around £ 10 per week, and this benefit will only be received for 6 months, then I can not claim anything.

On my SOA, I have put some of the bills down that Hubby contributes to, as otherwise the OR would find it strange that I only pay for food and nothing else, is this correct???

Hubby owns the car and so I have not put this down as I do not currently drive it, I get the bus thats why I have other travelling costs etc.

Can someone have a looksie at my SOA for me please and see what you think. Have I done right in including some bills that Hubby pays rather than me just putting my benefits in and then paying out on food??

I think after reading every post on here for months, that I thought I would get it right and not be worried, but I just would like someone to say I am going down the right route !!

After folding the company last week, I think seeing the judge should be easier for me, and I can explain away the debts that I owe, but am worried just incase the OR says Hubby has to pay my debts for me.

Thanks for reading folks xxx

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1500
Benefits................................ 528
Other income............................ 0
Total monthly income.................... 2028

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 900
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 40
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 580
Clothing................................ 80
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 60 (This is school meals and also football club)
Medical (prescriptions, dentist etc).... 20 (This is for me and my little girl as we both have to wear glasses, and I receive no benefit to entitle me to free dentists etc)
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1986

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................7000......0.........0
virgin.........................7000......0.........0
loan...........................8634......0.........0
o2.............................122.......0.........0
Total unsecured debts..........22756.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,028
Expenses (including HP & secured debts). 1,986
Available for debt repayments........... 42
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 42

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -22,756
Net Assets.............................. -22,756 :eek:

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Any thoughts for the above would be great, I hope you think the surplus is ok but seen as my benefits will lower in the next month, then I think that should be ok????

Radiantsoul

I suppose you ought to include the money your liquidated company owes you as an asset(although I assume this has no or negliable value). But I guess it might be worth adding it as an asset and it might help to explain how you came to be bankrupt.
As you are on benefits you are unlikely to get an IPO.

ashellis

Thats a very good thought Radiantsoul, I am not getting anything back from the company.

Everything me and Hubby has ever earnt went into buying the business and now we are facing losing our home,we currently live above the shop ,and have already been told that we we not receive anything from the liquidation as the assests were not enough.

I think I will put a seperate note into the court when I am explaining the reasons why I am going bankrupt etc, and state that I lost £87,000 + through the business as well

My how I ballsed things up eh !!

ViolaLass

£580 on food a month?! I would expect to be able to do it on £160 a month - depending on what you're feeding to your daughter. Do you or husband cook?

melorablack

I thought all new mums got free dental treatment until the baby was a year old, regardless of any benefits you do or don't receive?

motherb

hi £580 should be no problem for food we were allowed £470 for three of us

confused76

hi there £10 water rates seems low is this right?

ashellis

I have to buy Baby milk out of this, and also nappies,wipes, cleaning items, and everything you need to keep 2 children fed and 2 adults fed and a household clean including washing powder etc.

Yes I can reduce it down and make everyone eat beans on toast, and yes I can and do make my baby mashed up food from what we eat and I do shop around for the bargains.

If I could have supplied my own woman made milk for my baby I would have, but cannot and so I have to buy it. He is a greedy mite and so is the rest of my family and I thought that £ 36.25 per week per person was reasonable amount.

I have never spent a life living it up, but now I literally have nothing, I want to make sure that every penny I have will go on my family making sure that I can provide for them.

I have lost so much that I do not want to have to think about a tenner extra on my shopping bill if it happens and so I thought it was an amount that would cover all eventualties.

Sorry if it seems a little ott, but every single penny we have every had is gone and so I want to make sure that if I want to take little one to the cinema (yes, I know a luxury!!) then I can afford it.

After 6 months I will not be entitled to any Income JSA or anything, my maternity covers me for dental work up until August, but after that I will not get any help towards anything. If I need new glasses or dental treatment or even a prescription then I will have to pay for it after August.

I am trying to think ahead also, as when we have to move in June, then our rent and everything else will go up, as the rent was slightly reduced when we bought the business, and now the business is gone, we have to move to another home.

ashellis

I dont know how much the water rates are, hubby pays for everything, normally I just pay for the food and clothes etc out of my benefits I get. I put that amount in as it could be included as part of his contribution.

My money will decrease by £10 on 30th March,when my Maternity Allowance ceases and I go and sign on, so I was trying to think ahead of this as well.

motherb

would increase gas by £20 holidays by £20 and haircuts by at least £5

ashellis

If I increase the gas and electricity, can the OR reduce them if they think they should not be accepted etc??
I am worried about having the holiday fund, as if the refuse all of this then my surplus could be over £100 per month.. but hey if I increase the gas by £20 etc, then it might work out the same....
Am getting worried that they might be strict with me and say no to holidays etc.