Advice please - Bankruptcy - SOA

[Deleted User]

Hi...am taking the plunge and making my self bankrupt this year...finally! My partner has just started a new job and I am currently staying at home with our son who is 2. Just wondering if people could give me their opinions on the SOA below...not sure what allowances I am allowed to put down...I currently have about £40k of debt and have been on and off with arrangements for a few years now. The Telephone charge is a package with Telephone/Internet/Tv and is a neccesity as OH's daughter lives abroad so we have a court order stating contact arrangements via phone and skype. Haven't included any dental,haircuts,birthdays etc yet as do not know what I am allowed to put?? Any help greatly appreciated!!

Thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 124
Other income............................ 0
Total monthly income.................... 1624
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 80
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 42
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
maintenence............................. 160
Total monthly expenses.................. 1432

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,624
Expenses (including HP & secured debts). 1,432
Available for debt repayments........... 192
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 192
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

IF

Hello noodle, I'm no good at SOA's. Just bumping you up the board.
Have you contacted one of the debt charities?

[Deleted User]

Not yet..am going to book in with Citizens advice but thought I should wait until I have almost saved up enough money...will be in the next 6 weeks hopefully. Just looking for as much info as possible for now. I think when I have completed the SOA properly our income will come in at £50 or less so my partner is going to do a DRO as well as his debt is below £15k...will this be ok for us to do?

IF

Hi Noodle, If I was you I'd contact CAB on Monday as they are sometimes booked up for a while. Have you read the sticky's at the top of the forum

Sticky: Look here first - Bankruptcy Help: Important topics, factsheets and links ( 1 2 3)
fermi

Hopefully someone probably tomorrow can advise you futher, sorry I'm not much help x

So_Sad_Angel

Hi Noodle.

Your SOA looks very tight. You have a surplus but you need to put on stuff like medical (dentist & prescrips). Do you run a car? & life assurance if you have it too.

I would add haircuts & small holiday fund . The OR can always take it away but be more difficult to add later.

This is a BR SOA so its about sustainable living & not about finding surplus for a DMP so the allowances tend to be more more flexible.

So_Sad_Angel

ifwisheswerehorses... wrote: »

Hi Noodle, If I was you I'd contact CAB on Monday as they are sometimes booked up for a while. Have you read the sticky's at the top of the forum

Good point `if`...they are so busy these days...plus you will need to book to see a debt adviser rather than a regular volunteer.

beentheredonethatstilhere

noodle84 wrote: »

Hi...am taking the plunge and making my self bankrupt this year...finally! My partner has just started a new job and I am currently staying at home with our son who is 2. Just wondering if people could give me their opinions on the SOA below...not sure what allowances I am allowed to put down...I currently have about £40k of debt and have been on and off with arrangements for a few years now. The Telephone charge is a package with Telephone/Internet/Tv and is a neccesity as OH's daughter lives abroad so we have a court order stating contact arrangements via phone and skype. Haven't included any dental,haircuts,birthdays etc yet as do not know what I am allowed to put?? Any help greatly appreciated!!

Thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1500 assuming this is your OH income
Partners monthly income after tax....... 0
Benefits................................ 124
Other income............................ 0
Total monthly income.................... 1624
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 80 is it really this high? does this include arrears.
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 42
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350 £450
Clothing................................ 25 £50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100 is this just your travel expenses or your OH's as well? If your OH's remove and just put yours down and reduce your OH's income by the amount he would pay.
Childcare/nursery....................... 0
Other child related expenses............ 0 £20 for swimming etc.
Medical (prescriptions, dentist etc).... 0 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £15
Entertainment........................... 0
Holiday................................. 0 £50
Emergency fund.......................... 0
maintenence............................. 160 take this off and remove the amount from your OH income as this is his payment and not yours.
Total monthly expenses.................. 1432

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,624
Expenses (including HP & secured debts). 1,432
Available for debt repayments........... 192
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 192
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Don't include any expenses your OH pays. Just reduce his income at the top to cover his expenses. Play around with the figures and you will get a decent SOA.

[Deleted User]

Thanks for your replies everyone.

Yes income is OH's, he will be working different shifts each week but this is his annual income averaged into months and the benefits are Child Benefit & Child Tax Credits - not sure if was meant to include these or not?

We are on Prepayment meters for Gas & Electricity, although am expecting gas to be cheaper now its getting warmer we have been spending £20 a week on gas since we moved in as we are at home all day. Can't move to direct debits until we have been here a year as are renting.

I will do another one with the advice above and repost for opinions if thats ok, will also contact CAB this week then to make an appointment.

Thanks again

[Deleted User]

Ok have redone the SOA with the adjustments recommended....have just put holidays and clothes at £30 as didn't know if was allowed to go into a shortfall figure? Also I don't think I spend anywhere near £450 a month on groceries etc? Will they really allow me that much or are they likely to reduce it? Do I have to provide receipts etc as proof of these amounts?

Was also wondering, am going to do one of these for OH as well as he will be looking to do a DRO this year, his maintenance isn't paid through the CSA it is just paid to his ex partner directly - will he have to get receipts to show this also?


Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1255
Benefits................................ 124
Other income............................ 0
Total monthly income.................... 1379
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 80
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 42
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1377

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,379
Expenses (including HP & secured debts). 1,377
Available for debt repayments........... 2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

fiveyearplan

That looks better!

fiveyearplan

noodle84 wrote: »

Ok have redone the SOA with the adjustments recommended....have just put holidays and clothes at £30 as didn't know if was allowed to go into a shortfall figure? Also I don't think I spend anywhere near £450 a month on groceries etc? Will they really allow me that much or are they likely to reduce it? Do I have to provide receipts etc as proof of these amounts?

Was also wondering, am going to do one of these for OH as well as he will be looking to do a DRO this year, his maintenance isn't paid through the CSA it is just paid to his ex partner directly - will he have to get receipts to show this also?


Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1255
Benefits................................ 124
Other income............................ 0
Total monthly income.................... 1379
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 80
Oil..................................... 0
Water rates............................. 48 this looks high - does it include arrears?
Telephone (land line)................... 42
Mobile phone............................ 10
TV Licence.............................. 11 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1377

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,379
Expenses (including HP & secured debts). 1,377
Available for debt repayments........... 2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 2
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I made a couple of comments above.