Please review my SOA - Go bankrupt next week

glamb

Hi, please see below - any comments / questions would be much appreciated.

I am the only earner - wife stays at home looking after baby.

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.................... 1

Monthly Income Details
Monthly income after tax................ 1635
Partners monthly income after tax....... 0
Benefits................................ 162
Other income............................ 0
Total monthly income.................... 1797

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 42
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 90
Petrol/diesel........................... 235
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 56
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1750



Monthly Budget Summary
Total monthly income.................... 1,797
Expenses (including HP & secured debts). 1,750
Amount left after debt repayments....... 47


Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Thank you,

skylight

glamb wrote: »

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1635
Partners monthly income after tax....... 0
Benefits................................ 162
Other income............................ 0
Total monthly income.................... 1797

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 85 This seems a little low? Is it right?
Electricity............................. 50
Gas..................................... 0 No gas? And only £50 per month? Is this actual usage or do you pay direct debit on estimated bills??
Oil..................................... 0
Water rates............................. 42
Telephone (land line)................... 60 They may claim this is a little high, but I would leave it anyway.
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 90
Petrol/diesel........................... 235 Flippin heck! Do you keep receipts to back this up? Or on statements. You may have to justify this with costs/mileage etc.
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Do you pay for any prescriptions ever? Dental work? Glasses???
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 56
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10 Could change to £25 for the 3 of you
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1750

You could add in dry cleaning for your work clothes. Do you subscribe to a union etc??

beentheredonethatstilhere

Please be aware that the OR may have an interest in your life insurance.

glamb

Thanks Skylight - in answer to your comments / questions:-

Council Tax £85 - yes this is correct(Band - I pay 12 by instalments not the usual 10.

Electricity £50 - This is the current DD amount - I would say this is accurate, could I get away with increasing this a little, even though the DD is £50? We have no gas supply.

Included in the £60 telephone bill is broadband and my mobile - is it safe to include my mobile cost in here - what will the OR say when he sees money leaving my account for a mobile that I didn't mention?

Diesel £235 - my round trip to work is 75 miles - I can usually work from home 2 days a week but have calculated based on a standard 5 day week - I should probably reduce this a little.

I get free prescription(Type1 Diabetic) my wife still qualifies for free prescriptions(Recent pregnancy) We do spend money on dentist / opticians though so I will ad something - thanks.

I'll update the hair dressing amount - thanks.

What is a safe minimum surplus income to leave? If I only leave a couple of pounds will the OR be sceptical?

glamb

beentheredonethatstilhere wrote: »

Please be aware that the OR may have an interest in your life insurance.

Thanks, yes I am aware - although not sure how this works. They have no cash in value, they only pay out on death.

I would really like to keep these policies if possible - We took them out before I was diagnosed with Type 1 Diabetes and before my wife suffered from some blood clots on her lungs - If I took new policies out now it would cost a fortune - That's if we could actually get another policy.

Angiepange

glamb wrote: »

Thanks, yes I am aware - although not sure how this works. They have no cash in value, they only pay out on death.

I would really like to keep these policies if possible - We took them out before I was diagnosed with Type 1 Diabetes and before my wife suffered from some blood clots on her lungs - If I took new policies out now it would cost a fortune - That's if we could actually get another policy.

We have a joint life insurance policy that only pays out on death. On going BR the policy becomes an asset of the BR estate.

The OR offered us the option of either ceasing payments on the policy meaning it will lapse. Or we could pay the OR £50 to assign the policy back to us. We bought it back as starting a new one would cost us alot more in monthly premiums.

It means after discharge, god forbid one of us was to die, the OR would have no claim on the payout.

Angie x

glamb

Angiepange wrote: »

We have a joint life insurance policy that only pays out on death. On going BR the policy becomes an asset of the BR estate.

The OR offered us the option of either ceasing payments on the policy meaning it will lapse. Or we could pay the OR £50 to assign the policy back to us. We bought it back as starting a new one would cost us alot more in monthly premiums.

It means after discharge, god forbid one of us was to die, the OR would have no claim on the payout.

Angie x

Thanks, I'm going bankrupt next week, my wife not for a couple of months - saving up the other £600 - Do you think we will we get charged £50 each - we have 3 separate policies so would cost us £300 all together!

Angiepange

glamb wrote: »

Thanks, I'm going bankrupt next week, my wife not for a couple of months - saving up the other £600 - Do you think we will we get charged £50 each - we have 3 separate policies so would cost us £300 all together!

Sorry should have made my post a bit clearer Yes we both had to pay £50 each. Its a joint policy.

We decided it was worth it as we have had it running a fair while and to take out a new one, both being older now etc, the increase in monthly premiums would have been too expensive for us.

Good luck with your BR next week.

HTH Angie x

dojoman

We had 2 Life Insurances, and was only charged £25 each per policy to buy them back!

Angiepange

dojoman wrote: »

We had 2 Life Insurances, and was only charged £25 each per policy to buy them back!

:eek: What ! We were asked for £50 each, didnt think to query it. I wonder why it was cheaper for you Dojo? But pleased it was though

Hope you are well by the way

Angie x

dojoman

Hi Angie, I am fine thank you, hope you are ok as well. I don`t know why we were asked for that amount to be honest, I just paid it and kept quiet:)