SOA Round two

Lochen

Second attempt

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 145
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 57
Gas..................................... 57
Oil..................................... 0
Water rates............................. 58
Telephone (land line)................... 12
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 18
Car Insurance........................... 28
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 19.99
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1733.19

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 1

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2800.....(145)......0
Total secured & HP debts...... 2800......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Telecoms.......................85.76.....1.........0
Utility........................225.39....1.........0
Personal loan..................920.27....1.........0
Credit card....................200.......10........0
Credit card....................260.......12........0
Overdraft......................385.......100.......0
Credit card....................2724......100.......0
Credit card....................304.64....1.........0
Bank Loan......................18979.....1.........0
Bank account...................4500......1.........0
Bank account...................4055.14...1.........0
Sky TV.........................90........0.........0
Personal loan..................1100......100.......0
Telecoms.......................150.......35........0
Personal loan .................215.......115.......0
Total unsecured debts..........34194.2...479.......-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 1,733.19
Available for debt repayments........... -233.19
Monthly UNsecured debt repayments....... 479
Amount short for making debt repayments. -712.19
Personal Balance Sheet Summary
Total assets (things you own)........... 1
Total HP & Secured debt................. -2,800
Total Unsecured debt.................... -34,194.2
Net Assets.............................. -36,993.2

confused76

hiya
round 2!
the most noticeable thing is that your outgoings far exceed income by £233
is your partner's contribution correct or is this in fact higher?
what is the secured/loan repayments? is this just credit card/loan repayments? if so these will go into your bankruptcy so should be left off your soa, bringing your deficit down a bit
ta

Lochen

Hiya.

I pay the rent. The rest, ie. Gas, Electricity, Water, Council tax, etc is 50/50. (in reality, when Im broke, she ends up paying the lot, which is most of the time, which in turn is why she still works). National Debt line advised me to calculate a 'proportional' share of household expenses and submit that.

She pays for the food and her own stuff, car and associated things and maybe a few clothes and the odd haircut...........thankfully.

In reality, I dont have haircuts (shave my own) and havent bought clothes since I can remember. They're both in the SOA though

Although Ive put mobile phone, It was cut off last week so Im not really paying for that, but its in there as its a current liability

The secured debt is the HP on the car which is also the one asset, although its not really mine is it?

Im getting awfully confused about what to put. As described in a previous post, my share of our domestic bills should really go up as my wife really needs to retire at 67 years old. She would have sufficient income to manage a DMP of her own if she were to retire (pensions), but I would be screwed. She will resolutely NOT petition for bankruptcy!

All I know is Im completely broke, yes - £233 per month deficit is very close.

I havent included this months £100 bank charges (£175 last month) which they absolutely will not stop charging, its added to my overdraft which was within its limit yesterday.

Thanks for continuing to comment though. I will perservere, I have no choice.

Barry

confused76

Lochen wrote: »

Hiya.

I pay the rent. The rest, ie. Gas, Electricity, Water, Council tax, etc is 50/50. (in reality, when Im broke, she ends up paying the lot, which is most of the time, which in turn is why she still works). National Debt line advised me to calculate a 'proportional' share of household expenses and submit that.

She pays for the food and her own stuff, car and associated things and maybe a few clothes and the odd haircut...........thankfully.

In reality, I dont have haircuts (shave my own) and havent bought clothes since I can remember. They're both in the SOA though

Although Ive put mobile phone, It was cut off last week so Im not really paying for that, but its in there as its a current liability

The secured debt is the HP on the car which is also the one asset, although its not really mine is it? i'm not really up on cars on HP so i'm not sure what will happen here

Im getting awfully confused about what to put. As described in a previous post, my share of our domestic bills should really go up as my wife really needs to retire at 67 years old. She would have sufficient income to manage a DMP of her own if she were to retire (pensions), but I would be screwed. She will resolutely NOT petition for bankruptcy! if you're still an undischarged bankrupt when your wife turns 67 then you would just submit a revised version of your SOA at that time to the official receiver. is most of the debt in your name? are you aware that any joint debt will fall to your wife as she isn't going br?

All I know is Im completely broke, yes - £233 per month deficit is very close. know the feeling

I havent included this months £100 bank charges (£175 last month) which they absolutely will not stop charging, its added to my overdraft which was within its limit yesterday.

Thanks for continuing to comment though. I will perservere, I have no choice.

Barry

hopefully someone else will comment on the car. i think it depends on 1. whether the hp company have a clause about br and 2. what the OR thinks. considering the deficit each month i can't see the OR allowing you to continue with the car but i'm really not sure as i didn't have a car on hp. do you need a car for work?

have you taken advice from one of the debt charities? i found national debt helpline very helpful, there is also the cccs and cab. you will be asked when you petition for br whether advice has been taken

don't worry we'll get there

So_Sad_Angel

If the car is HP then the OR will unlikely be interested provided you can afford it. It will be down to the HP company & quite frankly in the current marketplace if the payments are being made then I think nothing will change. (unless you want to hand the car back that is).

I have a caravan on HP...the OR not interested as no value above the outstanding market valuation. The HP Co are`nt bothered so long as its paid.

On the bank charges....if you decide on BR then why not open another account (basic Coop/Barclays account) & switch over regular payments etc & leave the account that is racking up charges as this will fall into BR....you can`t carry on paying £175 in charges...you can`t afford it!

Personally I was well within my odraft but they would`nt stop charging & in the end the balance was double the OD limit just by their charges.

Get advice...folks on here can only offer their own persepectives & the decision to take the BR route has to be yours based on informed advice from the debt charities.

Angiexx

Lochen

Hi both

Confused76 - My wife is 67 now and has worked over her retirement age just so we could get by during the last 7 years.

Im not bothered about the car, they can have it, I have a works van and my wife owns a car. I havent paid for it this month and won't next month as I need the money for my fees

Yes, I have had the right advice from National Debt Council and received a pack from them today. Im told this is my only option.