Soa

rag31

I posted our SOA a while ago but we didn't go bankrupt as my dh refused. We are now separating and I have decided that my only option is bankruptcy.

I have just completed my new SOA and would appreciate feedback. Last time a few Q's came up so I'll answer them here.

It looks like I earn nothing after childcare, but actually 80% of childcare cost is paid by wftc which means I am much better off working than going on income support.

We jointly own a property with no equity, but I am not living there with the children and don't care about losing it but dh wants to keep it on so if it's valued with any BI then he'll buy it. Unfortunately he is self employed and income gone down and bank won't allow him to remortgage and buy it out or take me off the mortgage voluntarily.

Anyway here is the SOA for advice and feedback.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 416
Partners monthly income after tax....... 0
Benefits................................ 2419.42 (housing, council tax, child, tax credits)
Other income............................ 230 Maintenance from ex-h
Total monthly income.................... 3065.42
Monthly Expense Details
Mortgage................................ 750
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 143.13
Electricity............................. 65
Gas..................................... 85
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 50
Mobile phone............................ 0 have put in with landline
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 560
Clothing................................ 75
Petrol/diesel........................... 160 (very old, crap car)
Road tax................................ 22
Car Insurance........................... 46 (inc breakdown)
Car maintenance (including MOT)......... 60
Car parking............................. 10
Other travel............................ 20 (train fare down to hospital in London 2-3 times a year)
Childcare/nursery....................... 455
Other child related expenses............ 182 (school dinners, activities, bus fare)
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 30 (no surrender value)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 70
Emergency fund.......................... 0
Total monthly expenses.................. 3731.13

Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 151000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(750)......0
Total secured & HP debts...... 155000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Citibank.......................1700......40........0
HSBC...........................1800......50........0
Blockbuster....................40........40........0
NPower (joint).................750.......50........0
Halifax (joint O/D)............2500......50........0
HMRC (joint)...................1100......0.........0
Council Tax....................2200......550.......0
Total unsecured debts..........10090.....780.......-

Monthly Budget Summary
Total monthly income.................... 3,065.42
Expenses (including HP & secured debts). 3,731.13
Available for debt repayments........... -665.71
Monthly UNsecured debt repayments....... 780
Amount short for making debt repayments. -1,445.71
Personal Balance Sheet Summary
Total assets (things you own)........... 151,000
Total HP & Secured debt................. -155,000
Total Unsecured debt.................... -10,090
Net Assets.............................. -14,090
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Thanks for any help or advice, pls give me a heads up if anything is too high.

If I could get somehow sell the house to dh (no equity) so that I could get help with my rent and council tax then I would as I could possibly manage the repayments of the other debt - but bank is playing hardball Frankly, I am just at the end of my tether. I'm sick of the years of worry.

Becky

Sunnylooloo

Hi Becky

sorry I am sure someone with better advice will be along soon,

750 mortgage - is your ex also paying half the mortgage? and is it on interest only at the moment?

LL

Good luck

dojoman

Why are you paying rent and a mortgage? the SOA is supposed to represent your position after BR.

rag31

deleted as talking gibberish

rag31

Thank you dojoman - I didn't realise the SOA was supposed to represent after bankruptcy because it asks for all debts and then imputs it in automatically.

This would be the exact situation after bankruptcy with all the income and outgoings, just without the mortgage repayment.

So the summary of this without the mortgage repayment would be:

Income: 3065.42
Expenses: 2981.13 (without credit repayment)
Surplus: 84.29

Becky

rag31

Can anyone tell me what they think? If all the amounts and allowances look hunky dory, that's great!

Becky
:beer:

Sunnylooloo

Sorry becky -can't really be of much help - might be better to re-post your SOA without the both the rent and mortgage figures?

Is your council tax slightly high? do you get a single adult reduction? maybe see if you can pay over 12 months not 10?

Otherwise I can't personally see anything that is too bad???

LL

glamb

Hi rag31,

Looks reasonable to me, the OR might want some further details on how you got to the figures of a few things - as long as you can justify and account for these they would seem reasonable.

Petrol £165
My OR did a rough calculation based on miles to work etc, asked how often I fill up, how much each fill up cost etc - so be prepared for this.

Electric / Gas £65 & £85
Maybe a little high, but again if this is what you actually pay and you can demonstrate this if required should be OK.

Intertnet £20
As I'm sure you will know, you might be asked to justify reasons for having this.

Clothing £75
That is quite low. I put down £90 for the two of us plus a baby - My OR increased ours to £125.

Car Maintenance £60
Seems reasonable to me but my OR would only give £20 and wouldn't budge!

Child related expenses £182
Sounds very high - but you do have 4 kids. I'm not sure about this to be honest, you might need to give the kids packed lunches and put this in the grocery budget. Bus fares - Might be better under travel costs?
I think most OR's allow £20 per child in this section.

Everything else looks OK to me.

Good luck,

rag31

Thanks for that, good to know I'm on the right track, will make a few adjustments here and there.

Becky
xx