SOA and help required

RosieandJim_2

Hi there, we have finally taken the plunge and joined the site, we have been on a DMP for a number of years but have also got ourselves in more and more debt as life seems to kick us about. My wife suffered depression which wasn't picked up for a couple of years and we spent money we didnt have. we are now straight but seriously considering BR.
we have attached what we pay out at the moment this is a real payout if we need clothes etc this comes from other places ie we dont pay as much council tax or other bills. We have a payday loan which we are caught in as this has to be paid every month in full which takes 300 pounds of our budget, then we have to take it again to live.

could you more cleverer peeps look at our SOA and suggest anything different. Would be nice to have a set budget for clothes etc and haircuts as at the moment we can't see a way out

cheers


Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2392.74
Partners monthly income after tax....... 0
Benefits................................ 230
Other income............................ 0
Total monthly income.................... 2622.74

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 725
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 20
Mobile phone............................ 50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 300
Payment to family catalogue 100
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 35.35
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 39.65
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14.89
Life assurance ......................... 17.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1835.61


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................1800......100.......0
Payplan........................10000.....185.......0
PayDayloan.....................1300......1300......0
studio.........................150.......20........0
Total unsecured debts..........13250.....1605......-


Monthly Budget Summary
Total monthly income.................... 2,622.74
Expenses (including HP & secured debts). 1,935.61
Available for debt repayments........... 687.13
Monthly UNsecured debt repayments....... 1,605
Amount short for making debt repayments. -817.87

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,250
Net Assets.............................. -12,750

MikeJO

I'm no expert and others will give you more detail but £300 for groceries is way too low. We're a family of three and put £400 so for five it has to be a lot more.

RosieandJim_2

Just to add we have outstanding debts with Gas and electric and with council tax, we are currently owing around 800 on both gas and electric and also have around 120 in arrears with council tax.
Also we have MOT and Tax to get, I know the car is going to need work so really stressing at moment.

confused76

hi there
have you taken advice from one of the debt charities? if not, contact one of the following:

www.nationaldebtline.co.uk
www.cccs.co.uk
www.citizensadvicebureau.co.uk

i will look at your soa in a minute

LouiseSA

Your gas and electricity looks high, granted we only have one child but ours is £80 combined, perhaps you could look to change supplier??

There is nothing for car maintainance and MOT, have you missed this off?

It might be an idea to do another SOA forecasting your expenses post Bankruptcy, and include budget for Clothes, haircuts, holidays etc. I think you maybe surprised how far you income will stretch once you don't have to payout for your unsecured debts.

confused76

RosieandJim wrote: »

Hi there, we have finally taken the plunge and joined the site, we have been on a DMP for a number of years but have also got ourselves in more and more debt as life seems to kick us about. My wife suffered depression which wasn't picked up for a couple of years and we spent money we didnt have. we are now straight but seriously considering BR.
we have attached what we pay out at the moment this is a real payout if we need clothes etc this comes from other places ie we dont pay as much council tax or other bills. We have a payday loan which we are caught in as this has to be paid every month in full which takes 300 pounds of our budget, then we have to take it again to live.

could you more cleverer peeps look at our SOA and suggest anything different. Would be nice to have a set budget for clothes etc and haircuts as at the moment we can't see a way out

cheers


Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2392.74
Partners monthly income after tax....... 0
Benefits................................ 230
Other income............................ 0
Total monthly income.................... 2622.74

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 725
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 80 high? 50
Gas..................................... 80 high? 50
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 20
Mobile phone............................ 50 include in landline max total 60
TV Licence.............................. 12.12
Satellite/Cable TV...................... 20 not allowed in br
Internet Services....................... 20
Groceries etc. ......................... 300 550
Payment to family catalogue 100 not allowed in br
Clothing................................ 0 100
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 35.35
Car maintenance (including MOT)......... 0 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 39.65
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14.89
Life assurance ......................... 17.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 35
Entertainment........................... 0
Holiday................................. 0 60
Emergency fund.......................... 0
Total monthly expenses.................. 1835.61


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................1800......100.......0
Payplan........................10000.....185.......0
PayDayloan.....................1300......1300......0
studio.........................150.......20........0
Total unsecured debts..........13250.....1605......-


Monthly Budget Summary
Total monthly income.................... 2,622.74
Expenses (including HP & secured debts). 1,935.61
Available for debt repayments........... 687.13
Monthly UNsecured debt repayments....... 1,605
Amount short for making debt repayments. -817.87

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,250
Net Assets.............................. -12,750

i have made a few comments on the soa (based on someone going br)

i am concerned that you haven't taken advice, bankruptcy is a last resort. please take advice and see if bankruptcy is for you, or if there is an alternative

i hope this helps. please come back if you have further questions x

Sunnylooloo

Hi just a couple of points (and I am no expert here..)

Internet will not be allowed unless needed for School or work

Mobile and Landline - put together under land line

you are allowed some money for a holiday (someone will advise how much)

You have not put any allowance for the car maintanence or MOT?

Haircuts - I think you are allowed to put something down there??

Satalite TV not allowed will have to come out of your surplus or you will have to see about getting a freeview box

Not sure you will be allowed to make the payment to your family member for the catalouge but someone will confirm that

Hope that helps a bit

Good luck

LL

Sunnylooloo

Oops Confused you so much better than me!! and you beat me to it

xx

HappyMJ

So include something for the car maintenance then. Don't put any debts on your soa at all. According to your SOA you have £687.13 available every month. The money is obviously going somewhere. I doubt you really do so you need to put EVERYTHING down. Do you really spend only £300 on groceries. Think about all of it add it all together and put the real figures down. Put the actual monthly spend on gas/electric. Use the winter quarterly bill and divide it by 3 then round it up by a few pounds. Any arrears will be included on the BR. Put your annual council tax divided by 12 on your soa. SOA's for BR combine all telephones, broadband and TV into 1 and you can put £60 for it. You must put something for clothes. Add up what you really did spend last year and average it out to be monthly. You also need to put something for haircuts whether you go to a hairdresser or not. It includes the stuff required for home hairdressing. And you really need a annual holiday in the UK so put something down for that too. £60 per month sounds about right for 5 people for 1 week away.

RosieandJim_2

Have changed with figures supplied hope this is a little clearer, we will seek advice before deciding. How does this look now would be nice to have money for the essentials for once

Also as of April this year we are down 160 a month for unpaid tax from 5 years ago so that hit us as well.
Its amazing how much you remember when you start to write it down. We have been worrying about paying for school trips and uniform etc so all help grateful.

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2392.74
Partners monthly income after tax....... 0
Benefits................................ 230
Other income............................ 0
Total monthly income.................... 2622.74

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 725
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 550
Clothing................................ 100
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 35.35
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 39.65
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14.89
Life assurance ......................... 17.6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 2320.61


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Provident......................1800......100.......0
Payplan........................10000.....185.......0
PayDayloan.....................1300......1300......0
studio.........................150.......20........0
Total unsecured debts..........13250.....1605......-


Monthly Budget Summary
Total monthly income.................... 2,622.74
Expenses (including HP & secured debts). 2,320.61
Available for debt repayments........... 302.13
Monthly UNsecured debt repayments....... 1,605
Amount short for making debt repayments. -1,302.87

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,250
Net Assets.............................. -12,750

HappyMJ

You still have £300 per month spare. For neatness round the income figures down to the next pound and the expense figures up to the next pound. The OR don't care for pennies. If the £300 spare is the amount you give to the paydayloan company then stop paying it. You're already in default as you are on DMP so start paying only what you can and no more.