my SOA....been advised to go BR..

skint2010

Hello everyone. This is my first time posting on the forum. I have been hovering around here for a few weeks gathering info etc. So far I have found this site very helpful and is has made me feel more at ease with my situation.

Over the last few years I have been slowly losing grip of my finances to the point where I now have more outgoings than coming in

Its a combination of taking out new loans to pay off old ones with a bit of surplus, plus using them to pay of cards, OD's etc and also having 2 new additions to the family and needing to rent a bigger home to suit (as apposed to living with parents). Over the last year we have been chipping away at the OD which now sits maxed out at £3000 and we really have nowhere to turn.

I contacted CCCS 3 weeks ago who have been most helpful and after going over all my stuff have advised me that my best option will be bankruptcy. This came as a bit of a shock to me. Any how I need it sorted so after reading as much info as I could using this forum/cccs/insolvency service literature etc I have decided that BR is unfortunately for me......

So now I’m starting to fill out all my forms ready for the big day in court and I thought it might be wise to put my SOA on here before I go any further.

So here it is (hope it works)

Household Information [/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1458 (going down £50 as of sept due to overtime ban at work)
Partners monthly income after tax....... 0
Benefits................................ 473 (child tax credit + child ben)
Other income............................ 0
Total monthly income.................... 1931
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 69
Gas..................................... 0
Oil..................................... 40
Water rates............................. 64
Telephone (land line)................... 0
Mobile phone............................ 78
TV Licence.............................. 13
Satellite/Cable TV...................... 43
Internet Services....................... 0
Groceries etc. ......................... 470
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 16
Car Insurance........................... 26
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 28
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1857

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
over draught....................3000......30........0
loan...........................7759......260.......0
loan...........................3288......212.......0
credit card....................453.......15........0
Total unsecured debts..........14500.....517.......-

Monthly Budget Summary
Total monthly income.................... 1,931
Expenses (including HP & secured debts). 1,857
Available for debt repayments........... 74
Monthly UNsecured debt repayments....... 517
Amount short for making debt repayments. -443
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,500
Net Assets.............................. -14,000

As I put above, my wages are going to drop by about £50 (4hrs overtime) because of a ban on all overtime at my work. My take-home also includes any bonus. I have been told that they need an average take home not basic wage? the above figure is based on my average over the last 6 months....

I know the sky is a big no no. I'm hoping i can get rid of the HD package to get it down to around 25ish and use my surplus to get around it. It’s our only luxury in life really

Any hints tips guidance appreciated guys.

Thanks

Mimi_Arc_en_ciel

skint2010 wrote: »

Hello everyone. This is my first time posting on the forum. I have been hovering around here for a few weeks gathering info etc. So far I have found this site very helpful and is has made me feel more at ease with my situation.

Over the last few years I have been slowly losing grip of my finances to the point where I now have more outgoings than coming in

Its a combination of taking out new loans to pay off old ones with a bit of surplus, plus using them to pay of cards, OD's etc and also having 2 new additions to the family and needing to rent a bigger home to suit (as apposed to living with parents). Over the last year we have been chipping away at the OD which now sits maxed out at £3000 and we really have nowhere to turn.

I contacted CCCS 3 weeks ago who have been most helpful and after going over all my stuff have advised me that my best option will be bankruptcy. This came as a bit of a shock to me. Any how I need it sorted so after reading as much info as I could using this forum/cccs/insolvency service literature etc I have decided that BR is unfortunately for me......

So now I’m starting to fill out all my forms ready for the big day in court and I thought it might be wise to put my SOA on here before I go any further.

So here it is (hope it works)

Household Information [/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1458 (going down £50 as of sept due to overtime ban at work)
Partners monthly income after tax....... 0
Benefits................................ 473 (child tax credit + child ben)
Other income............................ 0
Total monthly income.................... 1931
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 69 Lower
Gas..................................... 0
Oil..................................... 40
Water rates............................. 64 Lower
Telephone (land line)................... 0
Mobile phone............................ 78 go PAYG
TV Licence.............................. 13
Satellite/Cable TV...................... 43 Lower! Mines £18 a month for sky!
Internet Services....................... 0
Groceries etc. ......................... 470 Lower
Clothing................................ 100 Lower
Petrol/diesel........................... 200 Try to Lower
Road tax................................ 16
Car Insurance........................... 26
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 Whats this?
Medical (prescriptions, dentist etc).... 10 Lower - your kids get free prescriptions, as would your OH (benefts?) and do you REALLY go to doctors/dentist every month for them?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 28 Lower - training college is £7 a cut if that
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1857

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
over draught....................3000......30........0
loan...........................7759......260.......0
loan...........................3288......212.......0
credit card....................453.......15........0
Total unsecured debts..........14500.....517.......-

Monthly Budget Summary
Total monthly income.................... 1,931
Expenses (including HP & secured debts). 1,857
Available for debt repayments........... 74
Monthly UNsecured debt repayments....... 517
Amount short for making debt repayments. -443
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,500
Net Assets.............................. -14,000

As I put above, my wages are going to drop by about £50 (4hrs overtime) because of a ban on all overtime at my work. My take-home also includes any bonus. I have been told that they need an average take home not basic wage? the above figure is based on my average over the last 6 months....

I know the sky is a big no no. I'm hoping i can get rid of the HD package to get it down to around 25ish and use my surplus to get around it. It’s our only luxury in life really

Any hints tips guidance appreciated guys.

Thanks

You need to budget better - there's no need for you to go BR - Comments in red HTH x

philnicandamy

skint2010 wrote: »

Hello everyone. This is my first time posting on the forum. I have been hovering around here for a few weeks gathering info etc. So far I have found this site very helpful and is has made me feel more at ease with my situation.

Over the last few years I have been slowly losing grip of my finances to the point where I now have more outgoings than coming in

Its a combination of taking out new loans to pay off old ones with a bit of surplus, plus using them to pay of cards, OD's etc and also having 2 new additions to the family and needing to rent a bigger home to suit (as apposed to living with parents). Over the last year we have been chipping away at the OD which now sits maxed out at £3000 and we really have nowhere to turn.

I contacted CCCS 3 weeks ago who have been most helpful and after going over all my stuff have advised me that my best option will be bankruptcy. This came as a bit of a shock to me. Any how I need it sorted so after reading as much info as I could using this forum/cccs/insolvency service literature etc I have decided that BR is unfortunately for me......

So now I’m starting to fill out all my forms ready for the big day in court and I thought it might be wise to put my SOA on here before I go any further.

So here it is (hope it works)

Household Information [/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1458 (going down £50 as of sept due to overtime ban at work)
Partners monthly income after tax....... 0
Benefits................................ 473 (child tax credit + child ben)
Other income............................ 0
Total monthly income.................... 1931
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 69
Gas..................................... 0
Oil..................................... 40
Water rates............................. 64 this seems high..any debt?
Telephone (land line)................... 0
Mobile phone............................ 78 this would have to go into "telephone" but max £60
TV Licence.............................. 13
Satellite/Cable TV...................... 43 NOT a chance as you say..if you have a surplus what you do with that however is your business
Internet Services....................... 0
Groceries etc. ......................... 470
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 16
Car Insurance........................... 26
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 whats this?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0 £25
Buildings insurance..................... 0
Contents insurance...................... 15 accidental damage cover?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 28
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1857

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
over draught....................3000......30........0
loan...........................7759......260.......0
loan...........................3288......212.......0
credit card....................453.......15........0
Total unsecured debts..........14500.....517.......-

Monthly Budget Summary
Total monthly income.................... 1,931
Expenses (including HP & secured debts). 1,857
Available for debt repayments........... 74
Monthly UNsecured debt repayments....... 517
Amount short for making debt repayments. -443
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,500
Net Assets.............................. -14,000

As I put above, my wages are going to drop by about £50 (4hrs overtime) because of a ban on all overtime at my work. My take-home also includes any bonus. I have been told that they need an average take home not basic wage? the above figure is based on my average over the last 6 months....

I know the sky is a big no no. I'm hoping i can get rid of the HD package to get it down to around 25ish and use my surplus to get around it. It’s our only luxury in life really

Any hints tips guidance appreciated guys.

Thanks

Just a few thoughts.....ignore the other "expert" allowances are far more generous in bankruptcy than IVA etc

cccs/national debtline/CAB will NOT advise bankruptcy unless its a last resort..as they have done here

neneromanova

Your food bills are very high aswell. How old are your children? Also the mobile phone bills are quite high, I would see if you could reduce them. I can fee myself (plus a bump), my partner and my 2 year old on £200 a month and that includes cleaning products.

You just have to really look at that list and think, ok, maybe we could get down to £300 for food. Do we REALLY need to spend £100 on clothes each month? Your water rates are quite high too! Are you sure the £64 isn't every 3 months?

Are you able to go to your bank and put all of your loans, CC's, and OD's into one loan? I borrowed 15k 3 years ago and I pay £245 a month for 7 years so it might be worth looking into.

Mimi_Arc_en_ciel

philnicandamy wrote: »

Just a few thoughts.....ignore the other "expert" allowances are far more generous in bankruptcy than IVA etc

cccs/national debtline/CAB will NOT advise bankruptcy unless its a last resort..as they have done here

hey hang on that comment is uncalled for - I NEVER claimed to be an expert and was offering MY advice - no one is saying they MUST take my advice are they. Everyone is entitled to their own opinion, just because Mine differs from yours does not make either one incorrect.

And for the record - cccs & NDL advised my ex to go bankrupt for a £31k debt saying we NEEDED To. He was seriously considering it until it was pointed out that in his employment contract he can be dismissed if he goes bankrupt. We managed to arrange payment plans and stick to them and his debt was paid off and he didn’t suffer any consequences of going bankrupt. A £14,000 debt CAN be sorted WITHOUT going bankrupt - it depends on personal circumstances, and even on a BR they have limits and won’t allow silly spending.

Sunnylooloo

I agree with Phil the OP has taken advice from CCCS and is only stating what they have advised him to do.

The water rates could be right (I pay £35 over 9 months) but there have been a couple of posts from people next door who have horrendous water rates!!

Phil as given some good advice as he has also said this of BR not to save money which I am sure you have already tried, as we all know that BR is never something to be taken lightly

Good luck and ask as many questions as you need to

LL

philnicandamy

Mommy the comment was never aimed at you so calm down...

IF

Hi and welcome skint2010, Sorry it is not the welcome people normally receive here and for that I apologise......please listen to Phil and SunnyLooLoo's advice.

Best wishes
If...x

Ames

Is this an SOA of what you're actually spending, or one to put before the judge at the br hearing?

Sunnylooloo

ames I think that this is what he is spending now and wants to know what he will be allowed in BR by the OR (I think)

philnicandamy

I presume the same...