Please look at my SOA

Henry_Ford

Hi everybody. Have not fully decided on bankruptcy yet, have a meeting with cab next week, but as my earnings are roughly half of what they used to be and with my wife not working things are looking fairly grim. I have juggled my last juggle and looking forward I dont think I can make next month work financially.

If anyone can look at my SOA with a view to possible bankruptcy or creditor agreements I would be most grateful. I would love to come to an arrangement, but some of these companies ask for the impossible and appear to want you to fail, they put your interest rates up by 15% and think they are helping you??

My wife has a car which she bought and is in her name, do I need to enter the running costs?

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1489
Partners monthly income after tax....... 0
Benefits................................ 600
Other income............................ 0
Total monthly income.................... 2089

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 30
Life assurance ......................... 28
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 2152


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan.......................7794.35...180.......9.95
card.......................3818.88...90........24
card......................8548.26...110.......21
card...................2851.77...58........22.9
card...................12305.2...142.......24.9
Total unsecured debts..........35318.46..580.......-


Monthly Budget Summary
Total monthly income.................... 2,089
Expenses (including HP & secured debts). 2,152
Available for debt repayments........... -63
Monthly UNsecured debt repayments....... 580
Amount short for making debt repayments. -643

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -35,318.46
Net Assets.............................. -35,318.46[/b

HappyMJ

Henry_Ford wrote: »

My wife has a car which she bought and is in her name, do I need to enter the running costs?

Total monthly income.................... 2089
Total monthly expenses.................. 2152

Well, you should but it would make it look worse. You need to spend less than what you earn so just reduce some of the numbers so at least it looks balanced. Put Entertainment at £0 and Presents at £0 and then your total monthly expenses would be £2077 which is less than you earn. Maybe put £12 for your share of the fuel for the car to bring it back to £2089.

dojoman

Henry_Ford wrote: »

Hi everybody. Have not fully decided on bankruptcy yet, have a meeting with cab next week, but as my earnings are roughly half of what they used to be and with my wife not working things are looking fairly grim. I have juggled my last juggle and looking forward I dont think I can make next month work financially.

If anyone can look at my SOA with a view to possible bankruptcy or creditor agreements I would be most grateful. I would love to come to an arrangement, but some of these companies ask for the impossible and appear to want you to fail, they put your interest rates up by 15% and think they are helping you??

My wife has a car which she bought and is in her name, do I need to enter the running costs?

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1489
Partners monthly income after tax....... 0
Benefits................................ 600
Other income............................ 0
Total monthly income.................... 2089

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 25 Not allowed unless necessary for work/study.
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 30
Life assurance ......................... 28 OR will have an interest in this.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 NOT ALLOWED
Haircuts................................ 20 £35
Entertainment........................... 50 NOT ALLOWED
Holiday................................. 50
Emergency fund.......................... 50 NOT ALLOWED
Total monthly expenses.................. 2152


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan.......................7794.35...180.......9.95
card.......................3818.88...90........24
card......................8548.26...110.......21
card...................2851.77...58........22.9
card...................12305.2...142.......24.9
Total unsecured debts..........35318.46..580.......-


Monthly Budget Summary
Total monthly income.................... 2,089
Expenses (including HP & secured debts). 2,152
Available for debt repayments........... -63
Monthly UNsecured debt repayments....... 580
Amount short for making debt repayments. -643

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -35,318.46
Net Assets.............................. -35,318.46[/b

Hope this helps. Do you use the car and is it necessary for work? Also your outgoings are already more than your income, if you add more on to it, it will only look worse and you may be asked how you are going to survive like this.