Advice Please SOA

CreditMonkey

My Wife (seperated) is about to go bankrupt. I moved out after marriage breakdown and she kept up the house and secured loan and i kept up the unsecured debt. She is now filing for Bankruptcy which will pass everything to me and therefore i will go bankrupt. Just want to know what to expect, any advice etc etc Please please, advice for me only as she has had advice specific to her and kids etc :

Income: 1281 pm


I rent with my brother so figures relating to living costs are halfed:

Rent: 287
Water: 15
Council Tax: 58
Elec/gas: 18
Tv, phone, net: 28
Tv licence: 6
Child maintenance: 200 (private arrangement)
Life ins: 13 (this can go when house goes)
M/B Road Tax: 5
M/B insurance: 8
Fuel: 90
Food etc: 152
Pet food: 3
Opticians: 8
Haircut: 9
Union: 9
Clothing: 20
Hobbies: 16
CCCS DMP: 295

House is valued at 105-110k
Mortgage: 73k
secured loan: 38k
Unsecured: 24k

Also been told It costs £650 to go bankrupt, I have no assets so how am i supposed to get that much money. It would take me years to save that with things how they are ...!

dojoman

Use this link below and repost your SOA

http://www.makesenseofcards.com/soacalc.html

The cost of going BR is £600.

dancingfairy

Well if you've got to save 600 pounds - you would just stop paying your dmp for 2 months? easy I would have thought?
Good luck
df

CreditMonkey

Below is my soa, I dont pay the mortgage or the secured loan but have been paying the DMP (£293). My ex has now moved into rented accomadation and stopped paying the Mortgage and secured loan...!

Can i just stop paying the unsecured debts to save for the bankruptcy.....?

Also I dont own a car i own a motorbike. I don't need it for work i have a company car. It is if i'm honest a luxury but i worked hard for it and it is the only thing thats mine and keeps me sane. Am i likely to lose it through the OR. Its box price is £1000



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................ 1281
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1281
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 287
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 8.5
Gas..................................... 8.5
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 6
Satellite/Cable TV...................... 15
Internet Services....................... 10
Groceries etc. ......................... 152
Clothing................................ 20
Petrol/diesel........................... 90
Road tax................................ 5
Car Insurance........................... 8
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 9
Entertainment........................... 16
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 974

Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 106000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 73000....(0)........0
Secured Debt.................. 38000....(0)........0
Total secured & HP debts...... 111000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays Overdraft.............2321......0.........0
BFP............................417.......0.........0
Blair Oliver Scott.............3879......0.........0
RMA Resolve ...................5028......0.........0
Mint ..........................1532......0.........0
MandS..........................1096......0.........0
HFC............................88........0.........0
GE Capital.....................4917......0.........0
Egg............................2938......0.........0
Capital One....................297.......0.........0
Blair Oliver Scott.............1608......0.........0
Total unsecured debts..........24121.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,281
Expenses (including HP & secured debts). 974
Available for debt repayments........... 307
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 307
Personal Balance Sheet Summary
Total assets (things you own)........... 106,000
Total HP & Secured debt................. -111,000
Total Unsecured debt.................... -24,121
Net Assets.............................. -29,121
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

betterlatethannever

CreditMonkey wrote: »

Below is my soa, I dont pay the mortgage or the secured loan but have been paying the DMP (£293). My ex has now moved into rented accomadation and stopped paying the Mortgage and secured loan...!

Can i just stop paying the unsecured debts to save for the bankruptcy.....?Yes!!

Also I dont own a car i own a motorbike. I don't need it for work i have a company car. It is if i'm honest a luxury but i worked hard for it and it is the only thing thats mine and keeps me sane. Am i likely to lose it through the OR. Its box price is £1000 you need to check the price of this through Parkers. I'm not sure if you'd lose if its value is really that low.



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................ 1281
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1281
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 287
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 8.5 i'm reading this as £8.50p a month..surely thats wrong
Gas..................................... 8.5 ditto
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 6
Satellite/Cable TV...................... 15 not allowed, will have to come out of your surplus
Internet Services....................... 10 is this NEEDED for work/study?
Groceries etc. ......................... 152
Clothing................................ 20
Petrol/diesel........................... 90
Road tax................................ 5
Car Insurance........................... 8
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200 see below
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0you should look into getting this. It is allowed
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 not normally allowed
Haircuts................................ 9
Entertainment........................... 16 not allowed
Holiday................................. 0you can include some for this.
Emergency fund.......................... 10not normally allowed
Total monthly expenses.................. 974

Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 106000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 73000....(0)........0
Secured Debt.................. 38000....(0)........0
Total secured & HP debts...... 111000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclays Overdraft.............2321......0.........0
BFP............................417.......0.........0
Blair Oliver Scott.............3879......0.........0
RMA Resolve ...................5028......0.........0
Mint ..........................1532......0.........0
MandS..........................1096......0.........0
HFC............................88........0.........0
GE Capital.....................4917......0.........0
Egg............................2938......0.........0
Capital One....................297.......0.........0
Blair Oliver Scott.............1608......0.........0
Total unsecured debts..........24121.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,281
Expenses (including HP & secured debts). 974
Available for debt repayments........... 307
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 307
Personal Balance Sheet Summary
Total assets (things you own)........... 106,000
Total HP & Secured debt................. -111,000
Total Unsecured debt.................... -24,121
Net Assets.............................. -29,121
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

can you check those amounts for gas/elec please?
There are a few things that can't be included, but several things could be upped.- mobile, food, clothing, medical and holidays.
The agreement between yourself and your wife could be a problem.
You need to get this done through the CSA really. Do you have a strong paper trail for it? a DD set up or anything?

CreditMonkey

The amounts are correct for summer. I rent with my brother so its halfed. £36 for gas/elec in summer and £72 in winter. So i pay half of that.

I do need the internet for work

Contents insurance: i have clothes my bed this computer and a motorbike. Everything else is my brothers or was given to me so i really dont have anything to insure

I always paid her by cheque but lately i've been paying it to the playgroup as she didn't pay them then told me i'd have to pay them the £800 bill she run up...! I guess cheques can be traced and i have receipts from playgroup