Step Son going Bankrupt please help with SOA

Hi
Im hoping you can help us my step son has had a bad time and run up some debts and now going bankrupt. Ii am trying to help him with his SOA and would be gratefull if you could take a look and advise where possible. He is having a bad time however he is now working hard and just got a new job. Wwe are going to lend him the wifes car so he can get to work he will be paying the insurance and maintanence. thanks for your patience.

Statement of Affairs and Personal Balance Sheet
Household Information

Number of adults in household........... 3
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details

Monthly income after tax................ 850
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 850

Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 17
Car Insurance........................... 90
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 807


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
Total unsecured debts..........0.........0.........-


Monthly Budget Summary

Total monthly income.................... 850
Expenses (including HP & secured debts). 807
Available for debt repayments........... 43
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 43

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Comments

  • ams13
    ams13 Posts: 42 Forumite
    Sorry forgot to add he will be staying with us.
  • JCS1
    JCS1 Posts: 5,335 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    First thing - has he taken professional advice from one of the free debt charities? The judge oftens asks for this at the hearing so it is important.

    Also, is he sure that BR is the right option - there are alternatives such as DMP, IVA, DRO that might be better suited for him?
  • ams13
    ams13 Posts: 42 Forumite
    Hi JCS1 thanks for your reply,

    He was advised by the cab debt councillor. He had them all explained and was then advised that bankruptcy was most likely the best way. He had been silly before and joined a paying DMP who basically took his money and gave him no help.
  • JCS1
    JCS1 Posts: 5,335 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ams13 wrote: »
    Hi JCS1 thanks for your reply,

    He was advised by the cab debt councillor. He had them all explained and was then advised that bankruptcy was most likely the best way. He had been silly before and joined a paying DMP who basically took his money and gave him no help.

    It's good that he's taken professional advice. Will look at SOA next.
  • JCS1
    JCS1 Posts: 5,335 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ams13 wrote: »
    Hi
    Im hoping you can help us my step son has had a bad time and run up some debts and now going bankrupt. Ii am trying to help him with his SOA and would be gratefull if you could take a look and advise where possible. He is having a bad time however he is now working hard and just got a new job. Wwe are going to lend him the wifes car so he can get to work he will be paying the insurance and maintanence. thanks for your patience.

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 3
    Number of children in household......... 2
    Number of cars owned.................... 0
    Monthly Income Details
    Monthly income after tax................ 850
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 850
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 200 Assume board money paid to you?
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 10
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 150
    Clothing................................ 20 Low, £40
    Petrol/diesel........................... 200 High, keep receipts in case OR asks for proof.
    Road tax................................ 17
    Car Insurance........................... 90 Over a thousand pounds a year? I'm guessing his age is against him?
    Car maintenance (including MOT)......... 50
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 10
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 807

    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
    Total unsecured debts..........0.........0.........-

    Monthly Budget Summary
    Total monthly income.................... 850
    Expenses (including HP & secured debts). 807
    Available for debt repayments........... 43
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 43
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -0
    Net Assets.............................. 0
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using IE browser.

    Have made a few comments, see what other people think and then see what the figures look like.
  • ams13
    ams13 Posts: 42 Forumite
    Thanks for your comments, your right about his age and the fact he has no claims is why the insurance is high. The commute is a fair way but will make sure he keeps the reciepts thats a good point.
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