Please help on SoA ?

Broken_by_the_Bank

Hi please can someone look at my SoA please for me and my partner?

I think Im there but any help would be apreciated.

ME
Household Information

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1795
Partners monthly income after tax....... 960
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2755

Monthly Expense Details
Mortgage................................ 624
Secured/HP loan repayments.............. 500
Rent.................................... 0
Management charge (leasehold property).. 2
Council tax............................. 140
Electricity............................. 82
Gas..................................... 82
Oil..................................... 0
Water rates............................. 56
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 580
Clothing................................ 80
Petrol/diesel........................... 120
Road tax................................ 18
Car Insurance........................... 40
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 44
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 45
Pet insurance/vet bills................. 20
Buildings insurance..................... 15
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 2
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 2686

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

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(624)......0
Secured Debt.................. 0........(400)......0
Hire Purchase (HP) debt ...... 0........(100)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,755
Expenses (including HP & secured debts). 2,686
Available for debt repayments........... 69
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 69
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0


.................................................. ......................................
Partner
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1003
Partners monthly income after tax....... 1060
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 2239

Monthly Expense Details
Mortgage................................ 624
Secured/HP loan repayments.............. 400
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 140
Electricity............................. 82
Gas..................................... 82
Oil..................................... 0
Water rates............................. 56
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 580
Clothing................................ 40
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 44
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2238

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

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(624)......0
Secured Debt.................. 0........(400)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,239
Expenses (including HP & secured debts). 2,238
Available for debt repayments........... 1
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Thank you !

kepar

Have you changed the figures from the last thread you had running on the same topic. As I stated at the end of that one, the OR may not allow your mortgage and secured loan totals. If he feels that the total is above average rent in the area, that is all he will allow. As explained in other post we were caught in same trap, and had to pay extra out of what was left after an IPA.
Now looking at your situation you are nearly in the same situation as we were in. Even if the OR agrees your figures you are left with very little spare cash. If your house is in negative equity, even after the three years is up it probably won't have climbed much. You could end up being a prisoner in your own home. This is why we opted to concede defeat, hand the keys back and get on with our lives. It was a very difficult thing for my wife, who wanted to stay, but after 3 months of living with nothing spare, we decided to go for it. We were paying about £1200 mortgage and secure loan, we found a place for just over the rent he gave us £800 and now enjoy life. We took a lot of advice, you may feel you want to push it out. We now have a nice life and with hard work and saving over the next 8-10 years we will have a huge deposit to hopefully get our own place again.
18 months down the line we have no regrets and realise the opportunity it has given us, and realise we would never have got from there. Especially with the secured loan on top. You have to realise that your lenders will probably put your interest rates up once you have gone bankrupt, our secure loan lender did. This tightened the belt even more.
The decision is yours but please think long and hard , it may be you house and home, but eventually it may become your prison.

Broken_by_the_Bank

Hi
Many thanks for this info.
I have changed the figures slightly and was just wondering other than the house and secured loan if they seemed ok?

As far as the house goes, we are quite relaxed over this either way. If the OR deems that we must go then so be it. You are right , we could quite easily rent a bigger more luxurious house without the ties for less, but alas you know thats the last thing you want to hold on to.

It will be just a relief to say 'up yours' to the vultures and like you say, get on with a life that we dont have at the moment.

I really appreciate any advice as its not something we do every day.

Ta!

kepar

Can I ask about the discrepancies with income.
On yours your income is 1795 and partner 960 and no benefits =2755
on the other income is 1003 and yours 1060 and benefits= 2239
these income figures should be the same. Spending may differ, but your household income is the same

Broken_by_the_Bank

Hi

I was advised that on the SoA I had to list the full amount of household bills plus my personal bills. The income was advised to put total of whos SoA and the contribution the other person made.
Therefore if I use this method it would mean that my partners SoA would show a reduced amount of my salary as part of my salary went to my bills and vice versa.

Is this wrong.
If you look at my last thread there is a reply on there that advises this.

Now Im really confused !

Thanks.

kepar

I have read a lot of SOA's on this site, and a lot of knowledgeable people make excellent comments. I believe your figures make good reading. We on this forum can only advise, but the limits and amounts allowed are not set in stone. Each OR seems to have their own guidelines to which they adhere. That is why you sometimes on this site of posters not getting all what they claimed. There are maximum limits, and the OR's seem to treat everybody differently . So hopefully he ill accept yours, for example i think you are claiming the maximum for groceries, so he may reduce that.
When it comes to who pays what, he will have a look at both your incomes. As one of you nearly earns twice as much as the other, you will find he will split the household bills-rent, electric, gas etc on a ratio basis.

For example your share will be on figures quoted 1795/2755 = 65% so therefore your partners share will be 35%

Broken_by_the_Bank

Well thanks for all your advice and its off to court we go !!!! :eek:
Heres hoping !

Thanks for all your help.

kepar

Sorry , I saw your last post too late I am only going on what happened to us. If others have had other experiences they will say. As both of you are going bankrupt you will have the same OR and he will sort it out. If only one of you was going bankrupt , the other would not have to do an SOA and you would declare what they contribute.