SOA does this look rite?

deadinthewater

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household.................................. 3
Number of children in household................................
Number of cars owned............................................ 1

Monthly Income Details[/b]
Monthly income after tax.................................... 1347
Partners monthly income after tax......................... 408
Benefits............................................................... 0
Other income....................................................... 40
Total monthly income......................................... 1795

Monthly Expense Details
Mortgage........................................................... 656
Secured/HP loan repayments..................................... 0
Rent..................................................................... 0
Management charge (leasehold property).................... 0
Council tax......................................................... 117
Electricity........................................................... 122
Gas..................................................................... 25
Oil........................................................................ 0
Water rates.......................................................... 42
Telephone (land line).............................................. 20
Mobile phone......................................................... 35
TV Licence........................................................... 12
Satellite/Cable TV................................................... 0
Internet Services.................................................... 0
Groceries etc. .................................................... 440
Clothing............................................................... 50
Petrol/diesel........................................................ 120
Road tax.............................................................. 12
Car Insurance....................................................... 17
Car maintenance (including MOT)............................. 25
Car parking............................................................ 0
Other travel.......................................................... 0
Childcare/nursery.................................................... 0
Other child related expenses..................................... 0
Medical (prescriptions, dentist etc)........................... 25
Pet insurance/vet bills............................................. 0
Buildings insurance.................................................. 0
Contents insurance................................................. 0
Life assurance........................................................ 0
Other insurance...................................................... 0
Presents (birthday, christmas etc)............................. 0
Haircuts............................................................... 30
Entertainment........................................................ 0
Holiday................................................................ 30
Emergency fund...................................................... 0
Total monthly expenses....................................... 1778


Assets[/b]
Cash..................................................................... 0
House value (Gross)......................................... 110000
Shares and bonds.................................................... 0
Car(s)................................................................ 400
Other assets.......................................................... 0
Total Assets................................................... 110400


Secured & HP Debts
Description.................................Debt......Monthly...APR
Mortgage...................................... 85000....(656)......0
Total secured & HP debts.................. 85000.....-.........-

Unsecured Debts
Description........................................Debt......Monthly...APR
loan......................................................1236......58........0
loan......................................................7365......193.......0
loan.....................................................24000.....393.......0
credit card..............................................514.......14........0
credit card.............................................6400......160.......0
overdraft.................................................650.......0.........0
overdraft................................................3200......0.........0
Total unsecured debts..............................43365.....818.......-


Monthly Budget Summary
Total monthly income................................................. 1,795
Expenses (including HP & secured debts)........................ 1,778
Available for debt repayments.......................................... 17
Monthly UNsecured debt repayments............................... 818
Amount short for making debt repayments....................... -801

Personal Balance Sheet Summary
Total assets (things you own).................................. 110,400
Total HP & Secured debt......................................... -85,000
Total Unsecured debt............................................. -43,365
Net Assets........................................................... -17,965

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using other browser.


just done SOA does this look ok and would it constitute BR any advice greatly appreciated

i did one earlier but think i made a mess of it sorry

Sharon87

deadinthewater wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household.................................. 3
Number of children in household................................
Number of cars owned............................................ 1

Monthly Income Details[/b]
Monthly income after tax.................................... 1347
Partners monthly income after tax......................... 408
Benefits............................................................... 0
Other income....................................................... 40
Total monthly income......................................... 1795

Monthly Expense Details
Mortgage........................................................... 656
Secured/HP loan repayments..................................... 0
Rent..................................................................... 0
Management charge (leasehold property).................... 0
Council tax......................................................... 117
Electricity........................................................... 122 - WAY TO HIGH!!!
Gas..................................................................... 25
Oil........................................................................ 0
Water rates.......................................................... 42 WHY SO HIGH?
Telephone (land line).............................................. 20
Mobile phone......................................................... 35 CAN YOU REDUCE?
TV Licence........................................................... 12
Satellite/Cable TV................................................... 0
Internet Services.................................................... 0
Groceries etc. .................................................... 440 REDUCE!
Clothing............................................................... 50 For now put this as £10 or less
Petrol/diesel........................................................ 120 can you reduce this?
Road tax.............................................................. 12
Car Insurance....................................................... 17
Car maintenance (including MOT)............................. 25
Car parking............................................................ 0
Other travel.......................................................... 0
Childcare/nursery.................................................... 0
Other child related expenses..................................... 0
Medical (prescriptions, dentist etc)........................... 25
Pet insurance/vet bills............................................. 0
Buildings insurance.................................................. 0
Contents insurance................................................. 0
Life assurance........................................................ 0
Other insurance...................................................... 0
Presents (birthday, christmas etc)............................. 0
Haircuts............................................................... 30 - this can be reduced £30 every month is £360 a year!!
Entertainment........................................................ 0
Holiday................................................................ 30 - already booked? if not have this as 0
Emergency fund...................................................... 0
Total monthly expenses....................................... 1778


Assets[/b]
Cash..................................................................... 0
House value (Gross)......................................... 110000
Shares and bonds.................................................... 0
Car(s)................................................................ 400
Other assets.......................................................... 0
Total Assets................................................... 110400


Secured & HP Debts
Description.................................Debt......Monthly...APR
Mortgage...................................... 85000....(656)......0
Total secured & HP debts.................. 85000.....-.........-

Unsecured Debts
Description........................................Debt......Monthly...APR
loan......................................................1236......58........0 - what are the APRs?
loan......................................................7365......193.......0
loan.....................................................24000.....393.......0
credit card..............................................514.......14........0
credit card.............................................6400......160.......0
overdraft.................................................650.......0.........0
overdraft................................................3200......0.........0
Total unsecured debts..............................43365.....818.......-


Monthly Budget Summary
Total monthly income................................................. 1,795
Expenses (including HP & secured debts)........................ 1,778
Available for debt repayments.......................................... 17
Monthly UNsecured debt repayments............................... 818
Amount short for making debt repayments....................... -801

Personal Balance Sheet Summary
Total assets (things you own).................................. 110,400
Total HP & Secured debt......................................... -85,000
Total Unsecured debt............................................. -43,365
Net Assets........................................................... -17,965

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using other browser.


just done SOA does this look ok and would it constitute BR any advice greatly appreciated

i did one earlier but think i made a mess of it sorry

Are the debts all yours or your parnters as well? Who's the 3rd adult in the house?

You can reduce outgoings massively.

Looks like a DMP may be good for you if you can reduce your groceries, electric, clothes.etc You are living beyond your means and outgoings need to be reduced. The Grocery bill is way to high, for 3 adults you can live on £300 at most if you're careful.

Tixy

Hi

You probably need to post this on the bankruptcy board for specific advice on bankruptcy. There are certainly some areas you could spend less on but I guess you have perhaps put them to the bankruptcy allowances, which is why they look high, (although some like the elec still look higher than bankruptcy limits).

Who do they debts belong to? are there 2 of you considering bankruptcy? Did you have a specifc plan for the house? Or are you expecting to lose it in the bankruptcy?
It may be that a DMP or even an IVA would be more suitable in your circumstances, or possibly that each of you may need different options, especially if you want to try to retain the house.

Have you sought any professional advice from one of the debt charities?

deadinthewater

hi all sorry posted on wrong board but just to answer the points raised
elec is 122 as we are elec only no mains gas so every thing is on elec hot water cooking etc
water is 42 as it is dd set up to cover by end of year went dd when couldnt afford last bill
mobile is on contract so have to pay and needed for work bankruptcy allows £60
i was told this was about right for 3 adults my son is 19 reg disabled and it includes food luandry/cleaning pets etc
clothing allowance for bankruptcy is £28 per person per month only me and wife included
perol i live 20 miles from job and no public transport at time i start either drive or give up job
haircuts £10 allowed per month per adult for bankruptcy
holiday expense is allowed for bankruptcy and you dont get much for £360
have lived below bread line for 2 years and not getting any better
all advice from debt agencies (cab etc) have all said due to age and amount of debt we would not clear in our lifetime and i dont want to spend the rest of my life living this way animals are treated better
the debts are both mine and my wifes some individual some joint
this happened because of job losses and reduction in ot due to recession we lost over £500 a month
debt charities said dmp not suitable iva not viable due to amount of disposable income not enough to share out cccs arrived at £113 disposable income
sorry for rambling