My SOA help!

hunt85

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1070
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1070
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 40
Council tax............................. 43
Electricity............................. 15
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 25
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 55
Road tax................................ 18
Car Insurance........................... 42
Car maintenance (including MOT)......... 10
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 908

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
tesco loan.....................13000.....70........0
sainsburys loan................11000.....70........0
barclaycard....................6500......66........0
virgin credit card.............750.......25........0
sains credit card..............1500......35........0
mint...........................1200......26........0
halifax........................3500......35........0
Total unsecured debts..........37450.....327.......-

Monthly Budget Summary
Total monthly income.................... 1,070
Expenses (including HP & secured debts). 908
Available for debt repayments........... 162
Monthly UNsecured debt repayments....... 327
Amount short for making debt repayments. -165
Personal Balance Sheet Summary
Total assets (things you own)........... 1,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -37,450
Net Assets.............................. -35,550
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


So this is my SOA, I need help with a few things, firstly i have put what i'm paying now for my loans etc made thru arrangements with the creditors. Should i be putting the full amounts? i.e tesco loan should be £244 and not £70 which i've paid the last 2 months....

Also i haven't included anything to do with my partner, we keep everything separate and pay everything half (except he pays fully for the tv & broadband coz thats his choice and i knew i couldnt afford it) should i be including his wage at the top and then the full amounts of the bills instead my half of everything which i've put at the moment.

Also i know we spend alot on food and toiletries each month, but i haven't really budgeted it, so can i put more than £200? its probably realistic? whats the maximum?

Also i've put my wage as an average from the last 8 months of pay in my new job. I get bonuses quarterly and monthly overtime, so i dunno what my basic wage is coz i've never got it?! so i took an average, is that correct?

thanks all

anniecave

Are the debts yours or joint?
If debts are just yours then I'd include your income but only include your part of any expenditure.
If you have joint debts then yes you need to include both incomes but all of your total expenditure.

With sensible buying and eating you could live easily off £60.00 per person per month for food - but it very much depends on what you eat.

I think there are guideline figures to use for different categories if you are actually thinking of going bankrupt.
They're not the same figures as what you might actually spend if you see what I mean!

Averages of what you earn would be ok for this sort of thing.

anniecave

Oh and do you not have your car serviced? and does it not cost you anything in maintenance? What is the car tax per year? My car costs me more than you have put down just in car tax, plus I have to pay for servicing and maintenance etc.

MikeJO

anniecave wrote: »

Are the debts yours or joint?
With sensible buying and eating you could live easily off £60.00 per person per month for food - but it very much depends on what you eat.

Three meals a day at 66 pence each?

Love to know where you shop.

tigerfeet2006

hunt85 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1070
Partners monthly income after tax....... 0 you need to include what your OH contributes to the joint household bills not his full income.
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1070
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325 full rent
Management charge (leasehold property).. 40 ditto
Council tax............................. 43 ditto
Electricity............................. 15 ditto
Gas..................................... 20 ditto
Oil..................................... 0
Water rates............................. 15 ditto
Telephone (land line)................... 25
Mobile phone............................ 30 put under phone and max £60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 £400 for 2 people
Clothing................................ 20 £40 for you
Petrol/diesel........................... 55 is it really this low?
Road tax................................ 18
Car Insurance........................... 42
Car maintenance (including MOT)......... 10 £30
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5 put full amount
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5 £10 for you
Entertainment........................... 0
Holiday................................. 0 £50 for both of you
Emergency fund.......................... 0
Total monthly expenses.................. 908

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1900
Other assets............................ 0
Total Assets............................ 1900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
tesco loan.....................13000.....70........0
sainsburys loan................11000.....70........0
barclaycard....................6500......66........0
virgin credit card.............750.......25........0
sains credit card..............1500......35........0
mint...........................1200......26........0
halifax........................3500......35........0
Total unsecured debts..........37450.....327.......-

Monthly Budget Summary
Total monthly income.................... 1,070
Expenses (including HP & secured debts). 908
Available for debt repayments........... 162
Monthly UNsecured debt repayments....... 327
Amount short for making debt repayments. -165
Personal Balance Sheet Summary
Total assets (things you own)........... 1,900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -37,450
Net Assets.............................. -35,550
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


So this is my SOA, I need help with a few things, firstly i have put what i'm paying now for my loans etc made thru arrangements with the creditors. Should i be putting the full amounts? i.e tesco loan should be £244 and not £70 which i've paid the last 2 months.... Put the amount you should be paying

Also i haven't included anything to do with my partner, we keep everything separate and pay everything half (except he pays fully for the tv & broadband coz thats his choice and i knew i couldnt afford it) should i be including his wage at the top and then the full amounts of the bills instead my half of everything which i've put at the moment. You need to put the full amount for the household bills and what your OH contributes to this. Your bills are your clothes, medical, car, hair.

Also i know we spend alot on food and toiletries each month, but i haven't really budgeted it, so can i put more than £200? its probably realistic? whats the maximum?

Also i've put my wage as an average from the last 8 months of pay in my new job. I get bonuses quarterly and monthly overtime, so i dunno what my basic wage is coz i've never got it?! so i took an average, is that correct?

thanks all

Average will be fine. Just make a note on the bit at the back that you have done this.

Go over to the Moneysaving Oldstyle board and learn about menu planning. Check out the rest of the boards and find out ways to cut you bills, you will be surprised at the moneysaving ideas there are out there. Make the forums your personal friends.

hunt85

Ok the debt is solely in my name and I am planning on bankruptcy at the end of november, i have already sought advice from CCCS and have planned it all so everything is sorted by then, my court offers a walk in only service so thats what i'll be doing.

I'm still confused about whether to put my partners income or just the income interms of his half of bills etc? his monthly income is £1224 a month but should i put that under partner's income or just his income as half of the bills etc which, for example, the rent is £650 a month, so should i then add up all his half's and then put the full amount on the SOA for each bill instead of what I have done which is just my half of everything so far?

Ok i will change the debts to what i should be paying, thanks.

"I think there are guideline figures to use for different categories if you are actually thinking of going bankrupt.
They're not the same figures as what you might actually spend if you see what I mean!" so what amounts should i be putting for bankruptcy? what are maximums etc? thanks

I do pay for service and maintenance for my car, but i wasn't sure how much i'd be allowed to put for that. The tax for my car is £205 a year which i divided by twelve to get that figure. I think £55 a month is about right for what i spend on petrol for my car.... Its probably a bit more though if i work it out exactly.

Thanks everyone i really need some good advice as you can see!

hunt85

just bumping this back up

tigerfeet2006

hunt85 wrote: »

Ok the debt is solely in my name and I am planning on bankruptcy at the end of november, i have already sought advice from CCCS and have planned it all so everything is sorted by then, my court offers a walk in only service so thats what i'll be doing.

I'm still confused about whether to put my partners income or just the income interms of his half of bills etc? his monthly income is £1224 a month but should i put that under partner's income or just his income as half of the bills etc which, for example, the rent is £650 a month, so should i then add up all his half's and then put the full amount on the SOA for each bill instead of what I have done which is just my half of everything so far? You put the full amount down for the bills as you surmise and you put what he contributes to the household bills, NOT his full income. Given his salary level the OR is going to be looking at him contributing 50% minimum, so around £600ish minimum from him.

Ok i will change the debts to what i should be paying, thanks.

"I think there are guideline figures to use for different categories if you are actually thinking of going bankrupt.
They're not the same figures as what you might actually spend if you see what I mean!" so what amounts should i be putting for bankruptcy? what are maximums etc? thanks What I have put on your SoA is what the OR will be looking for in general. He may chop and change a few things as all OR's have their own little things. But that should get you through it fine.

I do pay for service and maintenance for my car, but i wasn't sure how much i'd be allowed to put for that. The tax for my car is £205 a year which i divided by twelve to get that figure. I think £55 a month is about right for what i spend on petrol for my car.... Its probably a bit more though if i work it out exactly. Don't make yourself short. Make sure you will be able to cover your petrol. Just out of interest how close are you to work?

Thanks everyone i really need some good advice as you can see!

hope that helps

hunt85

thanks for the reply, i'll put his income just as what he pays towards the bills then, since he's not going bankrupt/has no debt at all they won't want to know what he spends the rest of his money on then i guess! we have seperate accounts for our wages etc so it won't confuse things i hope.

My work is about 6 miles from my house

Thanks.

hunt85

bumping back up. Is it an issue that my work is fairly close to my house?