Please can someone check our budget for us?

Katie1978

Hi, please could someone look over this for me. My husband and I are both declaring bankruptcy on Tuesday. thanks.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 800
Benefits................................ 1310
Other income............................ 0
Total monthly income.................... 2110

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 29
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 18
Internet Services....................... 0
Groceries etc. ......................... 650
Clothing................................ 60
Petrol/diesel........................... 90
Road tax................................ 41
Car Insurance........................... 70
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
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)...... 30
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 10
Emergency fund.......................... 5
Total monthly expenses.................. 2105


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit cards...................17250.....0.........0
Loans..........................8700......0........ .0
Overdraft......................738.......0........ .0
Neg eq in Repo house...........62052.....0.........0
Total unsecured debts..........88740.....0.........-


Monthly Budget Summary
Total monthly income.................... 2,110
Expenses (including HP & secured debts). 2,105
Available for debt repayments........... 5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -88,740
Net Assets.............................. -87,740

Sunnylooloo

Hi Katie and welcome.

I am not great at SOA's but someone will go through it for you.

You will not be allowed Sky TV and internet is only allowed if needed for work or school - can you try adn get a package that includes phone/internet?

Mobiles you need to put in with you landline they might not allow you that much

You are not allowed Emergency fund not money for presents.

However I have noticed you have put nothing down for dentist/prescriptions etc? You also have no contents insurance?

What about carparking?? you can put a small allowence down for that.

As I said I am not great but someone will be along to help soon

good luck with everthing

LL

Katie1978

Thanks for having a look for me - we don't have to pay for our prescriptions or dentist because of our benefits and we don't have any contents insurance cos we can't afford it! Should I include anyway or be honest?

Sunnylooloo

I think you really need to try and get some contents insurance with accidental cover - it is really important.

Also I noticed your council tax i quite high - are you paying this over 10 or 12 months......??

You have to be honest, but have a look on some comparison sites for insurance.

Someone will be along soon to add more for you.

take care

motherb

hi if you take mobile off increase holidays to at least £40:)

Katie1978

wow! Is that allowed?

dojoman

Katie1978 wrote: »

Hi, please could someone look over this for me. My husband and I are both declaring bankruptcy on Tuesday. thanks.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 800
Benefits................................ 1310
Other income............................ 0
Total monthly income.................... 2110

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 30 SEEMS VERY LOW
Gas..................................... 30 DITTO
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 29 £60 INCLUDING MOBILES
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 18 NOT ALLOWED
Internet Services....................... 0
Groceries etc. ......................... 650 £550
Clothing................................ 60
Petrol/diesel........................... 90
Road tax................................ 41
Car Insurance........................... 70
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 NO CONTENTS INSURANCE?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 NOT ALLOWED
Haircuts................................ 20 £30
Entertainment........................... 10 NOT ALLOWED
Holiday................................. 10 £70
Emergency fund.......................... 5 NOT ALLOWED
Total monthly expenses.................. 2105


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit cards...................17250.....0.........0
Loans..........................8700......0........ .0
Overdraft......................738.......0........ .0
Neg eq in Repo house...........62052.....0.........0
Total unsecured debts..........88740.....0.........-


Monthly Budget Summary
Total monthly income.................... 2,110
Expenses (including HP & secured debts). 2,105
Available for debt repayments........... 5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -88,740
Net Assets.............................. -87,740

Hope this helps? I have made a few suggestions but these are based on the old IPA rules and there could be different allowances granted since December 1st.

JCS1

Think I saw that emergency funds of £10 per person per month were allowed under the post 1st December guidelines.

fiveyearplan

Katie1978 wrote: »

Hi, please could someone look over this for me. My husband and I are both declaring bankruptcy on Tuesday. thanks.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 800
Benefits................................ 1310
Other income............................ 0
Total monthly income.................... 2110

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 30 this seems too low
Gas..................................... 30 ditto
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 29 60
Mobile phone............................ 40 included above
TV Licence.............................. 12
Satellite/Cable TV...................... 18 not allowed
Internet Services....................... 0
Groceries etc. ......................... 650
Clothing................................ 60
Petrol/diesel........................... 90
Road tax................................ 41
Car Insurance........................... 70
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per child per month for activities like swimming etc
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 £20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 not allowed
Haircuts................................ 20 30
Entertainment........................... 10 not allowed
Holiday................................. 10
Emergency fund.......................... 5 £40
Total monthly expenses.................. 2105


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit cards...................17250.....0.........0
Loans..........................8700......0........ .0
Overdraft......................738.......0........ .0
Neg eq in Repo house...........62052.....0.........0
Total unsecured debts..........88740.....0.........-


Monthly Budget Summary
Total monthly income.................... 2,110
Expenses (including HP & secured debts). 2,105
Available for debt repayments........... 5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -88,740
Net Assets.............................. -87,740

Redo with the numbers above and post back up so we can check it again. I'll go check with Debt Doctor's post to see if the emergency fund is £10 per person or per adult. You need to keep as much slack in as you can for real emergencies therefore I'd keep the shopping as is and balance out with the things you need to take out. Your gas and electricity look very low - I pay £150 per month combined for mine.

Katie1978

Thanks so much for this...

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 800
Benefits................................ 1310
Other income............................ 0
Total monthly income.................... 2110

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 650
Clothing................................ 60
Petrol/diesel........................... 90
Road tax................................ 41
Car Insurance........................... 70
Car maintenance (including MOT)......... 40
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 10
Emergency fund.......................... 40
Total monthly expenses.................. 2173


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit cards...................17250.....0.........0
Loans..........................8700......0.........0
Overdraft......................738.......0.........0
Neg eq in Repo house...........62052.....0.........0
Total unsecured debts..........88740.....0.........-


Monthly Budget Summary
Total monthly income.................... 2,110
Expenses (including HP & secured debts). 2,173
Available for debt repayments........... -63
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -63

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -88,740
Net Assets.............................. -87,740

Katie1978

Hi, please could someone check the above figures for me - I need to get these forms done and dusted before I lose my mind!

Thanks