Statement of affairs

lotsaquestions

Nope just me

Mercyknight_2

tigerfeet2006 wrote: »

First off are you both going BR?

Just wanted to pick up on this comment? Sorry for trolling...

Can you only go BR yourself if all your debts are in your name? I've seen it elsewhere when just one of the parents goes BR? Does it make a difference...

confused76

Mercyknight wrote: »

Just wanted to pick up on this comment? Sorry for trolling...

Can you only go BR yourself if all your debts are in your name? I've seen it elsewhere when just one of the parents goes BR? Does it make a difference...

if you go bankrupt then only your own debts will be included. if there are any joint debts they will fall to the person not going bankrupt so sometimes it is necessary for both to go bankrupt to remove the joint debt. i hope that makes sense.

tigerfeet2006

As it is just you, you need to take the car off your SoA and reduce your DW's contribution.

Do not include any arrears in your SoA, these will fall into your BR. So this needs to be reduced.

Which should leave you some money to put down for house contents insurance. Which I highly recommend you get with accidental damage.

JMV

I'm not an expert like some of the others who have advised on your SOA but I would strongly advise putting more for groceries - I was allowed more than £350 for 2 adults and if the OR reduces anything else then any deficit can be swallowed by your grocery bill - if that makes sense...

HTH

blondee55

JMV wrote: »

I'm not an expert like some of the others who have advised on your SOA but I would strongly advise putting more for groceries - I was allowed more than £350 for 2 adults and if the OR reduces anything else then any deficit can be swallowed by your grocery bill - if that makes sense...

HTH

Good idea, I would put the "other travel" amount onto your grocery amount, we were allowed £500 for 2 adults and 1 child.

jetr77

hi, we had our OR interview monday, we have been allowed £600 for groceries for 2 adults 2 children, she did cut it down to £499 at first but then said she would increase it to allow meals at work and to take into account nappies. We were also allowed £120 for clothing and £80 for family hols. Some of your allowances look a bit low, put them up a bit remember the VAT is rising in Jan so food clothing basially everything will go up.

lotsaquestions

OK will redo tomorrow. Cant believe that you are allowed to put money aside for holidays etc

I have only been married 8 weeks, hardly the ideal start

lotsaquestions

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................ 1417
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1417

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 70
Gas..................................... 55
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 55
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 75
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 240
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1416


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
loan...........................9885......130.......0
payday loan....................550.......0.........0
wonga..........................425.......0.........0
payday loan....................325.......0.........0
payday loan....................375.......0.........0
lloyds tsb overdraft...........300.......0.........0
provident......................500.......0.........0
payday loan....................51........0.........0
Total unsecured debts..........12411.....130.......-


Monthly Budget Summary
Total monthly income.................... 1,417
Expenses (including HP & secured debts). 1,416
Available for debt repayments........... 1
Monthly UNsecured debt repayments....... 130
Amount short for making debt repayments. -129

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,411
Net Assets.............................. -12,411

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Ok redone on my income only and removing the car

themull1

lotsaquestions wrote: »

OK will redo tomorrow. Cant believe that you are allowed to put money aside for holidays etc

I have only been married 8 weeks, hardly the ideal start

You can't afford holidays!!