My SOA - does it look ok?

vodka_needed

Hi

I have made an appointment to go BR in a couple of weeks and I am just starting to get everything in order.
Could any of you experts advise if my SOA looks ok?

A couple of points -

• My partner earns 51% of the total household income so I have put his contribution as 51% of the total household bills
• Gas and electric are £127 combined so I have split these
• Contents ins is inculded in building insurance (so looks high)
• I have a company car - so I have no car costs except fuel and parking

Thank you

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1460
Partners monthly income after tax....... 738
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2198
Monthly Expense Details
Mortgage................................ 716
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 104
Electricity............................. 63.5
Gas..................................... 63.5
Oil..................................... 10
Water rates............................. 30
Telephone (land line)................... 28
Mobile phone............................ 22
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 23
Buildings insurance..................... 47
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 1735

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........(716)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,198
Expenses (including HP & secured debts). 1,735
Available for debt repayments........... 463
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 463
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

iquit

Didn't want to read and run - I can't comment on your SOA, hopefully someone with more experience will be along to help. All the best with your BR.

Ineedaname

Looks pretty good to me, can't see anything you've missed or that needs altering.

I know you've posted a few times before, but can you confirm that you have taken advice from one of the free debt advice charities that BR is your best option as you have quite a bit of surplus there at the moment. I think you were considering an IVA at one point, with that surplus it might still be better than going BR.

vodka_needed

Ineedaname wrote: »

Looks pretty good to me, can't see anything you've missed or that needs altering.

I know you've posted a few times before, but can you confirm that you have taken advice from one of the free debt advice charities that BR is your best option as you have quite a bit of surplus there at the moment. I think you were considering an IVA at one point, with that surplus it might still be better than going BR.

Hi
Thanks, yes - I have spoken to CCCS and National Debtline. ND suggested BR straight away, CCCS suggested trying a DMP for a few months, until I go onto SMP (So a reduction in my income of nearly £1000 a month) and then go BR. I didn't see the point in delaying things any further and wanted to get all the stress out of the way so I can concentrate on my pregnancy

kepar

If you go br with those figures you will get an IPA, which will last for 3 years. I appreciate you are going to go on SMP which will reduce your income and you will stop paying an IPA. But if you did go back to work within that 3 months the IPA could become active again if you have sufficient spare. Taking on a DMP for a few months until you give up work and then go br and take a year out will stop an IPA.
A lot really depends on your future plans.

Ineedaname

If you can hang on and go BR about a month before you go onto SMP and then, as Kepar says, take a year out, then you should be able to avoid an IPA. Even though you'll still be earning for the first month, it won't be enough time to set up an IPA before your income changes.

vodka_needed

Thanks both

I think I'd rather just get it over with. I don't mind paying an IPA as long as my budget allows - which at the moment it does.

What happens the first time I am paid after I have gone BR? Do I keep what I think will be my IPA seperate so I can hand it over when they ask for it? Or is all my money mine until I hear otherwise? I will be going BR about 10 days before payday so not enough time to set up an IPA.

Thanks

dojoman

Until the IPA is signed and set up, any monies you have surplus are yours to keep. Nice to see your attitude to an IPA, it doesn`t look good when people try and dodge them:)

kepar

After you have gone bankrupt you then have to speak to the OR to sort out your allowances. The OR will decide if you have to pay an IPA or not, you then get sent the paperwork and have to agree the amount set. As you will have to wait to speak to the OR this process could take 1-2 months or longer in some cases. If you get paid in the meantime after br then the money is yours. The three years start when you make your first payment.