Help with my SOA please

mr_affable

Hopefully will be moving in with my partner soon and want to deal with my outstanding debts. The debts are all in my name and my new partner owns her own property with no mortgage. From my projected figures I should have surplus funds available each month to make some payments to my creditors. Still think that my only option to bring the matter to conclusion is bankruptcy and am ok with this as is my new partner - unless anyone can suggest an alternative?

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1 (presumably just my car - although my partner also has her own car)
Monthly Income Details
Monthly income after tax................ 1292
Partners monthly income after tax....... 402 (partners net monthly pay is £950 so calculated as 42.4% of total household income then taken 42.4% - ie £402 for her contribution to joint household expenses)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1694
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent....................................
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 83
Gas..................................... 31
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 20
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 8 (internet needed for homework when my son is with me every other weekend)
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 175
Road tax................................ 20
Car Insurance........................... 29
Car maintenance (including MOT)......... 45 (included £15 for RAC breakdown cover)
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..................... 12
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 20 (am I allowed this for 2 people?)
Child Maintenance....................... 180
Total monthly expenses..................1414

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Mint credit card...............14000.....700.......0
Halifax credit card............12000.....600.......0
Capital One credit cd..........4000......200.......0
Waitrose store cd..............850.......50........0
North Rock p/ln................1100......130.......0
Allian & Leic p/ln.............4500......400.......0
Total unsecured debts..........36450.....2080......-

Monthly Budget Summary
Total monthly income.................... 1,694
Expenses (including HP & secured debts). 1,414
Available for debt repayments........... 280
Monthly unsecured debt repayments....... 6 (presently only making nominal payments of £1 to each creditor)
Amount short for making debt repayments.
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. 0
Total Unsecured debt.................... -36,450
Net Assets.............................. -35,700
Would be grateful for your suggestions/comments re the above.
Thank you

kerrypn

Please take advice from one of the debt charities National Debtline, CCCS or CAB.

Have you considered an IVA or DMP? With a surplus of £280, could you increase your payments to creditors?

BR is great as a FINAL last resort, but will affect your credit rating and can also infringe on employment depending on what you do.

Please make sure you take advice on this. If you take advice and decide BR is the best option, you have found a great place to seek help and guidance.

mr_affable

Thanks for coming back so quickly.

I have taken advice from CCCS and CAB previously although must admit at that time didnt have any surplus income. Hopefully things are getting better. However cant see how I can ever repay the amount I owe so think a debt management programme would merely delay the inevitable and also an IVA involves paying a lot of fees and lasts 5 years. Bankruptcy would hopefully take 3 years - my understanding is that it wont affect my employment and my credit record is already stuffed!

Thats just my view but am I missing something?

kerrypn

BR stays on your cerdit file 6 years. From date of Bankruptcy order to automatic discharge is 12 months unless a BRO/BRU is in place-that can extend BR restrictions up to 10 years-this is usually for gambling debts or tax debts, but not always.

If an IPA was put in place this could last 3 years.

I would take fresh advice from your prefered debt charity especially regarding the change in circumcstances. I am not dissuading you, BR was the best thing I ever did, but make sure it is the best thing for you.

confused76

mr_affable wrote: »

Hopefully will be moving in with my partner soon and want to deal with my outstanding debts. The debts are all in my name and my new partner owns her own property with no mortgage. From my projected figures I should have surplus funds available each month to make some payments to my creditors. Still think that my only option to bring the matter to conclusion is bankruptcy and am ok with this as is my new partner - unless anyone can suggest an alternative?

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1 (presumably just my car - although my partner also has her own car)
Monthly Income Details
Monthly income after tax................ 1292
Partners monthly income after tax....... 402 (partners net monthly pay is £950 so calculated as 42.4% of total household income then taken 42.4% - ie £402 for her contribution to joint household expenses)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1694
Monthly Expense Details
Mortgage................................ 0 anything here?
Secured/HP loan repayments.............. 0
Rent.................................... anything here?
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 83
Gas..................................... 31
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 20
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 8 (internet needed for homework when my son is with me every other weekend)
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 175
Road tax................................ 20
Car Insurance........................... 29
Car maintenance (including MOT)......... 45 (included £15 for RAC breakdown cover)
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..................... 12
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 £0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 20 (am I allowed this for 2 people?) yes
Child Maintenance....................... 180
Total monthly expenses..................1414

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Mint credit card...............14000.....700.......0
Halifax credit card............12000.....600.......0
Capital One credit cd..........4000......200.......0
Waitrose store cd..............850.......50........0
North Rock p/ln................1100......130.......0
Allian & Leic p/ln.............4500......400.......0
Total unsecured debts..........36450.....2080......-

Monthly Budget Summary
Total monthly income.................... 1,694
Expenses (including HP & secured debts). 1,414
Available for debt repayments........... 280
Monthly unsecured debt repayments....... 6 (presently only making nominal payments of £1 to each creditor)
Amount short for making debt repayments.
Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. 0
Total Unsecured debt.................... -36,450
Net Assets.............................. -35,700
Would be grateful for your suggestions/comments re the above.
Thank you

hi there and welcome....a few comments above

mr_affable

My new partner recently went through a messy divorce - eventually ending with final hearing in court. But outcome was that she now owns her house without a mortgage (inherited from her late mother) so no figures for mortgage - I did think that she could charge me some sort of rent but think that this would complicate my SOA and I am not wanting to get out of paying something to my creditors if I am able to. Just want to be able to survive as well and to be able to see light at the end of the tunnel.

Do they not allow anything for presents for birthdays/xmas?

confused76

mr_affable wrote: »

My new partner recently went through a messy divorce - eventually ending with final hearing in court. But outcome was that she now owns her house without a mortgage (inherited from her late mother) so no figures for mortgage - I did think that she could charge me some sort of rent but think that this would complicate my SOA and I am not wanting to get out of paying something to my creditors if I am able to. Just want to be able to survive as well and to be able to see light at the end of the tunnel.

Do they not allow anything for presents for birthdays/xmas?

ahh right i understand. sadly not for presents....

Ineedaname

mr_affable wrote: »

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1 (presumably just my car - although my partner also has her own car)
Monthly Income Details
Monthly income after tax................ 1292
Partners monthly income after tax....... 402 (partners net monthly pay is £950 so calculated as 42.4% of total household income then taken 42.4% - ie £402 for her contribution to joint household expenses)
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1694
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent....................................
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 83
Gas..................................... 31
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 20
Mobile phone............................ 25 add to landline unless you can justify a need for this. 45 total is fine for landline so you can 'hide' this there
TV Licence.............................. 12 13
Satellite/Cable TV...................... 0
Internet Services....................... 8 (internet needed for homework when my son is with me every other weekend)
Groceries etc. ......................... 400 over allowable amount for 2 adults so you may be asked to justify the extra which you can easily regarding your son staying fortnightly.
Clothing................................ 50 I think this is £20 pp??
Petrol/diesel........................... 175
Road tax................................ 20
Car Insurance........................... 29
Car maintenance (including MOT)......... 45 (included £15 for RAC breakdown cover)
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..................... 12
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 not allowed
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 20 (am I allowed this for 2 people?) yes
Child Maintenance....................... 180
Total monthly expenses..................1414

Would be grateful for your suggestions/comments re the above.
Thank you

I hope this helps a bit more, just a couple of suggestions and a heads up regarding grocery expenditure. The figure isn't a problem given your circumstances, just wanted to warn you may be asked about it.

mr_affable

Thanks for your comments.

With regard to the allowance for clothing - if this is £20 per person can I put £40 for 2 people?

Also just remembered there is a gas maintenance contract for £26 pm - can I add this to monthly amount for gas?

Really appreciate everyones help.

Ineedaname

I think as it is only you going BR then your partner should be responsible for her own clothing costs.

If you add a service contract to the gas it may put you over the allowable amounts for gas/electricity combined and the OR could then query this. They may not allow a service contract, not sure, but if they don't then you'll need to find it from within other allowances.

tigerfeet2006

Clothing £40 is allowed for one person.