Help with my SOA please

Ineedaname

For now I wouldn't worry about spousal maintenance payments then. As I said, if she decided to go down this route then just refuse and force her to seek solicitor's advice, hopefully that will stop her in her tracks.

If you are worried about your ex claiming against your new partner's property then just have a document drawn up when you move in, stating you have no beneficial interest in the property. Again, this should be a relatively cheap solicitors visit as it will be a fairly standard document for them to draw up for you.

Gormenghast

I suggest you keep your finances entirely separate from your partner's and agree to pay her a market value rent (even if she gives it you back).

Why complicate the issue?!?

In respect to post #20, if you religiously keep finances separate, then clearly your X couldn't prove this was the case.

Mark...

mr_affable

Further to recent posts have had rethink re moving forward and keeping new partners finances/property separate to protect her from any possible claim by ex wife in divorce proceedings. It will also help set out our future financial arrangements more formally.

I have therefore redone my SOA for me only – effectively as a lodger paying rent to include household bills and shall be grateful for your comments:

Household Information
Number of adults in household........... 1 (presumably just show me now?)
Number of children in household.........0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1292
Partners monthly income after tax.......0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1292
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500 (realistic market figure – including bills except food and telephone)
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)...................25
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160 (figure for me only - and son when he is with me every other weekend)
Clothing................................ 40
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
Dry cleaning....................... 15 (for work suits)
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance......................0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)......0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 10
Child Maintenance....................... 180
Total monthly expenses..................1284

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.................... 1,292
Expenses (including HP & secured debts). 1,284
Available for debt repayments........... 8
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

Ineedaname

I was going to suggest an increase on your groceries, but then saw that you only have £8 surplus anyhow, lol. All looks fine to me.

Might be wise to buy a rent book in the post office and keep receipts.

I'm pretty sure someone else went BR earlier this year doing their SOA this way and all was fine.

mr_affable

Does anyone know if there is a website where you can get a free auction value for used cars? Seem to think there used to be something through Vauxhall but maybe I am imagining it ?

Trying to find out whether OR would be likely to sell my car if go bankrupt - but I know it all depends on individual circumstances so difficult to tell and presumably once you find out - its too late!

lala9

mr_affable wrote: »

Does anyone know if there is a website where you can get a free auction value for used cars? Seem to think there used to be something through Vauxhall but maybe I am imagining it ?

Trying to find out whether OR would be likely to sell my car if go bankrupt - but I know it all depends on individual circumstances so difficult to tell and presumably once you find out - its too late!

I wouldn't worry too much about your car, I 'think' they are only interested in assets worth over 1k Mr A. I was wondering about this too as I couldn't do without my car, but mines only worth around £300 at best.

Ineedaname

I think Parker's is the main one used by the industry. They've been around a long time and produce the booklet you can buy in Smiths, so should be a good place to start.

Angiepange

Ineedaname wrote: »

I think Parker's is the main one used by the industry. They've been around a long time and produce the booklet you can buy in Smiths, so should be a good place to start.

We used Parkers online to get a valuation for our car.

I think I remember you can get a free quote if you want or pay £3.50 for a more tailored quote ie. putting in exact mileage, moderations etc

mr_affable

Further to previous posts can anyone advise me what sort of document I will need to produce to the Official Receiver to confirm that I have no beneficial interest in my new partners property and that I am paying a market rent? Does this have to be drawn up by a solicitor?

Just thinking of the extra costs involved if going through a solicitor.

kepar

Your problem as I see it now is that you are declaring yourself as a lodger. Your partner should be declaring this to the tax man and also to the mortgage company.