My SOA.......please comment!

Teen_the_Drama_Queen

Good grief Merlin, you must be some wizard if you can get away with spending £120 a MONTH on food..... this is a family of 4 you are talking about, even if you bought cheapo pasta and tinned tomatoes, you would still need essentials like bread, milk and presumably some veg and fruit so that you don't pop your clogs having contracted scabies!!!

iris

This site is brilliant for people on a budget and just shows what can be done to feed a family of four.

http://www.cheap-family-recipes.org.uk/index.html

capeverde

iris wrote: »

This site is brilliant for people on a budget and just shows what can be done to feed a family of four.

http://www.cheap-family-recipes.org.uk/index.html

Just had a look at that site and whilst its doable, theres no way I would feed that to my children, or myself for that matter, (might trust it on the wife!!) For a start off if you choose the meat option, there are no vegetables which isnt exactly ideal and if you choose the vegetable option, they are still thin on the ground, andthere is no meat. Their 'banquet' option for 25 quid a week is laughable. I know food is a massive expense if your'e under financial pressure, but far better to get veggies from your local farm shop and meat from your butchers and make your own food. The amount of people I see with trolleys full of packets at supermarkets is unreal. They arent healthy and are usually more expensive. As an example, we make a lot of home made soup. We do a large saucepan on a sunday and freeze portions for the rest of the week. Its healthy and provides a meal along with some fresh bread at a reasonable price.

Pee

I think food shopping costs vary dramatically between different people or families. It is a good idea to look at the old style board for the amazing things some people manage, although I have to admit there is no way that I could manage on £120...

shrewandroo

Thank you for all your comments........although it seems to have become a thread about my grocery spend;), and all suggestions have been very welcome.
However what I really wanted was to have comments about my SOA with reference to any bankrupcty allowances........if they exist? I was hoping that some of the knowledgeable BR posters would let me know whether this would be a reasonable SOA for going BR?
Thank you again x

rockythedog

Hi Shrewandroo,

I think some pple have tried to respond as if you were in another forum area rather than BR. Holidays and emergency ahould reflect about £10 per person (so £40 p/m). Hair cuts you could probably get away with having at £30 pm (£10 each adult and £5 each child). Your mobile, that willbe a sticky point from what I can gather, and a more experienced and knowledgable poster will have a better idea for that.

Ive only just gone BR so am only a little ways ahead of you in the process, but hopefullyI have helped alittle

Rocky

Teen_the_Drama_Queen

Thanks Rocky, I have slapped my trotters for (allegedly) deviating from the subject!

Looking at the SOA, shrewandroo, you say you are £100K of debt, is this credit cards etc??? The SOA does not show what is owed, you bring in £1,816 and pay out £1,850 a month, allowing for -£34 towards your debts. You are not a million miles away from making ends meet.

If your outgoings came down a bit, would it be feasible to carry on and not go down the BR route after all? I know you have taken advice, but is an IVA/DMP not possible?

confused76

shrewandroo wrote: »

Hi, I am a newbie on here but have been lurking for the last year and have finally plucked up the courage to post! My DH and I have a significant amount of unsecured debt.........around £100K now that our house has been repoed:o:o. I won't go into details about how we got into situation, but needless to say the usual living beyond means for years, paying minimum payments, taking more credit to pay back credit, and then crunch time, redundancy. We have 2 children under 4 so not at school yet, and don't have relatives nearby to help with childcare.........cost of nurseries is prohibitive at the moment. Hopefully once eldest goes to school next year, I will be able to secure a decent job...........

So to the point, we have taken lots of advice from CAB and CCCS and have been advised that BR is only the real option. (Have been paying token payments to creditors for the last 18 months). So should have saved up the fees in the next couple of months and will take the plunge:eek:.

Please can you experts check our SOA and let me know what you think? Thank you x

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.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1536
Benefits................................ 280
Other income............................ 0
Total monthly income.................... 1816
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 65
Gas..................................... 65
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 13
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500 should be ok
Clothing................................ 100 should be ok
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20 does this cover all 4 of you?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 40
Total monthly expenses.................. 1850

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,816
Expenses (including HP & secured debts). 1,850
Available for debt repayments........... -34
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -34
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

the figures look ok if you are going br for a family of 4, hope that helps

shrewandroo

Teen_the_Drama_Queen wrote: »

Thanks Rocky, I have slapped my trotters for (allegedly) deviating from the subject!

Looking at the SOA, shrewandroo, you say you are £100K of debt, is this credit cards etc??? The SOA does not show what is owed, you bring in £1,816 and pay out £1,850 a month, allowing for -£34 towards your debts. You are not a million miles away from making ends meet.

If your outgoings came down a bit, would it be feasible to carry on and not go down the BR route after all? I know you have taken advice, but is an IVA/DMP not possible?

The debt roughly consists of:
£31000 NR Together unsecured loan (from original 125% mortgage:o)
£25000 NR personal loan (they were giving it away back then, and we stupidly took it!)
£12000 Barclaycard
£15000 Egg loan
£2800 First Direct od
£500 Barclays personal loan
£300 Next
So thats about £86000, and have just had house repoed so will owe mortgage company shortfall which could be £10k, more likely £25K.

All creditors with the exception of mortgage shortfall have been accepting £1 per month for the last 12 months and I'm sure would continue for a while, but unless we win lottery, we will never be able to pay this back. Min payments were over £1000 pm originally which we managed (just) until I lost job. IVA not a possibility and I think I mentioned earlier a DMP would last until our dotage!!
Are clients of CAB, have phoned CCCS and National Debtline and advice has always been BR. I have stalled for the last 12 months but need to get this done now:(

shrewandroo

confused76 wrote: »

the figures look ok if you are going br for a family of 4, hope that helps

Thankyou........so holiday, emergency fund and mobiles are ok do you think?