SOA does this look right?

LTP123

Hi everyone,

I would love some advice about my SOA please. I wasn't sure how to work it out, my husbands wage changes every week due to shifts so I have just took last years P60 and divided by 12. Also, I wasn't sure whether things like tax credits should be just 4 weeks of payments or 4.3 weeks of payment?

I don't want to get it wrong especially with my husband usually having a really low month then a high month. Starting to feel like we really aren't prepared for thursday..

Your help is much appreciated.

[Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 260.47
Other income............................ 0
Total monthly income.................... 1660.47
Monthly Expense Details
Mortgage................................ 673.7
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 48
Gas..................................... 58
Oil..................................... 0
Water rates............................. 41.5
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 347.6
Clothing................................ 45
Petrol/diesel........................... 90
Road tax................................ 15
Car Insurance........................... 76
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 5
Buildings insurance..................... 13.4
Contents insurance...................... 9.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1619.7

Assets
Cash.................................... 0
House value (Gross)..................... 105000
Shares and bonds........................ 0
Car(s).................................. 2200
Other assets............................ 0
Total Assets............................ 107200
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(673.7)....7.9
Total secured & HP debts...... 112000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,660.47
Expenses (including HP & secured debts). 1,619.7
Available for debt repayments........... 40.77
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 40.77
Personal Balance Sheet Summary
Total assets (things you own)........... 107,200
Total HP & Secured debt................. -112,000
Total Unsecured debt.................... -0
Net Assets.............................. -4,800
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

kepar

Is that figure tax credits plus child benefit or just tax credits.

LTP123

It's tax credits and child benefit. Thanks

LTP123

Hi I hate to be inpatient but could someone tell me I should be basing our monthly income on 4 weeks or 4.3? Thanks again.

LTP123

Bumping myself up..

Raphael

LTP123 wrote: »

Hi I hate to be inpatient but could someone tell me I should be basing our monthly income on 4 weeks or 4.3? Thanks again.

I usually take any weekly figure, divide it by 7, times 365, divided by 12, which is about 4.3452381 the weekly figure.

LTP123

Thanks Raphael. When you write your reasons for BR, do you need to include settled accounts?

lala9

Been writing mine over the last few days, tricky isn't it, but no I haven't included settled accounts, only the accounts that I currently owe. I may have spoken about old loans which were paid off with a credit card that I have a current debt with.

Raphael

LTP123 wrote: »

Thanks Raphael. When you write your reasons for BR, do you need to include settled accounts?

I don't know, reasons for bankruptcy are so varied!

If you settling the account when you were already struggling for money plays a part in it then I'd mention it (say you took a new loan to cover your existing credit card debt), but if you settled the account whilst still solvent then it's irrelevant (say you had a loan and several credit cards and you always made the minimum payments until you lost your job, which means you could no longer afford all payments, but you'd paid one of the credit cards off already, then that should't be included).

That's just what I gathered from experience and I only replied cos you seemed desperate for help, but you'd need to get professional advice from one of the debt charities.

Maizy

LTP

I'm no expert but having read forums for 18 months now on this subject and going through every question under the sun regarding BR before taking the plunge as far as Im aware you only include the debts you currently owe. Questions regarding settled debts may crop up during investigation/OR interview but Im pretty sure they DONT need to be included on the BR forms, maybe someone else will clarify. After all you no longer owe them.

Also remember you need to prove the need for a car or it may end up becoming an asset depending on the OR.

Looking at your SOA, I personally feel you should have no surplus but thats just my opinion, remember anything left above £20 may create an IPA for 36 months and the lot will go. Some of your figures seem very low for example car maintenance, hair cuts and even groceries seem a bit low. You are usually also entitled to a small amount for a holiday.

Its all good though as you can rethink your SOA right up to finalising your forms. No point leaving a surplus whilst leaving yourself short elsewhere. Only one week after BR we needed work doing again on our car so you need to be fully prepared for the unexpected. Good luck to you.

dojoman

I never mentioned any debts that had been paid off, only ones that I was including in my BR.