SOA and advice

Hull_Tiger

Hi guys,
Hoping for a bit of advice and input into my SOA.
I will be looking at bankruptcy shortly as the IVA I'm currently in will be failed.
I started it in 2007 and had no problems for two years before both me and my wife were made redundant in the space of 6 months.
I was unemployed for nearly 2 years befor finding a job. My wife does not work as we have children aged 2 1/2 and 6 months.
Basically the variation to lower the payments on my IVA was rejected as the major creditor insisted on a plan to make up the arrears so it has left me with little alternative.
Here is my SOA:
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................ 1230
Partners monthly income after tax....... 0
Benefits................................ 450.32
Other income............................ 0
Total monthly income.................... 1680.32
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 304
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 45
Gas..................................... 44
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 20
Groceries etc. ......................... 500
Clothing................................ 80
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 23
Buildings insurance..................... 0
Contents insurance...................... 26
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 32
Entertainment........................... 44
Holiday................................. 20
Emergency fund.......................... 20
Total monthly expenses.................. 1475

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 Debt.....................48000.....0.........0
Total unsecured debts..........48000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,680.32
Expenses (including HP & secured debts). 1,475
Available for debt repayments........... 205.32
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 205.32
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -48,000
Net Assets.............................. -48,000
Created using the SOA calculator at makesenseofcards.com
Reproduced on Moneysavingexpert with permission, using IE browser.

If anyone can see anything I've missed or should be taken out, it would all be appreciated.

Many thanks

kepar

How old are the children?

tigerfeet2006

kepar wrote: »

How old are the children?

Two and half and six months old.

tigerfeet2006

Hull_Tiger wrote: »

Hi guys,
Hoping for a bit of advice and input into my SOA.
I will be looking at bankruptcy shortly as the IVA I'm currently in will be failed.
I started it in 2007 and had no problems for two years before both me and my wife were made redundant in the space of 6 months.
I was unemployed for nearly 2 years befor finding a job. My wife does not work as we have children aged 2 1/2 and 6 months.
Basically the variation to lower the payments on my IVA was rejected as the major creditor insisted on a plan to make up the arrears so it has left me with little alternative.
Here is my SOA:
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................ 1230
Partners monthly income after tax....... 0
Benefits................................ 450.32
Other income............................ 0
Total monthly income.................... 1680.32
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 304
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 45
Gas..................................... 44
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 50 Not allowed on your SoA. You will have to find the money from elsewhere if you want to keep it.
Internet Services....................... 20 only allowed if essential for work or education.
Groceries etc. ......................... 500
Clothing................................ 80 £120
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40 is this enough?
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per child per week for activities.
Medical (prescriptions, dentist etc).... 8 £30
Pet insurance/vet bills................. 23
Buildings insurance..................... 0
Contents insurance...................... 26
Life assurance ......................... 8 the OR may have an interest in this.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 most OR's will not allow this.
Haircuts................................ 32
Entertainment........................... 44 not allowed
Holiday................................. 20 £80
Emergency fund.......................... 20 £40
Total monthly expenses.................. 1475

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 Debt.....................48000.....0.........0
Total unsecured debts..........48000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,680.32
Expenses (including HP & secured debts). 1,475
Available for debt repayments........... 205.32
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 205.32
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -48,000
Net Assets.............................. -48,000
Created using the SOA calculator at makesenseofcards.com
Reproduced on Moneysavingexpert with permission, using IE browser.

If anyone can see anything I've missed or should be taken out, it would all be appreciated.

Many thanks

Just some things to get you started. Are yuo paying any professional fees or buying professional mags?

sillygirl73

Hull_Tiger wrote: »

Hi guys,
Hoping for a bit of advice and input into my SOA.
I will be looking at bankruptcy shortly as the IVA I'm currently in will be failed.
I started it in 2007 and had no problems for two years before both me and my wife were made redundant in the space of 6 months.
I was unemployed for nearly 2 years befor finding a job. My wife does not work as we have children aged 2 1/2 and 6 months.
Basically the variation to lower the payments on my IVA was rejected as the major creditor insisted on a plan to make up the arrears so it has left me with little alternative.
Here is my SOA:
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................ 1230
Partners monthly income after tax....... 0
Benefits................................ 450.32
Other income............................ 0
Total monthly income.................... 1680.32
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 304
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 45
Gas..................................... 44
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15 We put £70 to include mobiles, landline, sky tv and internet.
Mobile phone............................ 50 See above and put it all in together
TV Licence.............................. 12
Satellite/Cable TV...................... 50 See above
Internet Services....................... 20 See above
Groceries etc. ......................... 500 We put £540 as included 2 lots of nappies and baby milk.
Clothing................................ 80 We put £120
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40 This seems really low for a month?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8 Allow for bi-annual dentist check ups and eyetests £25
Pet insurance/vet bills................. 23
Buildings insurance..................... 0
Contents insurance...................... 26
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Not allowed
Haircuts................................ 32
Entertainment........................... 44 Not allowed
Holiday................................. 20 £60
Emergency fund.......................... 20 £40
Total monthly expenses.................. 1475

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 Debt.....................48000.....0.........0
Total unsecured debts..........48000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,680.32
Expenses (including HP & secured debts). 1,475
Available for debt repayments........... 205.32
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 205.32
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -48,000
Net Assets.............................. -48,000
Created using the SOA calculator at makesenseofcards.com
Reproduced on Moneysavingexpert with permission, using IE browser.

If anyone can see anything I've missed or should be taken out, it would all be appreciated.

Many thanks

I am no expert but went BR a couple of weeks ago, and also have a 2.5yr old and 6 month old:)......the figures I have put are what we put down and our OR has said that we won't be paying an IPA at the moment........hope that helps x

Hull_Tiger

Thanks for the replies, guys.
I'll have a tinker with it.
I basically put the main things we pay now (plus some allowances that I'd read elsewhere)
Sky TV: I figured this wouldn't be allowed
Phones / Internet etc.: I am in a unique area in Hull where we have only one phone and broadband provier - Kingston Communication. As such you are limited to their bundles / packages.
Travel: Just £9 / week to travel to work. I could put more to account for wife and kids needing to go places. Neither of us drives.
Life Insurance: Has no meaningful value, just a lump sum payment on death of either of us.
Quick question - does anyone know how overtime is accounted for in an IPA?

Hull_Tiger

Updated SOA:
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................ 1230
Partners monthly income after tax....... 0
Benefits................................ 450.32
Other income............................ 0
Total monthly income.................... 1680.32

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 304
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 45
Gas..................................... 44
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 540
Clothing................................ 120
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 23
Buildings insurance..................... 0
Contents insurance...................... 26
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 32
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 40
Total monthly expenses.................. 1583


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
All debt.......................48000.....0.........0
Total unsecured debts..........48000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,680.32
Expenses (including HP & secured debts). 1,583
Available for debt repayments........... 97.32
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 97.32

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -48,000
Net Assets.............................. -48,000

Created using the SOA calculator at makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

tigerfeet2006

Sorry, quick question are you both going BR?

Hull_Tiger

Hi,
No, as all the debt was mine from before we met.
She has a credit card with £1100 which I currently pay so she will probably have to get a DRO for that.