New here - our SOA

ellaybee

Hello,

My partner and I will be applying for bankruptcy as soon as we can raise the funds.

We have a house in another part of the country that we were renting out, it got complicated when the tenants scarpered and as such the mortgage has not been paid for 15 months. It is currently up for sale and an offer has been made on it for 36k less than we paid for it. We also have relatively small credit card debts.

This is our current SOA, however we will both be (hopefully) starting Uni in September so lots of things will change...how is this taken in to account??

Also, we have got rid of our TV license so things aren't quite as tight each month, but from reading threads here this payment would be allowed in 'essential expenditure' so are we better off keeping it so that the bit of money it frees up isn't taken as available money? *confused*

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1124
Partners monthly income after tax....... 0
Benefits................................ 280
Other income............................ 0
Total monthly income.................... 1404

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 25
Total monthly expenses.................. 1117.4


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................700.......30........0
credit card 2..................1400......50........0
overdraft......................700.......0.........0
Total unsecured debts..........2800......80........-


Monthly Budget Summary
Total monthly income.................... 1,404
Expenses (including HP & secured debts). 1,117.4
Available for debt repayments........... 286.6
Monthly UNsecured debt repayments....... 80
Amount left after debt repayments....... 206.6

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,800
Net Assets.............................. -1,900

sort_me_own_yard_out

I am new to this too and cant advise on what you have written other than , how do you feed two adults on 160 per month? including all washing powder, toilet roll etc? I cant see how that would be possible maybe for a month or two when things are tight but long term surely thats not visable.

Dee

debtinfo

A SOA is not really about allowances, it is about what you actually need to spend, that is the ethos you should aproach it with, so if you are not paying for something you should not put it down.

Will you still be working when you go to uni?

PippaGirl_2

Who is going to apply for BR? Both of you or just you? You seem to have done the form as a couple but would need to apply for BR separately if it is both of you and do your own forms.

Also is your total debt only £2800? If so, are you sure BR is the right decision for you and have you taken legal advice?

ellaybee

* sort_me_own_yard_out - we generally only spend £30 a week on food...washing powder and toilet roll etc are stocked up on when offers are on so I suppose aren't really included :-/

* debtinfo - we wouldn't put something down that we aren't paying for, but if we are allowed to have a TV licence then obviously we would like one. It seems like we would be better off getting one now so as to be able to include it. Seems silly depriving ourselves of something that wouldn't be taken off us anyway...if that makes sense? It is unlikely we will be working whilst at Uni...my partner will not be for definite as she is doing a time intensive course and will not have time. I may find a part time job if I can find one that will fit around my Uni hour but this is not definite.

* PippaGirl - We will both be applying for BR and understand we need to do this separately. However, due to the mortgage being a joint mortgage, and the shortfall looking like it'll be 36k, my understanding is that we will both need to put the 36k on our BR which is what makes us think BR is right for us. We haven't taken legal advice as yet but will be seeing CAB in the next week or so.

Also, what about our car? It is a bit of a banger but we really do rely on it and definitely will when we go to Uni as we will have placements to get to scattered around the county - will it get taken off us?

debtinfo

Then if you are going to get a TV license then it id perfectly fine to put it down

ellaybee

Think we'll be getting a TV license then...

Bit worried about the car situation...I can get the bus at the moment, but when we move there'll be no way my partner will be able to get to and from her placements on shifts between the hours of 6am and midnight.

We are contemplating living in a caravan for a while, so we will definitely need a car then...but then will that go against us as we will have more money spare so they'll take it off us...For example, if we pay a private rent of approximately £450 a month then we'll have pretty much no available money, but if we lived in a caravan for £250 a month to save ourselves some money so we're not so skint, then will they see that as having £200 a month additional available money?

Also, how is it decided how much we are allowed for food etc...do we have to provide receipts as proof or do they just take our word for it if it seems a reasonable amount?

This is so confusing!

PippaGirl_2

They will take any available money left over after your expenses yes. There is a general guide somewhere someone might post a link to saying what amounts are generally allowed for expenses

ellaybee

OK, I've just read through some of the documents and stickies and it appears if our only income is from a student loan then they won't take it. So we would be doing ourselves a favour by living in a caravan and reducing our outgoings. That's a relief.

It seems as though the car issue is a bit debatable and down to the individual OR...we really can't live without a car, we tried for a month and it nearly drove us crazy!!

PippaGirl_2

I'm worried about my car too so I empathise. My OR interview is Wednesday so I will hear then its fate no doubt

rossireps

sort_me_own_yard_out wrote: »

I am new to this too and cant advise on what you have written other than , how do you feed two adults on 160 per month? including all washing powder, toilet roll etc? I cant see how that would be possible maybe for a month or two when things are tight but long term surely thats not visable.

Dee

its doable, i spend less than £80 a month for me