Well here is my SOA since i'm considering bankruptcy

NewUserHere

Considering bankruptcy....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1 [due within 6 weeks]
Number of cars owned.................... 1 [work car - insurance, fuel etc paid as part of takings, thus not included in SOA]

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 20
Gas..................................... 15
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 5
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 608


Assets
Cash.................................... 550
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 1950

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdrafs x 4..................8300......0.........0
CC x 2.........................2200......0.........0
HMRC...........................950.......0.........0
Landlord (commercial)..........8000......0.........0
Misc 2 ........................385.......0.........0
Misc 1 ........................150.......0.........0
BT.............................500.......0.........0
Energy Companies x 3...........1000......0.........0
Payday Loans x 2...............500.......0.........0
Total unsecured debts..........21985.....0.........-


Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 608
Available for debt repayments........... 192
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 192

Personal Balance Sheet Summary
Total assets (things you own)........... 1,950
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,985
Net Assets.............................. -20,035


Notes:
- Will rise to £19k. Would accept £1,250 settlement but can't raise that much and not even sure if I could I would be able to repay the rest of the debt without it taking 10-15 years.
- Bills represent my proportion as 2 adults in household.
- I've not entered a value for 'entertainment'.
- I think I have significantly understated what it will cost in 'other child related expenses'.


Thanks all.

Mouse1812

NewUserHere wrote: »

I think I have significantly understated what it will cost in 'other child related expenses'.

You have, trust me.

I suspect others will ask you to update with both incomes and full expenditure, OR will want to see that.

tiggerbodhi

NewUserHere wrote: »

Considering bankruptcy....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1 [due within 6 weeks]
Number of cars owned.................... 1 [work car - insurance, fuel etc paid as part of takings, thus not included in SOA]

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 20
Gas..................................... 15
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 5
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80 very low, OR will allow a lot higher if going BR
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0 Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 a must have
Contents insurance...................... 0 a must have
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 bit high.
Haircuts................................ 0
Entertainment........................... 0 you are allowed to live a little.
Holiday................................. 0 OR will allow a small amount
Emergency fund.......................... 0 OR will allow you to save this
Total monthly expenses.................. 608


Assets
Cash.................................... 550
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 1950

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdrafs x 4..................8300......0.........0
CC x 2.........................2200......0.........0
HMRC...........................950.......0.........0
Landlord (commercial)..........8000......0.........0
Misc 2 ........................385.......0.........0
Misc 1 ........................150.......0.........0
BT.............................500.......0.........0
Energy Companies x 3...........1000......0.........0
Payday Loans x 2...............500.......0.........0
Total unsecured debts..........21985.....0.........-


Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 608
Available for debt repayments........... 192
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 192

Personal Balance Sheet Summary
Total assets (things you own)........... 1,950
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,985
Net Assets.............................. -20,035


Notes:
- Will rise to £19k. Would accept £1,250 settlement but can't raise that much and not even sure if I could I would be able to repay the rest of the debt without it taking 10-15 years.
- Bills represent my proportion as 2 adults in household.
- I've not entered a value for 'entertainment'.
- I think I have significantly understated what it will cost in 'other child related expenses'.


Thanks all.

A couple of comments if you are consdiering BR, read the stickies on here first, if your SOA is for BR you need to be fully honest and realistic with what you need to live, not what you think you need or are living on.

Take advice from the charities etc, good luck with whatever you decide.

sniggings

comment on above post-building insurance is not a must have if in a rented property.

If I read your SOA correctly and your monthly income is £800 a month, then you will not get and IPA so no need for an SOA as the OR will not even entertain an IPA.

tigerfeet2006

To complete your SoA for BR you will need to put your full joint household outgoings, your own personal outgoings ie your mobile, car, medical. Your full income and your OH's contribution to the JOINT household bills. The OR may want to know what he earns just so he can make sure he is paying his fair share.

NewUserHere wrote: »

Considering bankruptcy....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1 [due within 6 weeks]
Number of cars owned.................... 1 [work car - insurance, fuel etc paid as part of takings, thus not included in SOA]

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 800

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300 full amount here.
Management charge (leasehold property).. 0
Council tax............................. 45 ditto
Electricity............................. 20 ditto
Gas..................................... 15
Oil..................................... 0
Water rates............................. 18 ditto
Telephone (land line)................... 20 ditto
Mobile phone............................ 0 do you not have a mobile?
TV Licence.............................. 5 full amount here
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80 £400/435
Clothing................................ 25 £40/60 when the baby arrives.
Petrol/diesel........................... 0 do you not pay any petrol at all?
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50 what is this for?
Medical (prescriptions, dentist etc).... 0 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 do you not have this? if not then I recommend you get some with accidental damage.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 not allowed
Haircuts................................ 0 £10
Entertainment........................... 0
Holiday................................. 0 £50
Emergency fund.......................... 0 £20
Total monthly expenses.................. 608


Assets
Cash.................................... 550
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 1950

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdrafs x 4..................8300......0.........0
CC x 2.........................2200......0.........0
HMRC...........................950.......0.........0
Landlord (commercial)..........8000......0.........0
Misc 2 ........................385.......0.........0
Misc 1 ........................150.......0.........0
BT.............................500.......0.........0
Energy Companies x 3...........1000......0.........0
Payday Loans x 2...............500.......0.........0
Total unsecured debts..........21985.....0.........-


Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 608
Available for debt repayments........... 192
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 192

Personal Balance Sheet Summary
Total assets (things you own)........... 1,950
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,985
Net Assets.............................. -20,035


Notes:
- Will rise to £19k. Would accept £1,250 settlement but can't raise that much and not even sure if I could I would be able to repay the rest of the debt without it taking 10-15 years.
- Bills represent my proportion as 2 adults in household.
- I've not entered a value for 'entertainment'.
- I think I have significantly understated what it will cost in 'other child related expenses'.


Thanks all.

Is the car owned by you or is it a car provided for work?

PippaGirl_2

new user, are those figures the total cost of expenditure for your whole property? £300 is your rent for the property? £540 the annual charge for council tax? Groceries could be £250 for 2 adults and a child and as said before £30 for presents is high.

NewUserHere

Thanks to everybody for your input... it's very useful and constructive. I will try to clarify my numbers and respond to a few things...

- I'm a he
- Th numbers, such as rent and rates is my share.
- My partner earns about the same as me, give maybe £50. But about to go on maternity leave (baby due in 6 weeks) so I contribute around £400pm versus her approximate £350pm.

For clarity I will adjust some entries:

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 430 [partners contribution + £80 groceries]
Total monthly income.................... 1230

Monthly Expense Details
Rent.................................... 425
Council tax............................. 90
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 10
Groceries etc. ......................... 160
Clothing................................ 25
Other child related expenses............ 100
Presents (birthday, christmas etc)...... 30

Total monthly expenses.................. 996

Right... a few have made comments on the SOA so I will try to address those now...


Mobile phone............................ 0 do you not have a mobile?
Missed that one, added above.
Groceries etc. ......................... 80 £400/435
Seems high? Clothing................................ 25 £40/60 when the baby arrives.
Petrol/diesel........................... 0 do you not pay any petrol at all?
Paid from my takings, so not really.
Other child related expenses............ 50 what is this for?
Was for things like nappies, consumables, clothes, toys etc. Although noting your above note I should have made some adjustments to 'clothing' for this..
Medical (prescriptions, dentist etc).... 0 £20
Contents insurance...................... 0 do you not have this? if not then I recommend you get some with accidental damage.
Don't have any. Not really sure it would be worth it if i'm honest... walking around our house we really don't have anything of value. Most expensive thing is a £150 TV we've had for a couple of years.

If I read your SOA correctly and your monthly income is £800 a month, then you will not get and IPA so no need for an SOA as the OR will not even entertain an IPA.

Yes, you read correct. Not a high earner... or even an average worker thinking about it.

Entertainment........................... 0 you are allowed to live a little.
Holiday................................. 0 OR will allow a small amount
Emergency fund.......................... 0 OR will allow you to save this

Wasn't really sure what to put in here, but certainly good to know the OR will allow for these types of things.

A couple of comments if you are consdiering BR, read the stickies on here first, if your SOA is for BR you need to be fully honest and realistic with what you need to live, not what you think you need or are living on.

I've read the stickies, there's A LOT of information there so going through it is taking time

I filled in the SOA form as in what I do spend at the moment rather than based on allowances the OR would allow me to account for... should I have done the latter?

Hopefully i've addressed everything here and thanks for everybody so far. Sorry if i've missed you.

PippaGirl_2

Just to clarify, you need to put the total cost of the household expenses down on your SOA, so the full monthly bill for rent, council tax, water, utilities, landline phone etc. and then just put your partners contribution towards it. If their contribution is not 50% the OR may ask for clarification as to their income to see why they are paying less. If they earn less, they'd be happy with their contribution being less than 50%. Once bubs is born you will have CTC and CB too.
I think apart from the gifts amount, you have been very cautious with your amounts and you could go higher. Put £20 for a holiday for instance which wouldn't get much for the 3 of you but will be helpful. Similar for entertainment.

sniggings

the reason people suggest getting insurance is for two reasons, 1st if you were to have a loss you would not have the money to replace the items.

2nd you might as well get insurance if the extra expenses means not getting an IPA, also if on an IPA you might as well have it as well because the cost of the insurance would only be given to the OR anyway, so you might as well have the benefit.

My comment about your income being only £800 wasn't meant to be read as a slightly on the level of income but I was only trying to point out that on your level of income an IPA will almost 100% not be given so no need for you to worry what you spend on your expenses, as once BR you can spend your income anyway you please if an IPA is not given.

[Deleted User]

A TV Licence costs £12-12 per month, not £10.

tigerfeet2006

Thanks to everybody for your input... it's very useful and constructive. I will try to clarify my numbers and respond to a few things...

- I'm a he Sorry
- Th numbers, such as rent and rates is my share. You will need full amount, see previous explainations.
- My partner earns about the same as me, give maybe £50. But about to go on maternity leave (baby due in 6 weeks) so I contribute around £400pm versus her approximate £350pm. So she will be on ML when you go BR, is this the ML rate? Don't forget you will get tax credits and child benefit as well so these will need to be factored into the equation. The calculator on here will help you work it out. http://www.turn2us.org.uk/benefits_search.aspx

For clarity I will adjust some entries:

Quote:

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 430 [partners contribution + £80 groceries]
Total monthly income.................... 1230

Monthly Expense Details
Rent.................................... 425
Council tax............................. 90
Electricity............................. 40
Gas..................................... 30
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 10 £13 Think it is £12.80 or there abouts so round up.
Groceries etc. ......................... 160 When you go BR then look at putting the level I suggested for 2 adults and 1 baby.
Clothing................................ 25 ditto
Other child related expenses............ 100 This is for things like activities, pocket money, school trips, dinner money which don't apply at the moment.You could put in £20 for activities as your OH will want to go swimming with your baby and do toddler groups etc.
Presents (birthday, christmas etc)...... 30 Most OR's won't allow but you could put this down and see what happens, you don't ask, you don't get.

Total monthly expenses.................. 996
Right... a few have made comments on the SOA so I will try to address those now...


Mobile phone............................ 0 do you not have a mobile?
Missed that one, added above.
Groceries etc. ......................... 80 £400/435
Seems high? Nope! this covers a multitude of sins not just food.The national average for a couple is around £350/400 last time I looked plus you will have a little one to buy nappies etc. for. You have probably been scrimping for so long you don't realise what is normal.
Clothing................................ 25 £40/60 when the baby arrives.
Petrol/diesel........................... 0 do you not pay any petrol at all?
Paid from my takings, so not really. You use your business petrol to go to the shops, hospital, Drs etc?
Other child related expenses............ 50 what is this for?
Was for things like nappies, consumables, clothes, toys etc. Although noting your above note I should have made some adjustments to 'clothing' for this.. See my above notes.
Medical (prescriptions, dentist etc).... 0 £20
Contents insurance...................... 0 do you not have this? if not then I recommend you get some with accidental damage.
Don't have any. Not really sure it would be worth it if i'm honest... walking around our house we really don't have anything of value. Most expensive thing is a £150 TV we've had for a couple of years.See others input on this.I really reccomend you get insurance. Use Martins guide and get it sorted before BR.

Quote:
If I read your SOA correctly and your monthly income is £800 a month, then you will not get and IPA so no need for an SOA as the OR will not even entertain an IPA.
Yes, you read correct. Not a high earner... or even an average worker thinking about it.

Quote:
Entertainment........................... 0 you are allowed to live a little.
Holiday................................. 0 OR will allow a small amount
Emergency fund.......................... 0 OR will allow you to save this
Wasn't really sure what to put in here, but certainly good to know the OR will allow for these types of things. Entertainment is not allowed. Holiday, see my suggestion. Emergancy Fund, see my suggestion.

Quote:
A couple of comments if you are consdiering BR, read the stickies on here first, if your SOA is for BR you need to be fully honest and realistic with what you need to live, not what you think you need or are living on.
I've read the stickies, there's A LOT of information there so going through it is taking time

I filled in the SOA form as in what I do spend at the moment rather than based on allowances the OR would allow me to account for... should I have done the latter? We look at SoA from the OR's point of view and give you our views on how the OR may see the situation to help you see if you could live a normal life when you go BR.

Hopefully i've addressed everything here and thanks for everybody so far. Sorry if i've missed you.

Hope that helps you a little bit.