SOA Again :(

sovilla

My partner was made redundant so now is only on £71 a week JSA. We do get housing benefit and council tax benefit.

Can you please check over my SOA ready for bankruptcy. I know there is a huge surplus so im expecting in IPA.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 839
Partners monthly income after tax....... 284 - JSA
Benefits................................ 1974 - CTC/CB/HB/Council Tx Ben
Other income............................ 0
Total monthly income.................... 3097

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 545
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 54 - Water Meter
Telephone (land line)................... 55 - Live in Hull can only have KC
Mobile phone............................ 36 - Mine contract 26 / partner payg 10
TV Licence.............................. 13
Satellite/Cable TV...................... 35 - In contract / can only have sky in Hull
Internet Services....................... 26 - Live in Hull can only have KC
Groceries etc. ......................... 700
Clothing................................ 250
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 220 - Use parents car for my work (i do aprox 400 miles a month)
Childcare/nursery....................... 0
Other child related expenses............ 200 - School dinners and trips
Medical (prescriptions, dentist etc).... 30 - my dentist and contact lenses
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 55
Entertainment........................... 35
Holiday................................. 100
Emergency fund.......................... 70
Total monthly expenses.................. 2761


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.................... 3,097
Expenses (including HP & secured debts). 2,761
Available for debt repayments........... 336
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 336

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

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

michelle2008

Why are you considering bankruptcy if you have no debt?

sovilla

Sorry didnt include the debt as that would be wiped off in the bankruptcy. Here is another SOA with the debt on.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 839
Partners monthly income after tax....... 284
Benefits................................ 1974
Other income............................ 0
Total monthly income.................... 3097

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 545
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 54
Telephone (land line)................... 55
Mobile phone............................ 36
TV Licence.............................. 13
Satellite/Cable TV...................... 35
Internet Services....................... 26
Groceries etc. ......................... 700
Clothing................................ 250
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 220
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 55
Entertainment........................... 35
Holiday................................. 100
Emergency fund.......................... 70
Total monthly expenses.................. 2761


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6500.....(0)........0<
Hire Purchase..................3000.....(0)........0
Total secured & HP debts...... 9500......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Loan......................4269......0.........0
Barclays Loan..................3549......0.........0
HSBC Credit card...............2105......0.........0
Next...........................500.......0.........0
Simply Be......................150.......0.........0
Littlewoods....................4985......0.........0
Capital One....................900.......0.........0
Aqua...........................1900......0.........0
Vanquis........................2545......0.........0
Barclaycard....................1800......0.........0
Barclays Overdraft.............315.......0.........0
HSBC Overdraft.................2495......0.........0
Total unsecured debts..........25513.....0.........-


Monthly Budget Summary
Total monthly income.................... 3,097
Expenses (including HP & secured debts). 2,761
Available for debt repayments........... 336
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 336

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -9,500
Total Unsecured debt.................... -25,513
Net Assets.............................. -35,013

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

[Deleted User]

sovilla wrote: »

Household Information[/B]
Number of adults in household........... 2
Number of children in household......... 5

Monthly Income Details[/B]
Monthly income after tax................ 839
Partners monthly income after tax....... 284 - JSA
Benefits................................ 1974 - CTC/CB/HB/Council Tx Ben
Other income............................ 0
Total monthly income.................... 3097

Monthly Expense Details
Rent.................................... 545
Management charge (leasehold property).. 0
Council tax............................. 92Is this over 10 or 12 months?
Electricity............................. 75seems a bit high - check comparison sites
Gas..................................... 75as above
Oil..................................... 0
Water rates............................. 54 - Water Meter
Telephone (land line)................... 55 - Live in Hull can only have KCWow, this is expensive (some areas of Hull are apparently now serviced by BT, so do check if your area is included. If not an option, is there any way to reduce to a cheaper package?), Also, do you need a landline as well as mobiles? Also you have internet, so you could use Skype/Voip cheap etc?
Mobile phone............................ 36 - Mine contract 26 / partner payg 10When does your contract end? Who is your partner whith, and what is their usage - take a look at GiffGaff - you can keep your/their number when transfering - it's worth checking them out, I have personally saved a fortune
TV Licence.............................. 13
Satellite/Cable TV...................... 35 - In contract / can only have sky in HullGo freeview, or look at free sat
Internet Services....................... 26 - Live in Hull can only have KCAgain, this is really unlucky - Not that this helps, or there's anything that you can do about it - but in another part of the country, we got home phone and internet combined for this price - you are really unlucky!
Groceries etc. ......................... 700Even though you have a lot of mouths to feed I am sure that you can cut this back, especially as this does not seem to include lunches - meal plan, batch cook, drop brands, try lidl/aldi etc
Clothing................................ 250Again, Even though there's a fair few to cloth, this still seems high
Other travel............................ 220 - Use parents car for my work (i do aprox 400 miles a month)
Other child related expenses............ 200 - School dinners and tripsPacked lunches could be cheaper
Medical (prescriptions, dentist etc).... 30 - my dentist and contact lensesTry online companies for c lenses, it can be cheaper
Contents insurance...................... 25
Presents (birthday, christmas etc)...... 70Does this get saved somewhere for when it's needed
Haircuts................................ 55Seems a lot - can you not do home cuts on the kids - clippers for boys, and trim for girls? Also look at local college to see if they do cheap/free trainee cuts
Entertainment........................... 35What does this cover?
Holiday................................. 100Pretty sure that you cannot have this when going bankruptNot 100% though - so you need to double check
Emergency fund.......................... 70Does this ACTUALLY get saved somewhere?
Total monthly expenses.................. 2761


Assets
Cash.................................... 0Non-monthly bills? Emergency savings? Etc?

No Secured nor Hire Purchase DebtsNo debts? You need to list EACH DEBT, apr being charged, and minimum payment

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 3,097
Expenses (including HP & secured debts). 2,761
Available for debt repayments........... 336
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 336

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

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/FONT]

Comments above, HTH

D9

sovilla

Thanks for the advice Domino9, I probably could shave money off here and there and save a bit more, maybe another £200 a month. But then that would go into the IPA. Im not trying to get out of paying anything but paying out £500 a month the OR and being worried about having enough money to feed the kids, or theres a school trip coming up and everyone in the class is going but our kids cant.

We didnt get ourselves into this siutation lightly, last January there was just me and my partner, we were both working full time, could manage our debts and only had 4 of his kids on the weekend. Then by april I was mum to 4 step children after their mothers partner was abusing them, then we had a child of our own, I had to drop to 20 hours a week and my partner has just been made redundant. This wasnt what I had planned for us, I wanted to go to unviersity and be an be an ODP but im a mum to 5 kids, drowing in debt, stressed like crazy and dodging all the nasty phone calls from creditors. Trying to save up the £700 for bankruptcy.

[Deleted User]

sovilla wrote: »

Thanks for the advice Domino9, I probably could shave money off here and there and save a bit more, maybe another £200 a month. But then that would go into the IPA. Im not trying to get out of paying anything but paying out £500 a month the OR and being worried about having enough money to feed the kids, or theres a school trip coming up and everyone in the class is going but our kids cant.

We didnt get ourselves into this siutation lightly, last January there was just me and my partner, we were both working full time, could manage our debts and only had 4 of his kids on the weekend. Then by april I was mum to 4 step children after their mothers partner was abusing them, then we had a child of our own, I had to drop to 20 hours a week and my partner has just been made redundant. This wasnt what I had planned for us, I wanted to go to unviersity and be an be an ODP but im a mum to 5 kids, drowing in debt, stressed like crazy and dodging all the nasty phone calls from creditors. Trying to save up the £700 for bankruptcy.

Please don't think that my suggestions were intended to judge you in any way - when I comment on an SOA, I try and highlight any area that I think savings "might" be made, and if so, how. I was not suggesting that you cut everything back and only survive rather than live. Just trying to highlight the options that you could have to cut back - sometimes when working out budgets etc it's difficult to see the wood from the trees.

Also, have you taken professional advice on bankruptcy? (if not take a look here: https://forums.moneysavingexpert.com/discussion/4228011)

HTH

D9

sovilla

Thanks for your help Domino9 and sorry if my post came across badly.

I have the Community Legal Advice centre helping me out, they are contacting all of my creditors and offering token payments (stating till my situation iproves) however its just till I can get the money together for the bankruptcy. When I have the money I just have to go back to them and they will do all the forms for me and get me a court date, they have been really helpful. I dont think I couldnt have done it without them.

tigerfeet2006

Quick question Sovilla, is it just you or both of you going BR?

sovilla

Just me, all the debts are in my name apart from he is joint on one of the Hire Purchase Cars.

saterkey

please try and sort out the debts rather than go bankrupt, for the creditors and your sake.
there seems to be quite a bit that you could cut back on, food, hair, holiday, etc.
have you looked into maintenance from the other partner for the kids?
try the dmp route with token payments like you said, there seems to be 336 left over for debt repayments so you could snowball.
is there anything you could sell from the goods that you bought?
could your husband go temping, doing warehouse, packing, driving jobs, there will be a lot of xmas jobs going smiths, supermarkets etc, night work, just to tide you over and get some of the debt paid.
can any family help you at all.
wishing you the very best hope you get sorted.

sovilla

This is my SOA with my monthly payments, I would love to not go bankrupt but really dont see any other option. I have 5 growing children who are just going to need more and more and will eat more and more.

My partner is looking for work and will gladly do anything, however its the same old story of if he doesnt earn at least 1200 a month then we actually get more money him not working. Its really sad to say but thats how the benefit system works in this country. Sometimes your just better off not working. Even though it would drive him crazy.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 839
Partners monthly income after tax....... 284
Benefits................................ 1974
Other income............................ 0
Total monthly income.................... 3097

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 242
Rent.................................... 545
Management charge (leasehold property).. 0
Council tax............................. 92
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 54
Telephone (land line)................... 55
Mobile phone............................ 36
TV Licence.............................. 13
Satellite/Cable TV...................... 35
Internet Services....................... 26
Groceries etc. ......................... 700
Clothing................................ 250
Petrol/diesel........................... 0
Road tax................................ 40
Car Insurance........................... 98
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 220
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 55
Entertainment........................... 35
Holiday................................. 100
Emergency fund.......................... 70
Total monthly expenses.................. 3161


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2
Other assets............................ 0
Total Assets............................ 2


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6500.....(138)......0<
Hire Purchase..................3000.....(104)......0
Total secured & HP debts...... 9500......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Loan......................4269......172.......0
Barclays Loan..................3549......117.......0
HSBC Credit card...............2105......98........0
Next...........................500.......50........0
Simply Be......................150.......10........0
Littlewoods....................4985......179.......0
Capital One....................900.......40........0
Aqua...........................1900......68........0
Vanquis........................2545......98........0
Barclaycard....................1800......54........0
Barclays Overdraft.............315.......0.........0
HSBC Overdraft.................2495......178.......0
Total unsecured debts..........25513.....1064......-


Monthly Budget Summary
Total monthly income.................... 3,097
Expenses (including HP & secured debts). 3,161
Available for debt repayments........... -64
Monthly UNsecured debt repayments....... 1,064
Amount short for making debt repayments. -1,128

Personal Balance Sheet Summary
Total assets (things you own)........... 2
Total HP & Secured debt................. -9,500
Total Unsecured debt.................... -25,513
Net Assets.............................. -35,011

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