Speculative SOA - any comments please?

GubGub

I'm not sure if I've even filled this in correctly, but I am shortly facing bankruptcy and wondered if anyone could comment on my likely SOA? I haven't actually moved into this property yet with my partner, it will be a Victorian 2 bed terrace so the costs are estimated. Also, I'm not sure exactly what my partners income is but we will be splitting costs 50/50 - would I just state his income as being identical to mine?

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 659
Partners monthly income after tax....... 659
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1318

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 330
Management charge (leasehold property).. 0
Council tax............................. 86
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 30
Mobile phone............................ 7.5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 370
Clothing................................ 35
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 43
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 10
Emergency fund.......................... 10
Pet Food................................ 30 These are actually my pets from before I met my partner - am I likely to be able to claim the full cost or would I be expected to split it with my partner?
Total monthly expenses.................. 1145.5


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
Mortgage shortfall.............60000.....0.........0 expected shortfall after sale following repossession
Total unsecured debts..........60000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,318
Expenses (including HP & secured debts). 1,145.5
Available for debt repayments........... 172.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 172.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -60,000
Net Assets.............................. -60,000

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

PippaGirl_2

I would cross out partners income (as that wouldn't be accurate) and put partners contribution to expenses. The OR will see that they are contributing 50% and that should be fine.

tigerfeet2006

GubGub wrote: »

I'm not sure if I've even filled this in correctly, but I am shortly facing bankruptcy and wondered if anyone could comment on my likely SOA? I haven't actually moved into this property yet with my partner, it will be a Victorian 2 bed terrace so the costs are estimated. Also, I'm not sure exactly what my partners income is but we will be splitting costs 50/50 - would I just state his income as being identical to mine?

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 659
Partners monthly income after tax....... 659 Put how much your partner contributes to the joint household bills.
Benefits................................ 0 No tax credits or housing benefit or council tax benefit or similar at all??
Other income............................ 0
Total monthly income.................... 1318

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 330
Management charge (leasehold property).. 0
Council tax............................. 86
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 30
Mobile phone............................ 7.5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 370
Clothing................................ 35
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 43
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0 If you have pets you should have pet insurance and you need to put some by for those things not covered, regular injections, excess. £20
Buildings insurance..................... 0
Contents insurance...................... 0 You really should sort yourself out some contents insurance as well.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 10
Emergency fund.......................... 10
Pet Food................................ 30 These are actually my pets from before I met my partner - am I likely to be able to claim the full cost or would I be expected to split it with my partner? This will have to come from your grocery money.
Total monthly expenses.................. 1145.5


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
Mortgage shortfall.............60000.....0.........0 expected shortfall after sale following repossession
Total unsecured debts..........60000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,318
Expenses (including HP & secured debts). 1,145.5
Available for debt repayments........... 172.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 172.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -60,000
Net Assets.............................. -60,000

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

A couple of observations for you.