SOA for OR

lilybankrupt

Hi everyone,

I'm currently trying to get 'my affairs in order' before declaring bankruptcy later this year

I was wondering if you could have a look at the SOA below and let me know whether the numbers are reasonable, whether i've missed anything etc.

My circumstances are single, no children, no pets. I currently run a small business, I know the OR may say I can't carry on. I'm also looking at getting external paid work in case this happens. I'm in the process of selling a vehicle worth about £5,000 with a view to buying a replacement below £1,000 - again I know that unless I need this for work and / or the business I probably won't get to keep it.

I've left a few figures blank as i'm still in my house at the moment so don't know exactly what these will be once i'm in rented. I've put the items in to make sure I don't forget anything.

Would I be right in saying that the OR will accept the rent, utilities and council tax without challenge (unless the rent is a silly amount of course)?

OK here goes...

Rent - don't know yet, LHA is £500 per month so £600 max
Council tax - don't know yet
Gas and electric - don't know yet
Water - don't know yet

Contents insurance - £30
Food, housekeeping, toiletries - £217 (£50 per week)
TV licence - £13 (or whatever the exact amount is)
Landline + broadband + TV - £40 of which £10 will be charged to biz
Mobile - £30 of which £15 will be charged to biz
Hairdressing - £30
Clothes - £50
Medical / dental - £20
Holiday - £20
Sundry - £10

If I keep a car...

Tax - whatever the rate is for the car
MOT / maintenance - £50
Insurance - whatever the exact figure is
Petrol - £50 general use plus any additional travel to / from work

I think that's it - feedback much appreciated

lilybankrupt

annoying bump to stop this falling off the page

OutofDebt-NOT-OutofDanger

lilybankrupt wrote: »

Hi everyone,

I'm currently trying to get 'my affairs in order' before declaring bankruptcy later this year

I was wondering if you could have a look at the SOA below and let me know whether the numbers are reasonable, whether i've missed anything etc.

My circumstances are single, no children, no pets. I currently run a small business, I know the OR may say I can't carry on. Unlikely as that would be removing your source of income. There is nothing stopping you from trading as a sole trader (only as a director of a limited company) although they may have an interest in any assets of the business.I'm also looking at getting external paid work in case this happens. I'm in the process of selling a vehicle worth about £5,000 with a view to buying a replacement below £1,000 - again I know that unless I need this for work and / or the business I probably won't get to keep it. Make sure you get proof that it's sold for the market value - the OR will ask for details of any vehicles sold.

I've left a few figures blank as i'm still in my house at the moment so don't know exactly what these will be once i'm in rented. I've put the items in to make sure I don't forget anything.

Would I be right in saying that the OR will accept the rent, utilities and council tax without challenge (unless the rent is a silly amount of course)? Pretty much. Rent is what it is and dependant on where you live providing you rent somewhere "reasonable" so as a single person that would be a 1 bed property (unless you can prove a need for 2 bedrooms).

OK here goes...

Rent - don't know yet, LHA is £500 per month so £600 max
Council tax - don't know yet
Gas and electric - don't know yet
Water - don't know yet

Contents insurance - £30 Seems high but depends on location.
Food, housekeeping, toiletries - £217 (£50 per week)
TV licence - £13 (or whatever the exact amount is)
Landline + broadband + TV - £40 of which £10 will be charged to biz Only allows basic TV package i.e. no premium channels.
Mobile - £30 of which £15 will be charged to biz
Hairdressing - £30 Maximum allowed is £10 (I think)
Clothes - £50 May reduce this
Medical / dental - £20
Holiday - £20
Sundry - £10

If I keep a car...

Tax - whatever the rate is for the car
MOT / maintenance - £50
Insurance - whatever the exact figure is
Petrol - £50 general use plus any additional travel to / from work Will only allow essential use so to/from work (whether in employment or self employed).

I think that's it - feedback much appreciated

Hope this helps.

Can't see anything you've missed unless you subscribe to a professional body?

lilybankrupt

Thanks for your reply!

A couple of things...

Yes i'm planning to sell the car via Autotrader / eBay, the money generated will be used for essential living expenses - hopefully the OR will be OK with that :eek:

I'll be looking for 1 bed flats, 2 bed would save me needing business premises so I guess I might manage to justify that as long as the business can afford the 'extra'?

Re: contents insurance, that was a made-up figure! I'll just declare whatever the actual is

The TV package is the lowest Virgin one, no extras

Clothes / hair - yes I thought these might get challenged, i'll maybe go for £50 and £20 and be prepared to have these reduced

Re: fuel for car, aside from travel to / from work what would be classed as 'essential'? Some things i'm thinking about are supermarket trips, going to GA meetings (partial cause of debt was gambling, i'm expecting a BRU although I have been clean for 5 years now), and also visiting my Mum who is in a care home in Suffolk (bit of a costly one this, it's a 7 hour round trip by car and the nearest rail station is 20 miles away from her).

Thanks

OutofDebt-NOT-OutofDanger

lilybankrupt wrote: »

Thanks for your reply!

A couple of things...

Yes i'm planning to sell the car via Autotrader / eBay, the money generated will be used for essential living expenses - hopefully the OR will be OK with that :eek: Should be, just make sure you have the explanation for when they ask the question.

I'll be looking for 1 bed flats, 2 bed would save me needing business premises so I guess I might manage to justify that as long as the business can afford the 'extra'? Again if you can justify it then should be fine - quite often there's not a huge difference in rents anyway (depending on where you are in the country of course).

Re: contents insurance, that was a made-up figure! I'll just declare whatever the actual is

The TV package is the lowest Virgin one, no extras

Clothes / hair - yes I thought these might get challenged, i'll maybe go for £50 and £20 and be prepared to have these reduced

Re: fuel for car, aside from travel to / from work what would be classed as 'essential'? Some things i'm thinking about are supermarket trips, going to GA meetings (partial cause of debt was gambling, i'm expecting a BRU although I have been clean for 5 years now), and also visiting my Mum who is in a care home in Suffolk (bit of a costly one this, it's a 7 hour round trip by car and the nearest rail station is 20 miles away from her).

Thanks

Generally the OR will only consider work travel and travel for medical appointments (where there is no public transport available), but be prepared to argue your case - there's certainly an argument that continuing with your GA meetings is necessary for you and continues to benefit you.

luvchocolate

Hi I put £25 on my hair.....being a certain age with grey roots! this was knocked down to £15 but the O.R very kindly put the £10 onto something else...I would always advise honesty these people are there to help us too.

lilybankrupt

luvchocolate wrote: »

Hi I put £25 on my hair.....being a certain age with grey roots! this was knocked down to £15 but the O.R very kindly put the £10 onto something else...I would always advise honesty these people are there to help us too.

Hehe I was telling a friend today about what you are allowed for various things if you're BR - she didn't comment much until I mentioned the haircut budget - her immediate comment was 'must have been a bloke who decided that figure' :rotfl:

Anyway on a more serious note, any more feedback on my SOA from you knowledgeable peeps?

tigerfeet2006

Up holiday to £40.

That £50 petrol, is that per month or per week?

lilybankrupt

tigerfeet2006 wrote: »

Up holiday to £40.

That £50 petrol, is that per month or per week?

I'd heard that they were getting tough on holidays now, especially if there are no kids involved? But will certainly up it, after all it can only be knocked down

It was £50 petrol a month for 'general' use, ie on top of any work-related travel.