SOA help please

Rainbow10

Please can you have a look at my SOA? I am intending to go bankrupt in a couple of weeks., and I am looking for feedback about my current budget and if it will be acceptable to the OR.
I am no longer making mortgage or credit card payments.

Household Information

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 620
Benefits................................ 606.59
Other income............................ 0
Total monthly income.................... 1926.59
Monthly Expense Details[/b]
Mortgage................................ 751.1
Secured/HP loan repayments.............. 349.69
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 167
Electricity............................. 69
Gas..................................... 104
Oil..................................... 0
Water rates............................. 57
Telephone (land line)................... 15
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 45
Car Insurance........................... 85
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 40
Total monthly expenses.................. 3320.80

Assets
Cash.................................... 0
House value (Gross)..................... 300000
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 300750.00

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 188297...(751.1)....3.99<
Mortgage Bracken Edge..........95883.8..(179.7)....2.25<
Mortgage Hollybank.............82383....(170)......2.49
Total secured & HP debts...... 366563.8..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................10814.....100.......16
Sainsburys.....................8453......190.......9.93
Mint...........................6015.95...135.3.....17.4
Halifax........................14061.4...200.......18.45
Total unsecured debts..........39344.35..625.3.....-

Monthly Budget Summary
Total monthly income.................... 1,926.59
Expenses (including HP & secured debts). 3,320.8
Available for debt repayments........... -1,394.21
Monthly UNsecured debt repayments....... 625.3
Amount short for making debt repayments. -2,019.51
Personal Balance Sheet Summary
Total assets (things you own)........... 300,750
Total HP & Secured debt................. -366,563.8
Total Unsecured debt.................... -39,344.35
Net Assets.............................. -105,158.15

Anondebtadvisor

Why do you have rent and mortgage/secured loan?

mum2one

I would put something in for presents, - the most they can do is say no.

Just a thought - have a lot at stepchange - they do a budget planner its based on the household, u might find there are figures different to yours, xx

i'm sure your clothing could be increased, I'm on a DMP and have allowance £59 for me and DD xx

Rainbow10

re rent and mortgage, I have moved into a rented property, stopped paying mortgages, but still owe the money!

Anondebtadvisor

if you have stopped paying the mortgage and secured loan so they property is repossessed then they should come out of your expenditure figures

Anondebtadvisor

If you take out the mortgage and secured loan payments your household expenditure is £2219 when your income is £1926. You are spending more than you have coming in by £293 per month, so where is this money coming from?

Rainbow10

I am hoping to earn it! Is that usually ok with the OR?

JasX

Your grocery bill looks hugely inflated for 4 people

Tixy

Rainbow10 wrote: »

I am hoping to earn it! Is that usually ok with the OR?

Are the amounts you have included what you think you will actually spend? or what you think will be acceptable to the OR?

Are you both planning to apply for bankruptcy? Have you had some professional advice from one of the debt help charities?

You need to present a SoA that shows that you will be able to afford your outgoings once bankrupt. So remove the mortgage and secured loans and tweak the outgoings so that they don't exceed your income (assuming your income figures are correct).

JCS1

mum2one wrote: »

I would put something in for presents, - the most they can do is say no.

Just a thought - have a lot at stepchange - they do a budget planner its based on the household, u might find there are figures different to yours, xx

i'm sure your clothing could be increased, I'm on a DMP and have allowance £59 for me and DD xx

Presents are usually disallowed, sorry

arcon5

Categories on the actual IPO questionnaire are

Rent
Council Tax
Heat & Lighting
Water
Telephone
Housekeeping
Essential travel
Clothing
Maintenance payments
Fines
Other essential income (such as hair dressing, dental, etc)