Please Scrutinise my SOA

loveka

Hello! You will probably get more constructive help if you post on the bancruptcy board asthey will know what the official receiver would allow. From what I can see none of your spending seems unnecessary though. But do ask them there, loads of people on that board have been through it themselves. Good luck. Oh, and don't get put off by the odd daft comment on here. It seems some didn't read your post properly and assumed you were asking how to reduce your outgoings to reduce your debt.

michael1983l

loveka wrote: »

Hello! You will probably get more constructive help if you post on the bancruptcy board asthey will know what the official receiver would allow. From what I can see none of your spending seems unnecessary though. But do ask them there, loads of people on that board have been through it themselves. Good luck. Oh, and don't get put off by the odd daft comment on here. It seems some didn't read your post properly and assumed you were asking how to reduce your outgoings to reduce your debt.

Thank you for some constructive comments.

[Deleted User]

michael1983l wrote: »

Ok it might be worth noting that I have 2 kids which I have 2 days a week. So I have included a little bit extra in the household budget for them

Income

Salary......... £2000 (I have no other benefits or income)

Total...........£2000


Outgoings


Rent............£442
Buildings/Contents Insurance ....£15 - You could possibly knock a few quid off this. Try comparison sites.
Council Tax......£52.50
Gas.........£50 - A bit high. Try comparison sites.
Electricity.....£20
Water.....£45
TV License....£13
Child Maintenance.....£450


Total Essential Outgoing..... £1087.50

Phone

Home Phone (Includes Broadband) .... £25
Mobile Phone..... £30 - Go PAYG ASAP. About £10pm.

Total Phone ........ £55


Travel

(I have company Car but I have to pay fuel)

Fuel.......... £120
Parking......... £150 (I work 15 shifts a month and parking is £15 a day, around 5 days I manage to get free parking on road but there is little and it depends what time my shift starts)


Total Travel ..... £270


Housekeeping

Food and Milk....... £280 - You should easily be able to cut at least £100 off this, especially as it doesn't include food for work.
Cleaning and Toiletries.... £10
Sweets (for kids)......£10
Laundry.......£10 - Try laundry gel from £land/£world.
Clothing.........£22
Nappies and Baby Items......£20


Total Housekeeping......... £352


Other Spending

Prescriptions... £7.50
House Maintenance.... £30 - Why are you maintaining a house which is rented :huh:
Meals at work ...... £75 (£5 a day, I work 12 hour shifts and need a hot meal once during the day) - Soup in a flask/microwave meals?
Pocket Money and School Trips.... £20
Hobbies, Leisure or Sport...... £44
Gifts (Birthdays, Xmas)......£25


Total Other Spending ..... 201.50


Total Outgoing...... £1966


Money left for creditors..... £34

My comments in red.

fatbelly

Nothing jumps out to me as excessive, given the 2 kids/2 nights explanation.

Hobbies/leisure/ sport probably wouldn't be allowed. Think you could change that to 'holiday'. I have some guidance notes tucked away somewhere - see what the boys on the bankruptcy board say.

It's the Official Receiver who would scrutinise your soa, not the court.

How much debt are we talking about?

michael1983l

It is a housing ascitiation house regards the maintenance but I see your point. However I am moving into a bare bones house with no carpets and no cooker and need to acquire these as well as paint, carpet and decorate. I thought this money might be used towards that?

The gas is pre payment, I could probably get cheaper but I have aired on the side of caution as I don't actually want to reduce my budget, but if you think a court would see that as being too high I would adjust it.

The rest of the points I accept are correct, do you think that a court would rule them too high? If so how much do you think a court might expect me to lose?

[Deleted User]

michael1983l wrote: »

I am looking to get away with as much budget as I can.

There's a big budget, and there's taking the mickey, and the OR will know the difference.

BTW. as an SOA for bankruptcy, this is in the wrong forum.

michael1983l

Bedsit_Bob wrote: »

There's a big budget, and there's taking the mickey, and the OR will know the difference.

BTW. as an SOA for bankruptcy, this is in the wrong forum.

Yes I understand, I have since posted it in the BR forum. I am not sure what steps to take yet and I am trying to work out what the best options are for me. I might even go the IVA route. I just wanted to first get a piece of mind of what I would be allowed in my budget first to release some stress.

I have a difficult position where I have a loan in parents name and they can't afford the repayments, so I need to ringfence as much budget as I can to get the payment off to them.

I know that this isn't really allowed but as they say blood is thicker than water and I am not willing to put my parents in financial difficulties because I can't manage my money.

heartbreak_star

That loan could be sticky on the legal side of things, not sure how but it looks like something that could cause problems if found out (eg. money leaving your account regularly).

Of course, I could be wrong.

HBS x

[Deleted User]

michael1983l wrote: »

I know that this isn't really allowed but as they say blood is thicker than water and I am not willing to put my parents in financial difficulties because I can't manage my money.

When you become bankrupt, you have to list ALL your debts, including the names and addresses of the creditors, and the amount you owe each on, after which you make a sworn statement as to its accuracy.

If you fail to declare the debt in your parents name, you will be committing fraud (and very possibly perjury), which could have very serious legal consequences.

michael1983l

Bedsit_Bob wrote: »

When you become bankrupt, you have to list ALL your debts, including the names and addresses of the creditors, and the amount you owe each on, after which you make a sworn statement as to its accuracy.

If you fail to declare the debt in your parents name, you will be committing fraud (and very possibly perjury), which could have very serious legal consequences.

Thanks, yes I understand this, which is why I am exploring all options at the moment. I am trying to ascertain if under an IVA I could list them as a creditor and at least have some payment go towards them. I would of course have to find a way to get the rest to them as it HAS to be paid under any circumstances.

Otherwise all I can do is hideout until I finished paying the loan to them and in all fairness I am tired of this as it is just prolonging the stress and financial difficulties.