soa help

granville14

Statement of Affairs and Personal Balance Sheet

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................ 0
Partners monthly income after tax....... 1100
Benefits................................ 739
Other income............................ 0
Total monthly income.................... 1839

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 20
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 15
Groceries etc. ......................... 450
Clothing................................ 80
Petrol/diesel........................... 130
Road tax................................ 18
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 20. Motorbike tax/insurance needed for hubbys work as cant drive
Childcare/nursery....................... 0
Other child related expenses............ 50 nappies wipes milk ect baby 6 months old
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 40
Total monthly expenses.................. 1821


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 900 motorbike
Total Assets............................ 800[/b]

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
mortgage shortfall.............61000.....0.........0
loan...........................9000......0.........0
credit card....................4000......0.........0
Total unsecured debts..........74000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,839
Expenses (including HP & secured debts). 1,821
Available for debt repayments........... 18
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 18

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -74,000
Net Assets.............................. -73,200

granville14

We aren't paying anything to debts at the moment whilst saving for bankruptcy. Just wondered if anything stands out as unordinary? Thanks x

woodformoretrees

Just very quickly but in relation to possible childcare or after school clubs or activities for the older of your two?
And do you never, ever, ever pay for parking? Even if you go somewhere once a month that you pay for you should include it.

granville14

I pay hospital parking, both kids under specialist care for their eyes, and shopping in town ect, didn't think of that thank you. And Ed has swimming lessons, and we go to soft play/cinemas once a week, but didn't think I would be `allowed` that? Where should put it? Under child care? Thank you x

woodformoretrees

Other child related expenses. As far as I know.
The swimming lessons is fine - but they may say that the softplay activities should be paid for out of your grocery or similar....but....with young children those types of activities are not an extravagance and tend not to be overly expensive anyway. The OR was absolutely fine about mine each costing us money each month for after school activities (all standard boring activities - I guess if Tarquin had 5 skiing lessons a week they may balk)
Hospital parking costs a fortune and it's things like that which don't come to mind when you fill these hideous things in.

debt_doctor

Hi,


There is nothing in there that makes me 'bat an eyelid' - all seems reasonable.
Is it both of you that will be going BR or just one?


DD

granville14

Both of us, all debt is in joint names, its just trying to get 1400 together proving difficult! As soon as we make a start something comes up! We'll get there, just hate all the phone calls and letters. Thank you xx

russfred1

Hi!

Both me and my wife are going bankrupt in a couple of months once we have saved the fees. Just wondering how you are going about completing the forms as all our debt is in joint names too.
Does it matter who is responsible for bills /groceries etc?

Hope all goes well, if you feel anything like we do since we made the decision our life has been a much happier one!

granville14

Hi, we are putting the same on both soa's, just changing salary details over but everything else identical. Felt better initially, but the constant phonecalls are starting to take their toll. Just need the fees then that will go away! Its the mortgage shortfall that we cant escape from, and no other realistic option for us. We'll get there though! Are you far off getting everything together?

thriftylass

granville14 wrote: »

Statement of Affairs and Personal Balance Sheet

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................ 0
Partners monthly income after tax....... 1100
Benefits................................ 739
Other income............................ 0
Total monthly income.................... 1839

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 20
Mobile phone............................ 50 (could you reduce this or are you stuck in a contract)
TV Licence.............................. 12
Satellite/Cable TV...................... 20 (you are going bankrupt, I'd consider this a luxury)
Internet Services....................... 15
Groceries etc. ......................... 450 (could you cut down further esp as baby isn't eating yet, there is loads of good threads on here about this)
Clothing................................ 80 (could you cut that, I know kids grow, but try ebay, tesco etc.)
Petrol/diesel........................... 130
Road tax................................ 18
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 20. Motorbike tax/insurance needed for hubbys work as cant drive
Childcare/nursery....................... 0
Other child related expenses............ 50 nappies wipes milk ect baby 6 months old (I guess you already by cheap nappies etc, they are just as good)
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 16
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 80 (luxury, cut)
Emergency fund.......................... 40 (def would keep that just incase sth breaks)
Total monthly expenses.................. 1821


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 900 motorbike (do you need both, car and bike?)
Total Assets............................ 800[/b]

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
mortgage shortfall.............61000.....0.........0
loan...........................9000......0.........0
credit card....................4000......0.........0
Total unsecured debts..........74000.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,839
Expenses (including HP & secured debts). 1,821
Available for debt repayments........... 18
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 18

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -74,000
Net Assets.............................. -73,200

These are just a few well meant thoughts I had. Good luck with your journey.

russfred1

Only started this month. We too have a mortgage shortfall, around 20k, and have 2 young kids, 18th and 3 mths. Desperately needed to move but just impossible. Also have c/cards loans to the total of around 30k. Been reckless when younger with money and never planned for the future, only ourselves to blame.
Just moved into rented accommodation which has more room and stopped paying the mortgage / loans etc. Should have the fees by April/may so only a few months away. Got a new number at our new house so we are not going to have the stress of phonecalls.
Can't wait till its all sorted and a fresh start for our family.
Hang in there, from what I have read on this forum it all gets better!