SOA Help

anniekaiya

HI All iv just completed a SOA form to get ready to take to citizens advise etc, i have included my partners earnings (although its just me declaring bankruptcy) this is true to my knowledge any one pick up on things i should include? i have included my car (atlhough its in my name) i never purchased it but included it just incase.



Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 698
Partners monthly income after tax....... 1700
Benefits................................ 132
Other income............................ 0
Total monthly income.................... 2530
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 385
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 60
Gas..................................... 51
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 0
Mobile phone............................ 80
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 27
Groceries etc. ......................... 340
Clothing................................ 90
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 57
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 400
Other child related expenses............ 120
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 2021

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................10000.....180.......6.9
credit card....................385.......25........20
credit card....................325.......25........20
studio.........................130.......20........18
next...........................240.......12........18
catalogue......................2000......225.......6.9
catalogue......................1700......55........23
loan...........................4100......171.......23
Total unsecured debts..........18880.....713.......-

Monthly Budget Summary
Total monthly income.................... 2,530
Expenses (including HP & secured debts). 2,021
Available for debt repayments........... 509
Monthly UNsecured debt repayments....... 713
Amount short for making debt repayments. -204
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,880
Net Assets.............................. -15,880

woodformoretrees

You should include monies for your haircuts, etc and also for your contents insurance - you can pay these once you're not making your monthly debt payments.
You don't need to disclose partners earnings to the OR, you are allowed to contribute up to 50% of your reasonable household living costs.
Are all the debts in your sole name?

tigerfeet2006

anniekaiya wrote: »

HI All iv just completed a SOA form to get ready to take to citizens advise etc, i have included my partners earnings (although its just me declaring bankruptcy) this is true to my knowledge any one pick up on things i should include? i have included my car (atlhough its in my name) i never purchased it but included it just incase.

Do you have proof that you didn't purchase it? If so it is not your asset and should go under vehicles you have use of on the BR forms.



Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 698
Partners monthly income after tax....... 1700
Benefits................................ 132
Other income............................ 0
Total monthly income.................... 2530
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 385
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 60
Gas..................................... 51
Oil..................................... 0
Water rates............................. 29
Telephone (land line)................... 0
Mobile phone............................ 80 IS THIS JUST YOUR MOBILE?
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 27
Groceries etc. ......................... 340
Clothing................................ 90
Petrol/diesel........................... 200
Road tax................................ 0 DO YOU NOT PAY THIS?
Car Insurance........................... 57
Car maintenance (including MOT)......... 0 DO YOU NOT SAVE TOWARDS THIS?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 400
Other child related expenses............ 120 WHAT IS THE BREAKDOWN OF THIS?
Medical (prescriptions, dentist etc).... 0 £25/30
Pet insurance/vet bills................. 0 DO YOU HAVE PETS?
Buildings insurance..................... 0
Contents insurance...................... 0 YOU SHOULD HAVE THIS
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £10 PER ADULT £5 PER CHILD
Entertainment........................... 0
Holiday................................. 0 £80
Emergency fund.......................... 40
Total monthly expenses.................. 2021

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................10000.....180.......6.9
credit card....................385.......25........20
credit card....................325.......25........20
studio.........................130.......20........18
next...........................240.......12........18
catalogue......................2000......225.......6.9
catalogue......................1700......55........23
loan...........................4100......171.......23
Total unsecured debts..........18880.....713.......-

Monthly Budget Summary
Total monthly income.................... 2,530
Expenses (including HP & secured debts). 2,021
Available for debt repayments........... 509
Monthly UNsecured debt repayments....... 713
Amount short for making debt repayments. -204
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,880
Net Assets.............................. -15,880

Some thoughts for you.

anniekaiya

Hi thanks for the help,

The income and expenses is both mine and my partners as I would told they would require this information even though it's just me deal ring BR, my salary wouldn't even cover childcare lol,

The extra child expense is my partners to his ex partner for maintaence payments,

Il amend and add the things like car tax haircuts iv never put a budget for these as we can never afford them, hence why I'm here now robbing of Peter to pay Paul!!

With the above figures does this stand a chance for BR? Iv looked in to debt management today and the monthly payment would still leave us with nothing every month so how can they say this is stress free?


My heads needs to pop x

woodformoretrees

Are the debts listed all in your sole name?

anniekaiya

Hi yes they are all in my name

jules888

£90 a month for clothing is high!

anniekaiya

Even with 3 children? Age 8,7,2? The debt tool said this was average?

woodformoretrees

jules888 wrote: »

£90 a month for clothing is high!

I don't think that's high for 5 people - realistically. Children are constantly changing in size and also need school uniform etc.

TheGardener

Hi - just a little point - your SOA says 2 children not 3?

woodformoretrees

OP is very far away from being able to contribute 50% to the household on their wage, regardless of clothing budget and child numbers though.