Should he go bankrupt ?

owlet

Other income is the £535 he receives in rent.

The SOA then balances out by showing the outgoing mortgage as £525 & the incoming rent as £535.

Are there any expenses involved with the rental property? Do you pay agents? Any safety certificates? Things like that.

The OR needs to see everything.

young321

Thanks- I've amended those figures as you say

So I take it the SOA is now good to go?

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................ 767
Partners monthly income after tax....... 784
Benefits................................ 821
Other income............................ 535
Total monthly income.................... 2907

Monthly Expense Details
Mortgage................................ 525
Secured/HP loan repayments.............. 0
Rent.................................... 515
Management charge (leasehold property).. 0
Council tax............................. 83
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 46
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12.12
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 90
Petrol/diesel........................... 80
Road tax................................ 2.5
Car Insurance........................... 45
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 652
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 13
Contents insurance...................... 21
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 40
Total monthly expenses.................. 2979.62
b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 138000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 143000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 137100...(525)......0
Total secured & HP debts...... 137100....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................10000.....10........0
Credit card....................6000......5.........0
Credit card....................12000.....10........0
Overdraft......................1200......15........0
Store card.....................325.......0.........0
Personal loan..................11100.....225.......0
Total unsecured debts..........40625.....265.......-


Monthly Budget Summary
Total monthly income.................... 2,907
Expenses (including HP & secured debts). 2,979.62
Available for debt repayments........... -72.62
Monthly UNsecured debt repayments....... 265
Amount short for making debt repayments. -337.62

Personal Balance Sheet Summary
Total assets (things you own)........... 143,000
Total assets (things you own)........... 143,000
Total HP & Secured debt................. -137,100
Total Unsecured debt.................... -40,625
Net Assets.............................. -34,725

owlet

Presents won't be allowed but you can up medical & haircuts