Finally done SOA

notsurewherenext

Hi again. Finally done SOA for bankruptcy it's for the 2 of us but will half it when filling in the BR forms. Can you please check and add any more info please. Thank you so much been holding out ages for this. I'm a carer and my OH has took a year out of UNI so both on Benefits. its hard to work out together as hers is 17k and mine is 56k...also on the BR forms is says we have £733 left
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 6
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 3480
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3480

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 568
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 60
Gas..................................... 65
Oil..................................... 0
Water rates............................. 51
Telephone (land line)................... 0
Mobile phone............................ 170
TV Licence.............................. 12
Satellite/Cable TV...................... 87
Internet Services....................... 0
Groceries etc. ......................... 900
Clothing................................ 100
Petrol/diesel........................... 260
Road tax................................ 28
Car Insurance........................... 61
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 23
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 2542


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
(Unnamed debt).................17303.....0.........25
(Unnamed debt).................38733.....0.........25
Total unsecured debts..........56036.....0.........-


Monthly Budget Summary
Total monthly income.................... 3,480
Expenses (including HP & secured debts). 2,542
Available for debt repayments........... 938
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 938

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -56,036
Net Assets.............................. -54,536

tigerfeet2006

notsurewherenext wrote: »

Hi again. Finally done SOA for bankruptcy it's for the 2 of us but will half it when filling in the BR forms. Can you please check and add any more info please. Thank you so much been holding out ages for this. I'm a carer and my OH has took a year out of UNI so both on Benefits. its hard to work out together as hers is 17k and mine is 56k...also on the BR forms is says we have £733 left
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 6 (how old are they?)
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 3480 (this goes under benefits and not income)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3480

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 568
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 60
Gas..................................... 65
Oil..................................... 0
Water rates............................. 51
Telephone (land line)................... 0 (do you not have this?)
Mobile phone............................ 170 (how many phones is this and who are they for?)
TV Licence.............................. 12
Satellite/Cable TV...................... 87 (what does your package include?)
Internet Services....................... 0
Groceries etc. ......................... 900
Clothing................................ 100 (£150 possibly more.)
Petrol/diesel........................... 260 (what do you use the cars for?)
Road tax................................ 28
Car Insurance........................... 61
Car maintenance (including MOT)......... 20 (£60)
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 (£5 per week per child for activities. £3 per child for school dinners)
Medical (prescriptions, dentist etc).... 0 (is everything covered by benefits?)
Pet insurance/vet bills................. 0 (no pets at all?)
Buildings insurance..................... 0
Contents insurance...................... 23
Life assurance ......................... 0
Other insurance......................... 7 (what is this?)
Presents (birthday, christmas etc)...... 50 (most OR's will not allow but leave it in and see.)
Haircuts................................ 30 (with 6 kids? £60)
Entertainment........................... 0
Holiday................................. 0 ((£100)
Emergency fund.......................... 20 (£80)
Total monthly expenses.................. 2542


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
(Unnamed debt).................17303.....0.........25
(Unnamed debt).................38733.....0.........25
Total unsecured debts..........56036.....0.........-


Monthly Budget Summary
Total monthly income.................... 3,480
Expenses (including HP & secured debts). 2,542
Available for debt repayments........... 938
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 938

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -56,036
Net Assets.............................. -54,536

Some things to be going on with and some questions. Also what do your benefits consist of?

HappyMJ

Why £20 for council tax? You can stop paying it and have it included in the BR.

Is rent of £568 the contribution you make after the housing benefit?

Satellite/Cable is supposed to be the minimum package plus the kids channels so I'm assuming your figure also includes line rental and broadband as you've got £0 for those entries.

£900 for Groceries isn't just food. It's for everything you buy at the shops not included in any other category. It's only £26 per person per week which I don't think would be enough. I'm not sure what the figure is for a household of 8 but I'd consider a higher figure would be acceptable. Try £1,300 (£37.50 per person per week). OR will then reduce to a figure they deem acceptable.

notsurewherenext

Thanks guys above. I'm trying to calculate the SOA again and it's not working

notsurewherenext

Here we are again updated.

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 6
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 3480
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3480

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 568
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 60
Gas..................................... 65
Oil..................................... 0
Water rates............................. 51
Telephone (land line)................... 30
Mobile phone............................ 140
TV Licence.............................. 12
Satellite/Cable TV...................... 87
Internet Services....................... 0
Groceries etc. ......................... 1200
Clothing................................ 150
Petrol/diesel........................... 250
Road tax................................ 28
Car Insurance........................... 61
Car maintenance (including MOT)......... 60
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 23
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 100
Emergency fund.......................... 80
Total monthly expenses.................. 3102


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
(Unnamed debt).................17303.....0.........0
(Unnamed debt).................38733.....0.........0
Total unsecured debts..........56036.....0.........-


Monthly Budget Summary
Total monthly income.................... 3,480
Expenses (including HP & secured debts). 3,102
Available for debt repayments........... 378
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 378

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -56,036
Net Assets.............................. -54,536

HappyMJ

Do you not have "other travel" expenses especially for your eldest children who might catch the bus by themselves?

I'd put £160 down for holidays. £20 per person per month. Even with that you'd need two adjoining apartments in most holiday parks and that would only pay for one week a year. If you've been on holiday recently in the UK maybe you have an idea what it costs and can use that figure.

Same with haircuts. At least £10 per adult, £5 per child per month. Maybe your area has higher hairdressing costs so I'd get a quote from a local mid range hairdresser to get everyone's hair all cut at once and put that figure down. Doesn't necessarily have to be a budget cut either. Adults might include colouring as well with 6 kids my hair would go grey so I'd consider it a need. Boys short hair should be cut every month to maintain length at a reasonably short length without looking long between cuts and women/girls longer hair can be trimmed every 2 months.

notsurewherenext

Thank you HappyMJ.

You guys really do deserve a lot of credit with the help you give others on this Bankrupt thread. Non-judgemental which is something these days considering its a general forum.

tigerfeet2006

What do use the cars for?

You need to look at child expenses. £5 per child per week for activities. £3 per day for school meals. How old are the children?

notsurewherenext

Hi TF.

My car I use to take and pick my son up from school each day and take him to his Grandads twice a week which is 13 miles aways and use for shopping which is also the same distance a week and general social & domestic and my daughters football which is 10 mile away & stick £30 a week in mine.

My OH's car is 2.9l 7 seater which is the family car but more expensive to run, this is used as the family car for travelling to see the children's nanny & grandad which is 100 Mile away and social domestic.

HappyMJ

notsurewherenext wrote: »

Hi TF.

My car I use to take and pick my son up from school each day and take him to his Grandads twice a week which is 13 miles aways and use for shopping which is also the same distance a week and general social & domestic and my daughters football which is 10 mile away & stick £30 a week in mine.

My OH's car is 2.9l 7 seater which is the family car but more expensive to run, this is used as the family car for travelling to see the children's nanny & grandad which is 100 Mile away and social domestic.

Don't worry too much about what you use the cars for as long as using the cars is cheaper than public transport and your cars are not worth much around £1,000 at trade prices then you can keep them. Your car in your mind might be worth more on paper but the OR will look at what you could get for it if you took it to a dealer. As you have 6 kids the OR might even give you a bit of leeway on value of the 7 seater so if it's worth a little more I wouldn't worry about it too much.

Just a few more things...are you sure you spend nothing on Medical...nothing at all. It includes non-prescription medication so I'd put something there even if just £20 at least it's something. The OR can only reduce it.

Again same question as before. Do you have pets? You can put an extra £20 or so for pet expenses. The pet doesn't have to be a traditional cat or dog. My OH has guinea pigs and they aren't as cheap as you might think. Could even be a bird..or a pet rat.

The figure of £61 for car insurance. Is that for the 2 policies? That's quite cheap. Is the excess the lowest you can get. Normally to save money on insurance people opt for a larger excess to reduce the premium but there are options available to have no excess on claims which gives you a higher premium. As you can't keep much money and the emergency savings allowance is very low if you were to have a claim you need the excess to be as close to zero as possible.

fermi

notsurewherenext wrote: »

I'm a carer and my OH has took a year out of UNI so both on Benefits.

If the ONLY income from the person going bankrupt is state benefits then SOA is somewhat of an academic exercise, as the OR will not claim any surplus in the SOA, be able to insist on or disallow any expense or the level of them.