SOA Help

Laurels1999

Hi,
Im looking for some advice on my figures for my SOA for impending bankruptcy.
Single Male, 2 kids living with their mother but 2 weekends a month with me.
I have a company car, so have fuel expenses but not other car expenses.
Thanks for any thoughts on the figures Ive put in.

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 2050
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2050

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 260
Clothing................................ 60
Petrol/diesel........................... 300
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 10
Maintenance............................. 450
Dry Cleaning............................ 15
Additional Transport.................... 60
Meals At Work........................... 50
Total monthly expenses.................. 2181


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 2,181
Available for debt repayments........... -131
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -131

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Created using the SOA calculator at stoozing

Dobbibill

Laurels1999 wrote: »

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 2050
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2050


Satellite/Cable TV...................... 10 - this is a luxury, get freeview

Groceries etc. ......................... 260 You should be able to reduce this by £100 pcm

Other child related expenses............ 30 - what sort of expenses are these?

Life assurance ......................... 18 - why have you got this if you rent?

Holiday................................. 50 - you can't afford a holiday, if you plan on taking the children away, do the holidays they offer in a national paper, they have put them on one of the other threads before, may be worth a nose around

Dry Cleaning............................ 15 - this is not a necessity

Additional Transport.................... 60 - what is this? any reason you don't use the car here?

Meals At Work........................... 50 - take a packed lunch, this coupled with your grocery shopping is costing you too much.

Total monthly expenses.................. 2181

I've put some thoughts above in Red, I'm sure someone will be along soon with additional thoughts.

Is there anyway you could get a second job to increase you income further?

tigerfeet2006

Laurels1999 wrote: »

Hi,
Im looking for some advice on my figures for my SOA for impending bankruptcy.
Single Male, 2 kids living with their mother but 2 weekends a month with me.
I have a company car, so have fuel expenses but not other car expenses.
Thanks for any thoughts on the figures Ive put in.

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 2050
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2050

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 260
Clothing................................ 60
Petrol/diesel........................... 300
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 18 The OR may have an interest in this.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Usually not allowed but leave in as some OR's will allow a small amount.
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 10
Maintenance............................. 450
Dry Cleaning............................ 15
Additional Transport.................... 60 What is this?
Meals At Work........................... 50
Total monthly expenses.................. 2181


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 2,181
Available for debt repayments........... -131
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -131

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Created using the SOA calculator at stoozing

At the moment you are showing a deficit so you need to bring this under control. How are you going to manage with no credit? The OR will want to know.

TheGardener

Dobbibill - the OP is not trying to reduce their budget or earn more (the OR will take any surplus so no point earning extra)as you might if you were trying to pay your debts - BR is a very different proposition. The OP need to make sure they account for all their normal living expenses.

Food is fine, particularly if you are having the kids regularly- in fact you could probably up that a bit.
If you have an basic internet/TV/landline package that's fine - having the satellite TV as a separate item might not be something the OR likes - expensive sports/movies channels might not find favour.
You are allowed a modest holiday
Dry cleaning is ok if you have work clothes you need to have dry cleaned (smart suit etc)
Parking - everyone has some parking charges - even 1 trip to town a week can be £10 a month - more if you live in London or a large city put that in.
The food at work - £2.50 a day is not outrageous - leave it in.

Dobbibill

My mistake - I misread it as 'considering bankruptcy' rather than 'impending'........totally misunderstood and thought they were looking to cut costs.

Laurels1999

Hi all!

Thanks for your responses, just to clarify a few points then ...

I travel away for work approx 7-10 full days a month, meaning i have to buy lunches and cant take pack up.

My work is business attire so clothes and dry cleaning is essential due to my need for suits/shirts etc

The tv/phoneline/broadband is an all in one deal for #40 per month, as soon as the contract ends next year i'll reduce this down of course.

Extra travel: my partner lives in a different country and we split travel between us, works out for flights etc to #60 per month.

I the the kids away cheap as chips for a week a year so the leisure/holiday fund is for that.

Shopping is an average, i am on my own but obviously need to feed the kids two weekends a month

I know the OR may take an interest in my life assurance, its not to cover a mortgage but to provide for my kids should the worst happen so will plead my case if challenged on it

Think that addressed most of it, my main concerns were groceries, and minor expenses etc


Thanks again all, any other suggestions/queries be greatly received!

tigerfeet2006

Laurels1999 wrote: »

Hi all!

Thanks for your responses, just to clarify a few points then ...

I travel away for work approx 7-10 full days a month, meaning i have to buy lunches and cant take pack up. That's fine.

My work is business attire so clothes and dry cleaning is essential due to my need for suits/shirts etc That's fine.

The tv/phoneline/broadband is an all in one deal for #40 per month, as soon as the contract ends next year i'll reduce this down of course. That's fine

Extra travel: my partner lives in a different country and we split travel between us, works out for flights etc to #60 per month. The OR may have issue with this

I the the kids away cheap as chips for a week a year so the leisure/holiday fund is for that. That's fine

Shopping is an average, i am on my own but obviously need to feed the kids two weekends a month Thats fine

I know the OR may take an interest in my life assurance, its not to cover a mortgage but to provide for my kids should the worst happen so will plead my case if challenged on it It is not a case of 'pleading your case'. There are guidelines the OR has to follow and he can take the benefit of this if you die at any time, even 50 years from now, depending on the insurance. You need to get proper advice on this.

Think that addressed most of it, my main concerns were groceries, and minor expenses etc


Thanks again all, any other suggestions/queries be greatly received!

How are you going to bring your spending under control so you do not have a deficit?

alltaken

Sorry to interrupt - tigerfeet, if I take life insurance post discharge would the OR be entitled to anything down the line? Might be a daft question but it's something I had given little thought until now.

If the OP increases his grocery or spending in other areas (if possible) could he reallocate some of those funds to the extra travel? Bypassing the need for approval from the OR?

Laurels1999

Thanks 'tigerfeet', when i said plead my case, it was the basis of reading other peoples results in dealing with OR. Like you said its a guideline, but I've seen some that allowed it and some that haven't!

Good question 'alltaken' if my grocery budget is low, could i increase it based on guidelines and use some of it towards my insurance?

Thanks again :-)

tigerfeet2006

alltaken wrote: »

Sorry to interrupt - tigerfeet, if I take life insurance post discharge would the OR be entitled to anything down the line? Might be a daft question but it's something I had given little thought until now

. Once you are discharged if you take out life insurance then you are fine.

If the OP increases his grocery or spending in other areas (if possible) could he reallocate some of those funds to the extra travel? Bypassing the need for approval from the OR?

The OP has no wriggle room to add to other areas he is already overspending by £130 a month and needs to cut back on some things or how will he survive?

tigerfeet2006

Laurels1999 wrote: »

Thanks 'tigerfeet', when i said plead my case, it was the basis of reading other peoples results in dealing with OR. Like you said its a guideline, but I've seen some that allowed it and some that haven't!

It's the type they have. Please take advice from a debt charity on this.

Good question 'alltaken' if my grocery budget is low, could i increase it based on guidelines and use some of it towards my insurance?

No! you are already at quite a good budget with your groceries and you can't hide life insurance from the OR as it's fraud.

Thanks again :-)

And I ask again how are you going to manage as you are £130 over budget and will have to access to credit.