SOA Help

patman99

Having looked at your SoA, are you looking at BR due to the aount you are over-spending on each month?.

I only ask as you list no other loans or debts or lines of credit so to me, it seams strange to be contemplating BR when you actually do not owe anyone anythng.

If it is soley down to your over-spend pushing your overdraft beyond your capabilities to pay it off, then you need to look at reducing your outgoings.

We feed 2.5 people i our house and spend £40 each week (well, that's the upper limit, we spend less than this) on groceries.

That would save you nearly £100 per month on what you currently spend. Cancel your life insurance and only visit your partner every other month and you will be living within your earnings.

The OR will expect you to live within your means should you go BR. That is the idea of a BR, you get rid of the debts that take you beyond your income so that you can afford to live within your earnings and not rack up even more debt.

You would fail this simple test as you live £131 a month beyond your earnings.

owlet

patman99 wrote: »

Having looked at your SoA, are you looking at BR due to the aount you are over-spending on each month?.

I only ask as you list no other loans or debts or lines of credit so to me, it seams strange to be contemplating BR when you actually do not owe anyone anythng.

If it is soley down to your over-spend pushing your overdraft beyond your capabilities to pay it off, then you need to look at reducing your outgoings.

We feed 2.5 people i our house and spend £40 each week (well, that's the upper limit, we spend less than this) on groceries.

That would save you nearly £100 per month on what you currently spend. Cancel your life insurance and only visit your partner every other month and you will be living within your earnings.

The OR will expect you to live within your means should you go BR. That is the idea of a BR, you get rid of the debts that take you beyond your income so that you can afford to live within your earnings and not rack up even more debt.

You would fail this simple test as you live £131 a month beyond your earnings.

The OP has posted this SOA as it is because it's the one he/she will use in the BR petition - therefore the debts do not need to be shown because they will be irrelevant.

Laurels1999

Hi Again,
Thank you all for your input.

- With regards the life assurance, I will get advice on it. But would it probably be better to cancel it until after discharge and pray I dont come to harm in that time ;-)) and start a new one when Im discharged.

- SOA Think I was abit muddled. Long story short.
Got promoted very recently so my wages have changed (Still not 100% what they will be until things settle down a bit. Also due to the more senior role, my expenses have all changed massively (e.g. my own car is gone and have company car, also massive increased diesel costs, cost of lunch etc when on the road/away for work and also the cost of the associated clothing (i.e business casual for work and suits for recruitment etc).
I guess my figures arent spot on hence the deficit. In some areas Im trying to best forecast so that I ensure Im not short on cash after my basic personal living expenses but can also always cover the associated costs of my job.

Some of the basic living expenses (food etc) I wanted to put up SOA to get opinions and ensure they didnt seem way off for my circumstances.
Some of the other expenses (ie travel to my partner can be adjusted down to bring me in line with my actual monthly earnings)

Also, wonder if little more on clothing would be allowable (Ive 60 down i.e 30/mth for normal personal clothing, 20 for professional (i.e shirts, trousers maybe cost of new suit per year or year and a half) and only 10 for bits for my children to have at mine...

- With regards the bankruptcy I have debts I can not hope to pay off and I have no assets (no house/property/car or cash).

Anyways, thanks everyone so much or the insights I will take advice and get number crunching. Its a difficult task.

TheGardener

Your SOA as you present it to the OR should balance, i.e the amount you show as spend should not be more than your income. So using the comments on your SOA - balance your monthly spend. Your income for a single man is good, you should be able to live comfortably on that income.

Laurels1999

I went back and went onto a salary calculator to try best guess the effects of BIK etc to see what hopefully my salary will be.
Had a few incorrect figures and also tried to add in some of the headings that are actually in the SOA on the Online Bankruptcy Form. And have gigged things around to balance to books.
Hope to submit later and start the clock ticking to a fresh slate :-D

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2145
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2145

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...................... 0
Internet Services....................... 20
Groceries etc. ......................... 265
Clothing................................ 65
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 40
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 10
Meals Work.............................. 35
Laundry................................. 19
Child Maintance......................... 490
Postage/Stationary...................... 5
Toiletries.............................. 15
Flights to Partner...................... 17
Total monthly expenses.................. 2145


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.................... 2,145
Expenses (including HP & secured debts). 2,145
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 0

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

mwarby

OK so the incomings and outgoing now match up. I would be prepared for the fact that some of these may not fly with the OR (holiday, fights to partner and presents maybe a bit rich, one if those yes, but you may not get all).

For some of these you may have to make economies in other areas. many people would say underspend on food to get presents (I'm not suggesting starving yourself, but watching what you spend)

patman99

If you need to travel for work, do you get reimbursed for your costs such as travel and food?. If so, this would balance your SoA.

craigy68

Do you mind if I ask where I get the above calculator from ?

Cheers

Craig

Dobbibill

craigy68 wrote: »

Do you mind if I ask where I get the above calculator from ?

Cheers

Craig

Hi Craig,

Do you mean this one?
http://www.stoozing.com/calculator/soa.php