SOA , please have a look

Muttipops

Dear All, here is the SOA below.
I am definitely going bankrupt as I have debts of approx £99,000. I do not want to fill in all the debts as it would take ages, but what I would like is comment on the outgoings as I need to know I have got the correct figures for the Bankruptcy online form, and that nothing seems too outrageous or that i have missed something.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 971
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 971
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 46
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 8
Entertainment........................... 10
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 844

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.................... 971
Expenses (including HP & secured debts). 844
Available for debt repayments........... 127
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 167
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 www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.


Pertinent to the above is this,
I am renting from a resident landlord and pay a flat rate of £500/month with all utilities included, hence none appear as seperate items on my SOA.
I have an ongoing physical health problem and dental problems which means my health care costs are quite high as I have to pay for prescriptions and private dental care and glasses about once every two years.
I do not own a car but I borrow my landlords old clunker at the rate of 25p per mile, which equals about £40 cost per month.
I have no assets and no savings. I am currently in default of all my debts, as my solicitor was working on a plan with creditors, but this has failed to materialise into a solution.
I hope all this makes sense and if you want me to post the debts bit of the SOA, I will, but it really is not a case of how can I meet my debts, I never will.
One last thing, the majority of the debt is due to mortgage repossession with a huge negative equity when they sold it at auction and loans for things like a car, which was then a write off by a hit and run merchant. Several periods of unemployment then sealed my fate.
I am now in a decent job with security and have good landlords, but no way of paying off such a huge debt and the mortgage company is beginning to breathe very heavily down my neck, which is understandable.
Sorry for long winded post and thank you for reading.

National_Debtline

Hi Muttipops


Thanks for posting your SOA and the explanatory notes which save a lot of extra questions.


There's no need whatsoever to go listing all of your debts here. £99K is £99K, however it's made up.


Based on the figures above, I suspect you may only be asked to pay very modest amounts into any Income Payment Agreement, if anything at all. The Official Receiver may end up allowing a more generous amount for grocery shopping than you have here.


Either way, it does look like bankruptcy is your best bet by a considerable distance. I trust you are not paying your solicitor for any help with this at present.


Dennis
@natdebtline

EssexHebridean

Notes below in red...

Muttipops wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 971
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 971
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130 Just for you? This seems high to me but I've no idea what is "allowed" for bankruptcy purposes.
Clothing................................ 20
Petrol/diesel........................... 50 I would hazard a guess that entering an amount for petrol when you've got no car might raise an eyebrow - also, and this is important - does your Landlord's insurance REALLY cover you driving on this basis? I'll be honest and say it seems fairly unusual if so - you must look into this as well as you could be driving without insurance...
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 46 Does a pre-paid certificate cut your prescription costs to a more manageable level?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 8
Entertainment........................... 10
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 844

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.................... 971
Expenses (including HP & secured debts). 844
Available for debt repayments........... 127
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 167
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 www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.


Pertinent to the above is this,
I am renting from a resident landlord and pay a flat rate of £500/month with all utilities included, hence none appear as seperate items on my SOA.
I have an ongoing physical health problem and dental problems which means my health care costs are quite high as I have to pay for prescriptions and private dental care and glasses about once every two years. NO NHS dentist locally? Glasses - keep your eyes open (pun intended!) for the links in Martin's email for cheap glasses.
I do not own a car but I borrow my landlords old clunker at the rate of 25p per mile, which equals about £40 cost per month. PLEASE see my note above about insurance.
I have no assets and no savings. I am currently in default of all my debts, as my solicitor was working on a plan with creditors, but this has failed to materialise into a solution.
I hope all this makes sense and if you want me to post the debts bit of the SOA, I will, but it really is not a case of how can I meet my debts, I never will.
One last thing, the majority of the debt is due to mortgage repossession with a huge negative equity when they sold it at auction and loans for things like a car, which was then a write off by a hit and run merchant. Several periods of unemployment then sealed my fate.
I am now in a decent job with security and have good landlords, but no way of paying off such a huge debt and the mortgage company is beginning to breathe very heavily down my neck, which is understandable.
Sorry for long winded post and thank you for reading.

HappyMJ

I'm assuming you have a Pre-payment certificate for £104 per year to cap your prescription costs.

fatbelly

£130 per month is not high for a single person's food & housekeeping expenses on a bankruptcy petition - you could probably double it if you needed to.

Just realised you're on the dfw board - this question would be better on the bankruptcy board as they have a better idea of what's allowable, e.g. I think £20 for holidays is OK but £10 entertainment - not sure

Muttipops

Silly me, I will post it in a more appropriate place.

Muttipops

EssexHebridean wrote: »

Notes below in red...

Hi, my landlord was going to trade his old car in and they would only give him £100.
He decided to keep it as a spare and lets me use it. It is insured for me as a named driver at no extra cost to him.
I pay for the petrol I use and the 25p/mile is to put towards costs of keeping the car on the road.
I live in a rural area with no bus service and so need a car to use.


Thanks for the rest of your reply.

GaleSF63

Send off an HC1 form (can be downloaded) as soon as possible. It will cover or help with prescriptions, glasses and dental costs.