SOA Advice

peterkay369

Hi all,

Would it be possible to have a quick look over my SOA please and let me know if figures need revising at all?
About to press the button and hopefully get a decent nights sleep once again.
There is a shortfall between my wages and expenditure. My partner has agreed to help me out with whatever amount this may be, however we do not live together and none of the debts are joint debts. She has only just found out about my gambling problem and debt problems and will not agree to disclosure.


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1057.27
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1057.27

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 180
Clothing................................ 40
Petrol/diesel........................... 200
Road tax................................ 25
Car Insurance........................... 100
Car maintenance (including MOT)......... 25
Car parking............................. 50
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 40
Emergency fund.......................... 15
Total monthly expenses.................. 1195


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 10000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard Credit Ca..........2500......0.........0
Capital One Credit Ca..........500.......0.........0
Lloyds Loan....................9769......204.......0
Satsuma Loan...................1150......284.......0
Zopa Loan......................15227.....254.......0
Tesco Credit Card..............2729......0.........0
Tesco Loan.....................11000.....306.......0
Moneyway Loan..................15053.....251.......0
Lloyds Overdraft...............4100......0.........0
Lloyds Credit Card.............5000......0.........0
Total unsecured debts..........67028.....1299......-


Monthly Budget Summary
Total monthly income.................... 1,057.27
Expenses (including HP & secured debts). 1,195
Available for debt repayments........... -137.73
Monthly UNsecured debt repayments....... 1,299
Amount short for making debt repayments. -1,299

Personal Balance Sheet Summary
Total assets (things you own)........... 10,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -67,028
Net Assets.............................. -57,028

Created using the SOA calculator at new user link removed
Reproduced on Moneysavingexpert with permission, using other browser.

Many thanks

National_Debtline

Hi K22SR,


Your budget looks fine and none of your spending looks especially high, however there is a bit more going out than coming in (as you have said). You can look if you can boost your income first through either benefits or second employment and to help your budget balance you could look at slightly reducing the holiday and clothing fund.


I can see from some of your older posts that you are looking at bankruptcy to deal with these debts and you have also mentioned that you are considering moving in with your partner. Please be aware that if you and your partner do move in together then it would be common practice for the OR to ask for a joint budget to ensure the bills are being shared fairly.


Your partner will not be asked to pay anything towards your bankruptcy or debts. It is done to assess you for an Income Payment Arrangement and whether your share of the household surplus is more than £20per month.


Laura
@natdebtline

peterkay369

Hi Laura,

Thank you for your reply. I've gone through the benefits calculator and I'm not entitled to any. A second job would be handy for my income although not sure if I could take one at the moment as the whole situation has caused me a lot of stress and sleepless nights.

My partner and I have decided that currently moving in would not be the best idea given the circumstances and my current ill health. She also lives almost 4 hours away so it would mean trying to secure another job however long that takes.

Thank you