SOA help for DRO.

Pinkwhisk

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 800
Benefits................................ 491.2
Other income............................ 0
Total monthly income.................... 1291.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 19
Mobile phone............................ 17.5
TV Licence.............................. 25
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 70
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 81
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Tobacco................................. 90
Total monthly expenses.................. 1475.5


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
CC1............................1250......0........ .0
Court old rent.................3000......0.........0
CC2............................600.......0........ .0
Partner finance (DFS)..........900.......0.........0
Overdraft old bank.............320.......0.........0
Payday loans...................2000......0.........0
Current electric...............145.......0.........0
Current water..................46........0.........0
SSE old........................600.......0.........0
Virgin ........................500.......0.........0
EON old........................500.......0.........0
Water old .....................84........0.........0
Total unsecured debts..........9945......0.........-


Monthly Budget Summary
Total monthly income.................... 1,291.2
Expenses (including HP & secured debts). 1,475.5
Available for debt repayments........... -184.3
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -184.3

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,945
Net Assets.............................. -9,945

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

A few notes

1) we are awaiting our housing benefit entitlement to be reassessed - we believe this will increase by around £200.

2) I have left council tax blank as we have just had a letter asking us to pay what we owe this year - they want us to call back once we have been paid and make a token payment, then split the rest

3) we are expecting our situation to improve slightly over the year once we have a council property, but we don't know how long that will be, or what our rent/benefit entitlement will be then.

4) we don't pay anything towards our debts now, and we know this needs to change.


I think that's all you need please ask questions as you see fit

PW

Pinkwhisk

Just read my post back I haven't made it clear at all. What I'm asking is can we go into a DRO even if there is a chance our situation will improve within 12 months?

Pw

National_Debtline

Hi Pinkwhisk,


I hope these notes help, if you haven't already had full advice about a DRO then you can call one of the free debt charities and we have a factsheet that may help you as well - https://www.nationaldebtline.org/EW/factsheets/Pages/debtrelieforders/droadvice.aspx

Pinkwhisk wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 800
Benefits................................ 491.2
Other income............................ 0
Total monthly income.................... 1291.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 19
Mobile phone............................ 17.5
TV Licence.............................. 25 - Are there arrears on this? If there are but you have made an arrangement to overpay that is fine because TV Licence arrears are excluded from a DRO.
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 70
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 81 - this seems quite high - £972 per year - could you reduce this (even slightly)
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Tobacco................................. 90 - unfortunately, this is also high and would likely be encouraged to be reduced.
Total monthly expenses.................. 1475.5


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
CC1............................1250......0........ .0
Court old rent.................3000......0.........0
CC2............................600.......0........ .0
Partner finance (DFS)..........900.......0.........0
Overdraft old bank.............320.......0.........0
Payday loans...................2000......0.........0
Current electric...............145.......0.........0
Current water..................46........0.........0
SSE old........................600.......0.........0
Virgin ........................500.......0.........0
EON old........................500.......0.........0
Water old .....................84........0.........0
Total unsecured debts..........9945......0.........-


Monthly Budget Summary
Total monthly income.................... 1,291.2
Expenses (including HP & secured debts). 1,475.5
Available for debt repayments........... -184.3
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -184.3

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,945
Net Assets.............................. -9,945

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

A few notes


1) we are awaiting our housing benefit entitlement to be reassessed - we believe this will increase by around £200. This will go a long way to helping balance your budget.

2) I have left council tax blank as we have just had a letter asking us to pay what we owe this year - they want us to call back once we have been paid and make a token payment, then split the rest. You must ensure you include the new years’ bill that will be due in April on your budget and the arrears can go into a DRO.

3) we are expecting our situation to improve slightly over the year once we have a council property, but we don't know how long that will be, or what our rent/benefit entitlement will be then. If this happens then you can allow more money in some areas that are currently a bit restricted, such as housekeeping, emergency, hobbies etc. The key issue is that you must have less than £50 per month (per person) available for your debts. So you may choose not to start the DRO process until you have at least got all of your benefit claims through.

4) we don't pay anything towards our debts now, and we know this needs to change. If you did a DRO then no money would be paid towards them, but if you were to negotiate you may only be able to afford £1 per month in the foreseeable future.

I think that's all you need please ask questions as you see fit

PW

Laura
@natdebtline

Pinkwhisk

Hi,

Thank you for your help! Once I have the new housing benefit through I'll give national debtline a call so I can go through it all properly

PW