Bonus on SOA

Royhol

Hi,

I'm looking at bankruptcy as a solution to my debts.

I get a bonus every year in March of about 8 per cent of salary. So around £1,300.

For the purpose of an SOA, do I need to average out the bonus over the year? Obviously I've not got the bonus money now as I've spent it on food, car repairs etc.

Or do I just put down my regular income of £1445 per month?

silvercar

If the bonus isn't guaranteed, I wouldn't include it until it actually happens.

Royhol

This is my SOA without adding any bonus I may receive in March 2018

Any comments welcome ?


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

Monthly Income Details
Monthly income after tax................ 1445
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1445

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 46
TV Licence.............................. 25
Satellite/Cable TV...................... 24.5
Internet Services....................... 19
Groceries etc. ......................... 140
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 24
Car Insurance........................... 32
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 175
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 13
Entertainment........................... 17
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1441.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................16000.....0.........0
Halifax .......................5000......0.........0
Pra ...........................600.......0.........0
Capital one 300................0.........0.........0[b
Lloyds.4000. 0..........0....
Total unsecured debts..........25600.....0.........- [/b]


Monthly Budget Summary
Total monthly income.................... 1,445
Expenses (including HP & secured debts). 1,441.5
Available for debt repayments........... 3.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 3.5

Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,600
Net Assets.............................. -21,300

debt_doctor

Hi,


No justification for an IPA from that.
To avoid an unfair but potential argument I would ditch the presents and entertainment and add £120 to your groceries.
This would give you a negative budget, the explanation being that you are reducing your groceries to make the budget balance but feel that you need to spend more. Also double your clothing allowance.
You might get half a chance to keep some of that March bonus that way. In March you should suggest that they average it over the coming year as it is part of your regular annual salary.
DD