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SOA advice please!
weekari
Posts: 36 Forumite
Hello
I am in a bit of a mess. I live in Scotland and have been waiting on a CAB financial adviser getting all the necessary info for me to possibly applying for bankruptcy. I completed an living expenses form when I first went to CAB but I didn't know what I was doing and just guessed at a lot of things that weren't bills/debt. I now realise this is important both for me budgeting (new concept for me) and for applying for bankruptcy. So I@ve been trying to fill in the SOA form which I'm struggling with...
It asks for my husbands income but not his outgoings. So on paper, it looks like I'm doing brilliantly when in fact I'm drowning. Should I include all my husbands debts/outgoings too? He's in A LOT of personal debt too.
I've copied below where I've got to so far. I haven't included a few costs as I don't have a clue what to put and I would be very grateful for any advice. (I've not added clothing, car maintenance, presents, haircuts, entertainment, holiday, household emergency fund).
Also- I have a car on a PCP deal- so I've basically taken out a loan for the amount the car will lose in value over 4 years. I'm 2 years into this deal. I don't own any of the car so it's not an asset. The CAB financial adviser said it was likely this wouldn't be taken off me as it's not an asset. I just don't know where to put this expenditure down on the form.
This is where I've got to so far...
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1629
Partners monthly income after tax....... 2836
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4465
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 133.43
Electricity............................. 55
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 40
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 2.5
Car Insurance........................... 19.2
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 200
Pet insurance/vet bills................. 35
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1350.13
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
Very...........................1006.27...42.47.....39.9
Next...........................1388.06...70........22.9
Halifax Credit Card............1437.95...96.99.....25.99
Zopa Loan 2....................2354.31...140.5.....16.7
Zopa loan......................12528.2...255.6.....19.9
Barclays Credit Card...........6212.51...297.2.....27
Sainsburys.....................2050......233.4.....0
Lloyds Credit Card.............2288.15...24.63.....27.95
Natwest Loan...................1981.06...123.3.....0
Nuba Credit Card...............6040.43...412.8.....24.9
Total unsecured debts..........37286.94..1696.89...-
Monthly Budget Summary
Total monthly income.................... 4,465
Expenses (including HP & secured debts). 1,350.13
Available for debt repayments........... 3,114.87
Monthly UNsecured debt repayments....... 1,696.89
Amount left after debt repayments....... 1,417.98
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -37,286.94
Net Assets.............................. -37,286.94
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
I am in a bit of a mess. I live in Scotland and have been waiting on a CAB financial adviser getting all the necessary info for me to possibly applying for bankruptcy. I completed an living expenses form when I first went to CAB but I didn't know what I was doing and just guessed at a lot of things that weren't bills/debt. I now realise this is important both for me budgeting (new concept for me) and for applying for bankruptcy. So I@ve been trying to fill in the SOA form which I'm struggling with...
It asks for my husbands income but not his outgoings. So on paper, it looks like I'm doing brilliantly when in fact I'm drowning. Should I include all my husbands debts/outgoings too? He's in A LOT of personal debt too.
I've copied below where I've got to so far. I haven't included a few costs as I don't have a clue what to put and I would be very grateful for any advice. (I've not added clothing, car maintenance, presents, haircuts, entertainment, holiday, household emergency fund).
Also- I have a car on a PCP deal- so I've basically taken out a loan for the amount the car will lose in value over 4 years. I'm 2 years into this deal. I don't own any of the car so it's not an asset. The CAB financial adviser said it was likely this wouldn't be taken off me as it's not an asset. I just don't know where to put this expenditure down on the form.
This is where I've got to so far...
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1629
Partners monthly income after tax....... 2836
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4465
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 133.43
Electricity............................. 55
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 40
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 2.5
Car Insurance........................... 19.2
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 200
Pet insurance/vet bills................. 35
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1350.13
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
Very...........................1006.27...42.47.....39.9
Next...........................1388.06...70........22.9
Halifax Credit Card............1437.95...96.99.....25.99
Zopa Loan 2....................2354.31...140.5.....16.7
Zopa loan......................12528.2...255.6.....19.9
Barclays Credit Card...........6212.51...297.2.....27
Sainsburys.....................2050......233.4.....0
Lloyds Credit Card.............2288.15...24.63.....27.95
Natwest Loan...................1981.06...123.3.....0
Nuba Credit Card...............6040.43...412.8.....24.9
Total unsecured debts..........37286.94..1696.89...-
Monthly Budget Summary
Total monthly income.................... 4,465
Expenses (including HP & secured debts). 1,350.13
Available for debt repayments........... 3,114.87
Monthly UNsecured debt repayments....... 1,696.89
Amount left after debt repayments....... 1,417.98
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -37,286.94
Net Assets.............................. -37,286.94
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
0
Comments
-
you need to have a look at your husbands income, i only included what comes in after his contractual aggreesments were paid (ccs loans car finance etc)
i then put all expentiture at full not shared, your husband can't be liable for any debt in your name, but becomes liable if its joint0 -
ok, so I now have full figures, including my husbands expenditure.
Someone on another post highlighted that medical costs are high- this is due to my personal therapy (PTSD and related gambling/compulsive debting & buying, I am hoping this is viewed as essential as I don't feel I could survive without it)
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1629
Partners monthly income after tax....... 2836
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4465
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 410
Management charge (leasehold property).. 0
Council tax............................. 133.43
Electricity............................. 55
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 40
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 2.5
Car Insurance........................... 19.2
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 200
Pet insurance/vet bills................. 35
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Car PC.................................. 167.05
Husband's expenditure................... 470
Bank Account Interest................... 30
Total monthly expenses.................. 2172.18
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
Very...........................1006.27...42.47.....39.9
Next...........................1388.06...70........22.9
Halifax Credit Card............1437.95...96.99.....25.99
Husband's Debts................0.........861.8.....0
Zopa Loan 2....................2354.31...140.5.....16.7
Zopa loan......................12528.2...255.6.....19.9
Barclays Credit Card...........6212.51...297.2.....27
Sainsburys.....................2050......233.4.....0
Lloyds Credit Card.............2288.15...24.63.....27.95
Natwest Loan...................1981.06...123.3.....0
Nuba Credit Card...............6040.43...412.8.....24.90 -
are the debts joint or sole?0
-
Hi weekari
It's still not clear how much you pay out monthly for the PCP agreement. Can I suggest that you list that as expenditure under "secured/HP loan" as that appears to be the nearest fit available?
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
I have included car- Car PC 1670
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