SOA help please

chickpeaz

After months of sorting things out, getting advice and reading this forum (THANK YOU), I think I'm almost ready to submit my bankruptcy application and would appreciate some guidance on the SOA.

My husband is not going bankrupt and the everything to do with the car is in his name, it's on hire purchase. I do use it a bit and help out with picking his daughter up from school etc (she doesn't live with us). He also uses it for work and study. Should I be including the car in the calculation? Is there any chance we would have to give it up?

His earnings vary a bit each month depending on shifts, so I've taken an average since he started a few months ago.

My earnings are from part time employment and a small amount they give me for overheads each month as I work from home. Then I am also registered as self employed as I recently started freelancing but am currently building a portfolio and not really expecting to earn anything much for the next year. There are a few small expenses for that (computer software subscriptions) which I have included as an expense. Having spoken to Business Debtline (who were super helpful) that seems to be how they advise to do it.

I've included £20/month household maintenance as in our rental contract we are responsible for decorating, and maintaining the garden. Which is like a forest! Thankfully there's nothing in the contract about bankruptcy.

Any help much appreciated.

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.................... 1

Monthly Income Details
Monthly income after tax................ 1283
Partners monthly income after tax....... 1100
Benefits................................ 0
Other income (husband's student loan)............................ 84
Total monthly income.................... 2467

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 192
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 0
Mobile phone............................ 62
TV Licence.............................. 21
Satellite/Cable TV...................... 18
Internet Services....................... 15
Groceries etc. ......................... 480
Clothing................................ 50
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 76.5
Car maintenance (including MOT)......... 25
Car parking............................. 40
Other travel............................ 36
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 72
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 25
Holiday................................. 60
Emergency fund.......................... 20
Household maintenance................... 20
Self employed business expenses......... 42
Total monthly expenses.................. 2500.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5471
Other assets............................ 0
Total Assets............................ 5471


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 6120.....(192)......0
Total secured & HP debts...... 6120......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card 1..................6663......156.......0
Credit card 2..................4062......98........0
Credit card 3..................12544.....337.......0
Credit card 5..................881.......14........0
Credit card 4..................9779......218.......0
Total unsecured debts..........33929.....823.......-


Monthly Budget Summary
Total monthly income.................... 2,467
Expenses (including HP & secured debts). 2,500.5
Available for debt repayments........... -33.5
Monthly UNsecured debt repayments....... 823
Amount short for making debt repayments. -856.5

Personal Balance Sheet Summary
Total assets (things you own)........... 5,471
Total HP & Secured debt................. -6,120
Total Unsecured debt.................... -33,929
Net Assets.............................. -34,578

Created using the SOA calculator at stoozing.com
Reproduced on Moneysavingexpert with permission, using other browser.[/i]

ess0two

Mobile / car insurance can be cut, utility bills are these joint? back to car insurance,is partner paying this as its his car?

chickpeaz

The mobile amount is for both of us, and yes utility bills are joint. As we are earning similar amounts we split everything including the car insurance. Maybe it is a bit high, will have to shop around...

TheGardener

ess0two wrote: »

Mobile / car insurance can be cut....

An SOA for BR is supposed to be a true reflection of the current financial situation in the home. This is the one time that an SOA is not about finding/reducing spend (that comes later after the SOA is approved)
I don't think there is anything unreasonable there - the OR might ask questions about the health related costs - you may need some proof of those.

Clouds88

Hello,

Having recently gone BR myself, depending on the OR they may not accept some of those expenses.

You can’t have a holiday fund for example, my present was cut to £20 PM and I have two children, again clothing for 2 kids was £60 for all of us and groceries cut to £450 so probably won’t let you have that high either. You can obviously try but be mindful they might say you can pay an IPA,

Not sure about the car, I’ve heard some people say they get to keep it and someone else take over the repayments. It’ll be a risk? or you could return it and save £1,000 to buy a car and your car outgoing costs would be similar. In areas you
Missed out maybe emergency fund, maybe a small social fund, and car MOT and servicing. Hope this is helpful

Clouds88

Sorry I thought you said the car was in your name. If after has contributed !!!8216;fairly!!!8217; 50/50 to the bills/outgoings if income is the same he should be able to keep the car if he!!!8217;s got £200 per month to spare, someone more knowledgable will be along with the answer to that one

chickpeaz

Thanks, that's useful to know. I put holiday fund in because of some other advice I saw posted but maybe I'll take it out. The car is what's confusing me the most, as my husband earns a bit less than me and if he's contributing to all the other expenses 50/50 I don't think he'd have enough left to cover extra for the car if I'm not allowed to pay half for it.