my soa advice needed

dan405

Monthly Income (after tax) 900
Partner's Monthly Income
Benefits
Other Income (e.g. maintenance payments)
Enter your monthly expenditure
Amount (£)
Mortgage payment (from secured debt table below)
Secured/HP loans (from secured debt table below)
Rent 300 room rent
Management Charge (e.g. on leasehold property)
Council Tax
Electricity
Gas
Oil
Water Rates
Telephone (land line)
Mobile Phone 20
TV Licence
Satellite/Cable TV
Internet Services
Groceries etc. 195
Clothing 30
Petrol/Diesel 70
Road Tax (car) 10.25
Car Insurance (including breakdown cover) 83
Car Maintenance (including MOT) 45
Car Parking
Other Travel
Childcare/Nursery
Other child related expenses 160 child maintenance £80 to each child different women
Medical (prescriptions, dentists, opticians etc.)
Pet Insurance/Vet bills
Building Insurance
Contents Insurance
Life Assurance
Other Insurance
Presents (birthday, christmas etc.) 10
Haircuts 10
Entertainment 30 I have the 2 kids 3 times a week overnight
Holiday
Household Emergency Fund (e.g. for repairs)
Enter SECURED debts and Hire Purchase (HP) debts
Enter ALL your mortgage, secured and HP debt details here.

Debt description Debt (£) Monthly payment (£) Annual Rate (%)
Mortgage
Secured debt
Hire Purchase (HP)
Enter your UNsecured Debts e.g. credit cards
Debt description Debt (£) Min Pay (£) Annual Rate (%)
Loan 1 4158 @ 199
Loan 2 4284 @ 199
Loan 3 10047 @ 200
Over draft 2759
Rent arrears now evicted 1000
Ee 1000
Virgin media 385



Enter the value of your assets
Asset Value (£)
Cash
House value (gross)
Shares & bonds
Car(s) 650 ( had it valued via parkers average conditon
Other assets (e.g. endowments, jewellery)
Additional Information
Optional information, but very useful for anyone reviewing your SOA.

Number of adults in household 1
Number of children in household 2 @ 3 nights a week
Number of cars owned 1
Main functions...


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Warning Messages
Summary of Monthly Income, expense and surplus
Total monthly income: £ 900


Expenses (incl. HP & secured debts): £ 963.25


Available for debt repayments: £ - 63.25


Unsecured debt repayments: £599


Surplus (shortfall if negative) £- 662.25


Personal Balance Sheet Summary
Assets: £650


Secured & HP Debt £ 0


Unsecured Debt £ - 23694


Net Assets £ -23004


This is everything I pay anything not filled in is 0

How does it look?

Craig1981

looks fine, may want to look again at recent expenditure on car maintenance over past 12 or 18 months) as that looks fairly high for an MOT and servicing for a year


I assume this is for possible bankruptcy? debt over £20k so unable to do DRO, and no excess for IVA payments

dan405

This is for bankruptcy. I shall look at the car again. Thank you

Twubble

I've just had to buy 4 new tyres for my old car. She also needs her steering rack replaced, but that's going to have to wait. Low value cars do cost a lot to keep on the road. I didn't budget enough for mine.

Smellyonion

Are you entitled to any benefits? Your salary is low.

TheGardener

With your income you shouldn't have any surplus.
Parking - everyone parks somewhere - 1 trip to town a week costs me £10 per month.

• You are allowed contents insurance
• You should include something for medical/dental/optical etc unless you are entitled to free prescription and dental care? (2 dentist checkups + 1 filling or similar +1 prescription/flu jab per year isn't unreasonable and that would cost about £10pm)
• Are you paying into a pension? If not you should be and should be contributing at least 3% per month and that would be considered a reasonable expenditure.

There is no reason someone on such a low wage should have a surplus.

debt_doctor

Hi,

I agree that you should never agree to a surplus IPA. You could have additional costs of an extra £100 pm for groceries and some for entertainment and leisure.

I appreciate that this would make a bigger negative balance, but that's fine. It would give you an argument that even if your income went up you would still not have a surplus.

DD

dan405

Thank you for your advice everyone. I have been on the phone to a lovely woman from stepchange for an hour and we listed all the debts and a proper soa. I am now just filling out the forms to file

Thanks all I shall let you know how it goes

Daniel