Soa help

sammydodger_2

Not sure if I have compelted this right but this is what I have done.

I’m self employed so I already claim my phone and car expensivea for work in my tax return so I havnt added into here...

I havnt added my husbands income as I didn’t understand it all - he earns around 19k a year so Iv put down I pay a 3rd of the bills as I’m sure that should work out correct?? Apart from food I have halved? He has a mortgage his parents gifted him in March on his family home which I don’t pay towards and havnt paid any money into.




Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 1,001.75
Monthly expenses (incl. HP & secured loans) 853.16
Available for debt repayments 148.59
UNsecured debt repayments 0
Amount left after debt repayments 148.59
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 0
Total Secured & HP Debt -0
Total Unsecured Debt -0
Net Assets 0
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 863.75
Partners monthly income 0
Benefits 138
Other income 0
Total monthly income 1001.75
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 0
Management charge (leasehold property) 0
Council tax 46
Electricity 30
Gas 20
Oil 0
Water Rates 14.66
Telephone (land line) 4.5
Mobile phone 0
TV Licence 0
Satellite/Cable TV 22
Internet services 0
Groceries etc. 375
Clothing 50
Petrol/diesel 100
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 0
Other travel 0
Childcare/nursery 32
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 2
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0
Life Assurance 7
Other Insurance 0
Presents (birthday, christmas etc.) 20
Haircuts 40
Entertainment 50
Holiday 30
Emergency Fund 10
Total monthly expenses 853.16
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Unsecured Debt totals 0 0 -
Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 0
Comments on the results

You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £148.59 left over. You can use this to pay off your debts more quickly or to build/top-up an emergency fund. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at https://www.stoozing.com.

sourcrates

Hi,


Welcome to the MSE DFW forum.


You appear to have left off the most important figures........your debts !!


You may want to re-do it including those figures.

sammydodger_2

Sorry their is about 40k

None secured

No mortgage and a car worth around £1500 (if that)

DCFC79

Did you use this link ?
http://www.stoozing.com/calculator/soa.php

sammydodger_2

Yes Iv also filled out the actual bankrupcy forms that!!!8217;s how I no my debts are all around 40k

sourcrates

sammydodger wrote: »

Yes Iv also filled out the actual bankrupcy forms that!!!8217;s how I no my debts are all around 40k

It says you have £148 left after debt repayments, do you actually ?


The figures we really need to see are your income, which we have, and your debts, listed like this :

1
2
3
4
5 etc etc


Showing how much you owe each creditor, how much your paying in debt repayments, and how much you have left over after everything is paid.

No explanations or long stories, just plain good olde figures, than we can work with.


Thanks

sammydodger_2

I!!!8217;m
Currently paying no debt repayments as Iv stopped paying them all whilst I sort out bankrupcy - been trying to put money towards it each month- I was paying around a grand a month repaying monimum payments on credit cards 2 loans and catologue.. which is obviously why I was in so much debt constantly borrowing and burying my head in the sand.. now doing SOA based on the fact I have nothing being paid I have left £148 (if this makes sense) I!!!8217;m assuming that would go into an ipa?

sourcrates

sammydodger wrote: »

I!!!8217;m
Currently paying no debt repayments as Iv stopped paying them all whilst I sort out bankrupcy - been trying to put money towards it each month- I was paying around a grand a month repaying monimum payments on credit cards 2 loans and catologue.. which is obviously why I was in so much debt constantly borrowing and burying my head in the sand.. now doing SOA based on the fact I have nothing being paid I have left £148 (if this makes sense) I!!!8217;m assuming that would go into an ipa?

Right, got you.


You seem to of resigned yourself to the bankruptcy route, and with 40k debt, and such a small amount of disposable income, i think you are right.


No tweaking of the budget will help this situation, and actually you can add a bit more to your budget for things you have missed off it, you could easily wiggle it down to less than £20 but i suspect you may get an IPA, yes.


Was there anything specific you wanted to know about the process ?

System

If you're a sole trader and not a Ltd Company you need to also include the cost of the car and phone in your debts and outgoings even though you claim them as an expense against tax.

sammydodger_2

I have no car cost it was a personal loan which is in the bankrupcy - I surely can’t put my tax, mot etc as costs now if Iv claimed them in my tax as it would be putting it in twice?

sammydodger_2

Sorry I did have questions I probably have 100..

My husbands wage Iv guessed.. If I!!!8217;m completely honest he!!!8217;s quite private about it and we pay 50/50 always have with bills.. but he gives me cash sometimes.

If I leave it blank for other household can I not just explain that to the OR over the phone would I have to actually get my husband to tell me his earnings if he doesn!!!8217;t want too!?

Also all bills go out from my account other then the mortgage - he transfers money to cover his golf membership and gym (he pays for these solely) and he gives me the rest cash will this look bad?

Isn!!!8217;t it crazy how filling in forms can make you feel guilty about every day things that you havnt even thought about for years