Taking the plunge: SOA check please? 28 December 2018 at 5:12PM edited 28 December 2018 at 5:14PM in Bankruptcy & Living With It 13 replies 2K views

Feral_Moon

Hi guys, I've posted a couple of times over the last few months regarding my debts etc., and received some fabulously helpful advice, thank you.

I've now reached the point where bankruptcy is inevitable and despite having reduced all creditors to minimum payments for the past few months, I've now reached my overdraft limit so payments will start bouncing from the end of this month.

I've filled in the form online but I'd be ever so greatful if someone can look over my SOA to see whether any tweaks could be made, or maybe something looks too high, before I submit it.

I'll just mention that my grocery bill might appear to be higher than usual but I'm hiding the cost of my dog's food in there, as well as the cable TV cost, which I don't actually have, as I know it won't be permitted at £80 a month.

Many thanks

SOA:

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
ESA..............................................763.75
PIP...............................................346.45

Total monthly income.................1110.20

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 11
Electricity............................. 50
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ........................273
Clothing................................ 34
Petrol/diesel........................... 130
Road tax................................ 22
Car Insurance........................... 24
Breakdown ..............................10
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 60 (45 private physio, 15 optician)
Pet insurance/vet bills................. 35
Pet food ................. 35
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 (10 grandchildren trust fund)
Haircuts................................ 14
House maintenance and repairs.....................0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 15
Meals at work........................... 0
Dry cleaning............................ 0
Magazine/book subs............... 4

Total monthly expenses.................. 1090


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 0

I haven't listed all the debts so will just mention that the total is just shy of £50k across 8 creditors

TheGardener

All looks fine to me. As your income is all benefits, an IPA isn't likely anyway
However, if the OR baulks at high pet costs then some additions would be parking (everyone pays them at some point in a month) a modest holiday and a bit more on the car maintenance given it is an older vehicle.

luvchocolate

As usual The Gardener's advice is sound . An I.P.A will not be sought if your income is totally from benefits, put £10 in for parking and your food allowance looks fine. I see no problems here.

Feral_Moon

That's great, thanks guys. I'll submit it this weekend and fingers crossed for a fresh start in the New Year.

Feral_Moon

Well, that's it! The fee has been paid and form submitted....so now to sit back and wait for an email or phone call.

Feral_Moon

Got the email this morning to say my bankruptcy has been approved. Didn't expect it to be so quick!

I guess I'd better start organising paperwork etc in anticipation of the OR calling. Don't want to be caught unawares!

How long do people usually have to wait?

TheGardener

I got a call on the day my BR when though to make an appointment for the telephone interview and tell me what paperwork was required. I think the actual interview was about a week later. However, given the time of year - gov cutback to OR's office staff etc, it could be a couple of weeks maybe? Basically just sit tight until they contact you - no rush

Feral_Moon

I got the phone call today to arrange the telephone interview for Friday! It's all happening very quickly!

luvchocolate

That is really good news, to get it over with so quickly.
Have all your paperwork to hand and make sure you are not disturbed.
Keep calm and answer truthfully.
Come back and let us know how it goes.

Feral_Moon

The interview took just 15 minutes and I wasn't really scrutinised in as much depth as I'd anticipated. A report will be made to all my creditors and I don't need to have any further contact with them.

No requests for statements or other documents were made, and no mention of anyone coming to assess my car. Is that it now? I can't believe it was so easy!

Annie35

Wow that was quick �� I've just paid the fee hope mines as quick. Do you feel relieved?