Finacial interview urgent help needed with SOA

kazzaaanne

I was bankrupt on 18/12/18 ....could anyone advise on my SOA
I rent a room at a friend hous ,she is on a pension with pension credit does this have to go on the SOA? If so here is my breakdown of expenses...
No of persons in house 2 ..One is my friend her income approx. £700 pm
My rent £600 pm ..(is 4 bed house)
my pensions ..state pension £155.49 p.w
NHS pension £353,23 pm
building ins £10pm
tv.licensee £10 pm
gas £20pm
electric £20 pm
water £20 pm pm
Life ins £10 pm
dentistry £100 pyear
opticions £50 pyear


Groceries £80 pm
toiletries£20 pm
alcohol £46 pm ..(is it allowed ?)
vehicle ins £300 p year
vehicle tax £107.50
mot and maintenance £15 pm (16 yr old car)
fuel parking etc £30 pm
clothing footwear £50 pm
hairdressing £20 pm
home phone,int,tv £20 pm
mobile phone £15 pm
laundry /dry cleaning £10 pm
Hobbies ,leisure £50 pm
newspapers , magazines stationary ,postage £22 pm
post redirection £5.58 pm
Total income for me £1027.02
expenses £1115.04


Does my friends income come into it ? She has her own expenses to pay so is reluctant to elaborate
would be grateful of urgent advise...phone interview is tues ..Help!

debt_doctor

Hi,

Your friends income does not count. It is just your income minus your reasonable expenses. Your housekeeping could certainly be more than £300 pm.
DD

kazzaaanne

Thanks for reply...I hadn't a clue how to fill out my housekeeping income....The online form for bancrupsy
confused me ...could I add more for groceries and toiletries ? would appreciate your advise as where to add?
cant thank you enough for your help

Craig1981

a bit confused - you rent a room from your friend for £600pcm? and on top of this pay gas, electric, building insurance, tv licence, water?

kazzaaanne

Yes I pay £150 pw but £50 pays for basic foods and I pay around £80 per month food on top

R9251

Must be a great friend!!! £600 a month for a room?????

You may be expected to find alternative accommodation, as £600pm for a "room" is VERY steep (plenty of threads online about this, or having to sell a house and downgrade, as mortgage payments were excessive etc). You can rent a whole house for £600 and if you were doing so, your numbers would be fine. What you propose, arouses suspicion to me, so i suspect the OR will be confused too. Your also paying or contributing to Household running costs, in addition to the £600 "Room" rent...which is not normal.

Don't forget, your friend and their tax implications, if you're saying that their income is £700 and £600+ from your rent and utility contributions. This could all unravel for your friend too, unless it's legitimate and they are paying their taxes etc.

You need to crunch the numbers better, if you want to be taken seriously. Reduce the Rent to £350ish and increase monthly food to £230ish (should be ok), increase fuel to £100pm ish, no to alcohol and the holiday/hobbies etc may be given to you, if the rest seems ok to the OR.

If this is legitimate, i fear you may be expected to find alternative accommodation and your "Friend" will lose a gravy boat (not much of a friend either, if they are charging this much). My best advice, is to adjust your numbers to something more believable, what you present doesn't feel right.

kazzaaanne

Thanks for your advice.. my friend was the only one to help me when I was homeless and its me that have got figures confused also she has house up for sale so I didn't want to leave myself short in case I have to find other accommodation

BoGoF

Taking the proberbial tbh. No way do you pay £600 pm for a room then contribute to the househould expenses. Why are you paying tv licence if it's not your house...house insurance same.

kazzaaanne

I am confused about what I had to put on income expenditure that's why I am asking advise on this forum...paying towards house ins and tv is a expense allowed isn't it?

BoGoF

kazzaaanne wrote: »

I am confused about what I had to put on income expenditure that's why I am asking advise on this forum...paying towards house ins and tv is a expense allowed isn't it?

Yes, if it's your responsibilty to pay it.....but in your situation it's not.

SusieT

Using the soa calculator you get the following for your expenditure. I don't know how close the one on the bancruptcy site is to it, but it gives a reasonable overview that may help you. It does show that you pay no council tax (is it included in rent?), you have no emergency fund, never buy presents (included in grocery budget?), clothing 59 a month - perhaps reduce and split this to give a small amount for presents and holiday as I doubt you spend that much every month, also the buildings insurance and tv licence should not be for you to pay? You need to have your ACTUAL expenditure

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 353.23
Partners monthly income after tax....... 0
Benefits................................ 673.79
Other income............................ 0
Total monthly income.................... 1027.02

Monthly Expense Details
Rent.................................... 600
Council tax............................. 0
Electricity............................. 20
Gas..................................... 20
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 15
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 183.58
Clothing................................ 50
Petrol/diesel........................... 30
Road tax................................ 8.96
Car Insurance........................... 25
Car maintenance (including MOT)......... 15
Car parking............................. 0
Medical (prescriptions, dentist etc).... 12.5
Buildings insurance..................... 10
Contents insurance...................... 0
Life assurance ......................... 10
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1120.04

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 1

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........


Monthly Budget Summary
Total monthly income.................... 1,027.02
Expenses (including HP & secured debts). 1,120.04
Available for debt repayments........... -93.02
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -93.02

Personal Balance Sheet Summary
Total assets (things you own)........... 1
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.