We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Bankruptcy SOA advice please
nikki702
Posts: 1,098 Forumite
Hi Everyone
I am absolutely snowed under in debt and recently becoming very unwell and having major surgery has given me a swift kick up the bum to sort my life out. As it is I constantly struggle and need to borrow money every month due to paying my debts (which I got myself into)
I am going to apply for bankruptcy please could you look at my SOA and advise me?
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 0
Benefits................................ 229.44
Other income............................ 0
Total monthly income.................... 1879.44
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 89
Electricity............................. 50
Gas..................................... 65
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 12.83
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 17.06
Car Insurance........................... 63.72
Car maintenance (including MOT)......... 20
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 23
Medical (prescriptions, dentist etc).... 60
Pet insurance/vet bills................. 56
Buildings insurance..................... 0
Contents insurance...................... 8.47
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 35
Holiday................................. 25
Emergency fund.......................... 30
Meals at work........................... 50
Work Union.............................. 15.57
Total monthly expenses.................. 1915.65
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard CC.................1406.23...36.98.....0
Barclaycard CC.................3210.31...70........0
MBNA CC........................8592.15...86........0
Very...........................2816.17...138.......0
Tesco Bank.....................11925.....298.......0
Paypal Credit..................1540......35........0
Nationwide CC..................1291......35........0
Lloyds Overdraft...............1700......60........0
Lloyds CC......................1089.6....29.85.....0
Total unsecured debts..........33570.46..788.83....-
Monthly Budget Summary
Total monthly income.................... 1,879.44
Expenses (including HP & secured debts). 1,915.65
Available for debt repayments........... -36.21
Monthly UNsecured debt repayments....... 788.83
Amount short for making debt repayments. -825.04
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,570.46
Net Assets.............................. -33,070.46
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
I am absolutely snowed under in debt and recently becoming very unwell and having major surgery has given me a swift kick up the bum to sort my life out. As it is I constantly struggle and need to borrow money every month due to paying my debts (which I got myself into)
I am going to apply for bankruptcy please could you look at my SOA and advise me?
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 0
Benefits................................ 229.44
Other income............................ 0
Total monthly income.................... 1879.44
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 89
Electricity............................. 50
Gas..................................... 65
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 40
TV Licence.............................. 12.83
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 17.06
Car Insurance........................... 63.72
Car maintenance (including MOT)......... 20
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 23
Medical (prescriptions, dentist etc).... 60
Pet insurance/vet bills................. 56
Buildings insurance..................... 0
Contents insurance...................... 8.47
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 35
Holiday................................. 25
Emergency fund.......................... 30
Meals at work........................... 50
Work Union.............................. 15.57
Total monthly expenses.................. 1915.65
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard CC.................1406.23...36.98.....0
Barclaycard CC.................3210.31...70........0
MBNA CC........................8592.15...86........0
Very...........................2816.17...138.......0
Tesco Bank.....................11925.....298.......0
Paypal Credit..................1540......35........0
Nationwide CC..................1291......35........0
Lloyds Overdraft...............1700......60........0
Lloyds CC......................1089.6....29.85.....0
Total unsecured debts..........33570.46..788.83....-
Monthly Budget Summary
Total monthly income.................... 1,879.44
Expenses (including HP & secured debts). 1,915.65
Available for debt repayments........... -36.21
Monthly UNsecured debt repayments....... 788.83
Amount short for making debt repayments. -825.04
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -33,570.46
Net Assets.............................. -33,070.46
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
0
Comments
-
Your expenses (excluding debts) are more than you income. How will you manage this when you won't have access to credit?0
-
I am going to contact virgin media and try to lower my package, also going to make packed lunches for work when I go back and try to get my daughter to have packed lunches too.0
-
Looks like Everything alright...except.. Haircut. Is £60pm Medical expense reasonable for your medical condition ? They may ask you about this and child care cost...but don't worry as long as you can give reasonable answer...alright....
Another note...£520 pm rent for how many bedroom house? Electricity, Gas bill will depends on bedroom and member of the family...£50-£65 bills looks high..unless you actually pay that amount...0 -
Sorry... I read your location London....your rent can't be £520 unless you share house/flat in that case your utility bills can't be right0
-
My flat is a council flat and yes my full rent for a 2 bed is £5200
-
Looks like Everything alright...except.. Haircut. Is £60pm Medical expense reasonable for your medical condition ? They may ask you about this and child care cost...but don't worry as long as you can give reasonable answer...alright....
Another note...£520 pm rent for how many bedroom house? Electricity, Gas bill will depends on bedroom and member of the family...£50-£65 bills looks high..unless you actually pay that amount...
The medical expenses is £10.40 for prepaid prescriptions and cost of contact lenses, plus any over the counter pain meds that my daughter needs monthly and dental costs.0 -
The medical expenses is £10.40 for prepaid prescriptions and cost of contact lenses, plus any over the counter pain meds that my daughter needs monthly and dental costs.
Based on my experience still £720 high.....I put £300 for myself (2adult+2child)...where I need regular prescription, glass, my son's glass...they still raise questions why I need medical expense for children...I had to explain them...some medicine for children not free...anyway, as I said...it's totally up to you if you can convince them...Good Luck0 -
What do you mean £720 high?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards