Final SOA before filing for BR

Mrhuk

Hi all

I'm finally going to send my BR off on Friday as I'll have the fees by then but I'd like to see if there's anything wrong with my SOA so I've got it all in order ready

Thanks all

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1800.5
Partners monthly income after tax....... 809.53
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2610.03

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 137
Electricity............................. 63
Gas..................................... 0
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 0
Mobile phone............................ 53
TV Licence.............................. 13
Satellite/Cable TV...................... 25
Internet Services....................... 25
Groceries etc. ......................... 700
Clothing................................ 50
Petrol/diesel........................... 130
Road tax................................ 2
Car Insurance........................... 45
Car maintenance (including MOT)......... 50
Car parking............................. 15
Other travel............................ 39
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 50
Emergency fund.......................... 15
School dinners ......................... 86
Children's swimming..................... 50
CTF..................................... 30
Total monthly expenses.................. 2275


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit union ..................23221.....399.......0
Credit card....................4898......98........0
Credit card....................3842......87........0
Finance........................301.......12........0
Overdraft......................700.......8.........0
Store card.....................408.......17........0
Credit card....................3408......78........0
Total unsecured debts..........36778.....699.......-


Monthly Budget Summary
Total monthly income.................... 2,610.03
Expenses (including HP & secured debts). 2,275
Available for debt repayments........... 335.03
Monthly UNsecured debt repayments....... 699
Amount short for making debt repayments. -363.97

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,778
Net Assets.............................. -36,778

ToxtethO'Grady

Looking at your figures you may be better looking at an IVA or DMP, if you go BR you will probably get an Income Payment Agreement that can last 3 years.


An IVA would be 5-6 years and have less of an impact than BR. A DMP would be about 9 years.


Are all the debts in your name or between you and your partner?

Clouds88

I wouldn’t go BR with a disposable income of £400+ a month. Your groceries will probably be scrutinise at £700 per family of 4, I was allowed £400 for the same family. Holiday also wouldn’t be allowed but I got £40 per month allowed for ‘days out’ ect. You could think of adding more to petrol in view of parking ect but I think you’ve got quite a good surplus to work with.

MovingForwards

You have no child benefit? How old are the kids?

Also, what's the value of your car? That is an asset.

I wouldn't go BR in a rental unless LA or HA and as the above have pointed out.

Mrhuk

Thank you for the feedback

Child benefit I've added onto my partners income as it goes into her account, children are 14 and 9.

The car is worth £3500 but it's was fully paid for by my partner, which I can prove, I barely use it

Food is higher due to one of my children having sensory processing disorder, apart of the autism and wife being gluten intolerant.

Being that most of my debt is with a credit union I'm of the understanding that they are unlikely to accept an IVA?

The debts listed are solely in my name

Clouds88

It’s obviously up to you but I would definitely seek advice from free debt charity. Also the OR then may want to see the food bills to prove you spend that much and see if it’s necesssry. I follow a mainly vegan diet if I can which is more expensive and my daughter has sensory issues but we genuinely only spend around £400 on groceries excluding the odd take away and McDonald’s. I am not picking at you at all I just want you to be aware you may have to give evidence for things outside of the normal ranges.

If you or you wife definitely won’t be having a higher income for the next 3 years you could argue that going BR would wipe out your debt for a lot cheaper as it’s just 3 years payments than repaying it in an IVa or DMP. The credit union one i’d Personally try to repay as that’s borrowing from someone like you or me and no big company is that right? Peer to peer lending? I’d feel bad for them loosing all that money.

But anyway deffo seek help and I wish you luck for sorting it.

Mrhuk

I've had to add a finance for DFS, although it's in her name it's a household commitment

Our groceries and toiletries etc are likely to be £150ish every week, do you really only spend £92 per week on groceries Inc top ups etc?

I do have one more question, how likely are they to ask for evidence of my wife's income? We spoke about it all last night and although I know how much she earns she's made it clear doesn't want to be involved, including handing over bank statements and payslips

Clouds88

They only usually want proof if you say it’s less than 50% contributions so if she owns more just say 50/50?

We do spend more some weeks but I just take it from other areas of our budget, for example the £50 clothes they allow for all of us, using that for food. I asked for £450 but they declined and said £400. Might be different for you though. It is an agreement between you and your partner. Also the dfs will probably won’t be allowed but your surplus will be divided by two of you and your partner can then pay for the DFS out of her surplus.

Good luck with it all

Clouds88

Sorry I meant if she earns more not owns lol

broaps

With respect to the cost of food and toiletries, we claimed £457 per month for 2 oaps. I was ready to explain that I am coeliac and have to follow a gluten-free diet but the OR didn't query it at all.

Have a look back at the posts by DebtDoctor, who seems to have an inside track to these things.

Mrhuk

To be fair debt doctor advised me to put £700 so that's why I put it that high

My wife earns 30% roughly as she's part time and does school runs everyday which works out well for us but if OR asks it'll put us in a 50/50 split, I have tried to explain the consequences but stubborn as she is she won't have anything to do with it