SOA Help

paul_and_shark

How will it work as my wife is not going BR and all debts are in my name only, as her income is a lot less than mine

ont=courier new]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 569
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2219

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 376.87
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 35
Gas..................................... 28
Oil..................................... 0
Water rates............................. 42.2
Telephone (land line)................... 19
Mobile phone............................ 37.42
TV Licence.............................. 12.83
Satellite/Cable TV...................... 20
Internet Services....................... 24
Groceries etc. ......................... 600
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 11.66
Car Insurance........................... 21
Car maintenance (including MOT)......... 30
Car parking............................. 15
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7.5
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 50
Holiday................................. 25
Emergency fund.......................... 30
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1829.48


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 card....................5000......125.......0
Credit card....................9100......115.......0
Paypal.........................900.......15........0
Overdraft......................400.......21.5......0
Loan...........................20500.....601.......0
Total unsecured debts..........35900.....877.5.....-


Monthly Budget Summary
Total monthly income.................... 2,219
Expenses (including HP & secured debts). 1,829.48
Available for debt repayments........... 389.52
Monthly UNsecured debt repayments....... 877.5
Amount short for making debt repayments. -487.98

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -35,900
Net Assets.............................. -35,900

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

terrence45

I think your share of bills is pro-rata'd according to income so looking at your incomes you'd pay approx 74% of the bills and your wife 26%. Someone will correct me if I'm wrong.

Are the bills you give just for you, or for you both?

Entertainment isn't usually permitted by the OR and I think presents might need to come down a bit.

No doubt you have your reasons for going bankrupt, but you have nearly £400 a month to go towards your debts, and fall approx £500 short. You could pay off more if you really cut down on groceries, holiday, car, satellite TV etc. Have you tried talking to the banks/credit card companies about your intentions and whether they'd cut you a deal? They might listen if you're serious about going bankrupt and they stand to get nothing.

MovingForwards

How much is your car worth as you haven't included that as an asset.

paul_and_shark

MovingForwards wrote: »

How much is your car worth as you haven't included that as an asset.

It is on finance , so will get took off me , it will probably have a small shortfall on its value against what is owed , that’s why I left it out, but will need a run around to get to work and back

paul_and_shark

terrence45 wrote: »

I think your share of bills is pro-rata'd according to income so looking at your incomes you'd pay approx 74% of the bills and your wife 26%. Someone will correct me if I'm wrong.

Are the bills you give just for you, or for you both?

Entertainment isn't usually permitted by the OR and I think presents might need to come down a bit.

No doubt you have your reasons for going bankrupt, but you have nearly £400 a month to go towards your debts, and fall approx £500 short. You could pay off more if you really cut down on groceries, holiday, car, satellite TV etc. Have you tried talking to the banks/credit card companies about your intentions and whether they'd cut you a deal? They might listen if you're serious about going bankrupt and they stand to get nothing.

If those figures were accepted , would I end up with an IPA ?

Bills are nearly all mine !!!

Entertainment figures and others like holiday and emergency fund were taken from other SOA I have seen on here which were seen by debt doctor and he did not object.

His imput would be greatly appreciated

Oliver2809006

If you've more than £20 surplus a month i understand an IPA will be set up.

terrence45

By "Bills are nearly all mine" do you mean that is your fair share based on the 74/26% income calculation, or just that in real life you pay them? Because for the purposes of SOA calculations, real life doesn't matter (with bankruptcy, real life doesn't matter - in my experience it's very much a paper and box-ticking exercise).

So, based on the figures you gave at the beginning, if these are all your share of the bills, then you won't get an IPA because you're operating at a loss. This is fine, as it's a small loss and you'd be expected (in real life) to cut back a little on groceries etc in order to survive going forward.

FYI if you get into such a situation, I believe Debt Doctor's advice is to NOT SIGN any IPA of less than £100. The OR will not bother wasting their time and money taking you to court for such a trivial amount.

Singlemumm

can I ask what if you do NOT sign IPA less then £100, for example OR says I have to pay £49, what’s happening then pls?
Should I explain why I m not agree to pay this “surplus “ or so?
will they try to ask for IPO then?
thank u

mwarby

They could ask for an IPO but given its 36 x 50 = £1800 the thinking is that this amount isn't worth the trouble of going to court for

This doesn't mean the OR will just rollover, they may come on strong to try and get you to agree, and they could take you to court

TheGardener

You need to aim to have a zero balance. Yes - all domestic expenditure is prorata so you will be expected to cover around 65% and your partner around 35%
Gas and electricity look low - very small place? very well insulated? does this figure rise in the winter?
House keeping might be a smidge high (unless there on special diet for medical reasons) - try reducing that a bit and put it on gas and leccy.

Have you stopped paying your creditors? How fast could you save enough for a cheap (<£1000) car? Without a car all the car related expenses will be disallowed.

Are you sure you have covered all medical costs? Dental/prescriptions/optician?

Any rent or council tax rises expected in next 12 months?
Do you have a works pension you pay into?
Any union or professional development costs?