SOA Help please

SP2019

Hello everyone


Im hoping you can offer me some advice on my SOA. I have spoken with the National Debt Helpline and they have advised that bankruptcy will be the best way forward for me. My debts have accumulated over the years slowly, mostly things for the children when I was training, but now they are spiraling and I have no money at all and no credit to supplement me. I am a single mum of 2 children who are 11 and 17. I work full time and rent social housing.
My biggest worry is my car, its a lease with 12 months on, I really need it for my job, will I be allowed to keep it? If not could I lease another car via work (no credit check required) this way would cost more but its something I cant do without.


If you have any advise please let me know.
Thank you


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2206
Partners monthly income after tax....... 0
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2286
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 170
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 65
TV Licence.............................. 13
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 520
Clothing................................ 40
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 80
Car maintenance (including MOT)......... 30
Car parking............................. 30
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 80
Holiday................................. 30
Emergency fund.......................... 45
Total monthly expenses.................. 2288

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(170)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds loan....................18500.....480.......NaN
lloyds card....................10200.....215.......NaN
barclays.......................8000......115.......NaN
tesco..........................1200......40........NaN
mbna...........................4500......100.......NaN
mbna...........................6000......130.......NaN
HSBC...........................5000......115.......NaN
Total unsecured debts..........53400.....1195......-

Monthly Budget Summary
Total monthly income.................... 2,286
Expenses (including HP & secured debts). 2,288
Available for debt repayments........... -2
Monthly UNsecured debt repayments....... 1,195
Amount short for making debt repayments. -1,197
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -53,400
Net Assets.............................. -53,400
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

mwarby

Entertainment is maybe a bit high
Your satellite/cable bill, does that include internet ? If so should be split on BR forms (or they'll think you just have an expensive TV package)
Car maintenance seems a bit low, might cover servicing, but what about tires etc
Whats the 80 in other child expenses ?

Regarding the car, you may need to convince the OR that its required and not simply more convenient than public transport. Given its £170 a month and maintenance is quite low there's a good argument for keeping it (a cheap used car won't free up much each month, and will cost more to run)

SP2019

Hello


Yes, that is for the TV, broadband and phone, I will amend.


The £80 child expenses is for my daughters bus pass, £10pw and school dinners, £2.50per day


I didn't think of tyres, I was only thinking of the service. would £45 be ok to put, and reduce the entertainment to £65, do you think?


I need to travel to offices that are up to 75 mils away, on a weekly basis so a reliable car really is necessary, unfortunately. I can show proof of the other offices, and that in my work contract I need to travel to offices that are not accessible by public transport.
Thank you.

mwarby

Re what figure you put down, its up to you what you can justify. Some is a matter of fact eg rent, others like car maintenance is a bit more variable. Just use your best estimate with a little contingency (like don't assume the car will pass MOT every time with no repairs)

You might find that the school meals will be incorporated into the groceries, £520 seems perhaps a little high. what about school trips, extra circular activity etv

Is £15 for medical enough for 3 people thats £60 each for dentist, prescription, glasses, other medication it feels a little bit tight

[Deleted User]

I was allowed to keep my car during bankruptcy 10 years ago, it was on HP and worth about £3k at the time and I was paying about £200 a month for it. Likewise it was essential for work purposes.