CAB recommending bankruptcy (SOA page 3)

135

Comments

  • allthe7s
    allthe7s Posts: 187 Forumite
    Sixth Anniversary 100 Posts
    I am going to keep the car go bankrupt at the end of this month (or apply online anyway) and let the OR decide if the car needs to be sold or if my parents can just pay the OR the interest in it. 

    I am not trying to hide anything from anyone and hope it doesnt come across that I am. 

    With the kids bank accounts I can prove that they are theirs and that I've never contributed so I will leave them with my name aswell as theirs on as I wouldn't want it to look like I was hiding anything. 

    Going to post up my SOA in a moment, I will do one if I was on my own and one if my boyfriend moves in and contributes.

    Thank you for all of your help so far everyone 
    Preparing to go bankrupt April 2020
  • allthe7s
    allthe7s Posts: 187 Forumite
    Sixth Anniversary 100 Posts
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 2 (1 adult sized 1 young teen)
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1000
    Partners monthly income after tax....... 0
    Benefits................................ 887
    Other income............................ 0[b]
    Total monthly income.................... 1887[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 695
    Management charge (leasehold property).. 0
    Council tax............................. 122 (understand this won’t be paid)
    Electricity............................. 30
    Gas..................................... 30
    Oil..................................... 0
    Water rates............................. 24
    Telephone (land line)................... 0
    Mobile phone............................ 25 (mine and sons)
    TV Licence.............................. 12.66
    Satellite/Cable TV...................... 30
    Internet Services....................... 20
    Groceries etc. ......................... 450 (inc pet food)
    Clothing................................ 50 (inc expensive uniforms)
    Petrol/diesel........................... 150
    Road tax................................ 3 (currently - obviously will rise on a banger)
    Car Insurance........................... 46
    Car maintenance (including MOT)......... 30 (current car) 
    Car parking............................. 10
    Other travel............................ 60 (school bus)
    Childcare/nursery....................... 0
    Other child related expenses............ 40
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 15
    Buildings insurance..................... 0
    Contents insurance...................... 10
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 50
    Haircuts................................ 20
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 10[b]
    Total monthly expenses.................. 2002.66[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 4200
    Other assets............................ 0[b]
    Total Assets............................ 4200[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Tax credit overpaid............3500......40........0
    Very...........................1100......35........39
    Next...........................600.......50........23
    Loan (joint with ex)...........25000.....0.........13
    Credit card....................1700......40........20
    Credit card....................2600......60........17
    Credit card....................4200......110.......18[b]
    Total unsecured debts..........38700.....335.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,887
    Expenses (including HP & secured debts). 2,002.66
    Available for debt repayments........... -115.66
    Monthly UNsecured debt repayments....... 335[b]
    Amount short for making debt repayments. -450.66[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 4,200
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -38,700[b]
    Net Assets.............................. -34,500[/b]

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

    is there anything obviously wrong with this?
    Can someone please work out for me how much I would have left once no longer paying debts (if anything) 
    all suggestions welcome
    Preparing to go bankrupt April 2020
  • elsien
    elsien Posts: 35,532 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 12 February 2020 at 12:28AM
    Wrong reply, won't let me delete.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Galloglass
    Galloglass Posts: 1,288 Forumite
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    edited 12 February 2020 at 8:13AM
    With the car sold, and half the debt to the ex, it is getting close to DRO territory.
    Strip out the car costs and add in more public transport look like could make the £50 net per month too.
    The question will be "how to do that"?
    • All land is owned. If you are not on yours, you are on someone else's
    • When on someone else's be it a road, a pavement, a right of way or a property there are rules. Don't assume there are none.
    • "Free parking" doesn't mean free of rules. Check the rules and if you don't like them, go elsewhere
    • All land is owned. If you are not on yours, you are on someone else's and their rules apply.
    Just visiting - back in 2025
  • fatbelly
    fatbelly Posts: 22,605 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Galloglass said:
    With the car sold, and half the debt to the ex, it is getting close to DRO territory.
    Strip out the car costs and add in more public transport look like could make the £50 net per month too.
    The question will be "how to do that"?
    Sorry, she's way above the debt limit for a DRO. You can't just halve debts. It's joint and several liability.
    OP - your soa looks good and your minus 115 is offset by non-payment of council tax provided you go bankrupt after 5 April.
    Sorry I missed a page of this thread - the new site doesn't automatically bookmark you if  you post in a thread. I've  done it manually now.


  • Galloglass
    Galloglass Posts: 1,288 Forumite
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    edited 12 February 2020 at 7:18PM
    Apologies - missed the joint and several.
    • All land is owned. If you are not on yours, you are on someone else's
    • When on someone else's be it a road, a pavement, a right of way or a property there are rules. Don't assume there are none.
    • "Free parking" doesn't mean free of rules. Check the rules and if you don't like them, go elsewhere
    • All land is owned. If you are not on yours, you are on someone else's and their rules apply.
    Just visiting - back in 2025
  • mwarby
    mwarby Posts: 2,048 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 12 February 2020 at 7:18PM
    The key as fatbelly points out is joint and several. This means for say a joint account with an overdraft, the bank can persue either or both parties for 100% repayment, they don't go after 50% from each party. If one party was to go bankrupt the other party would be on the hook for 100%. The upshot being you can't claim for insolvency purposes that your debt is 50% share your liability is for 100%
  • allthe7s
    allthe7s Posts: 187 Forumite
    Sixth Anniversary 100 Posts
    It's so strange I feel like I am all geared up and ready to go but now I am waiting for the new tax year. So I am now going to stop paying my minimum payments and use the money I save each month to buy things I need (normally would buy on Very or Next because I wouldn't have any money spare, but obviously  stopping using credit) like a new kettle and microwave which I've been putting off adding to credit 
    Preparing to go bankrupt April 2020
  • allthe7s
    allthe7s Posts: 187 Forumite
    Sixth Anniversary 100 Posts
    I have just realised I should have done my SOA without debts so I took them off on the stoozing site and it says I am going to be £66 a month short. Should I leave the SOA as it is and if they question how I will manage??  or should I shave it off some of the categories now so they don't query it? 

    Preparing to go bankrupt April 2020
  • fatbelly
    fatbelly Posts: 22,605 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    allthe7s said:
    I have just realised I should have done my SOA without debts so I took them off on the stoozing site and it says I am going to be £66 a month short. Should I leave the SOA as it is and if they question how I will manage??  or should I shave it off some of the categories now so they don't query it? 

    OP - your soa looks good and your minus 115 is offset by non-payment of council tax provided you go bankrupt after 5 April. I'd leave it as it is.
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