Can you advise on my SOA

I'm considering bankruptcy after years of financial problems. I've attached my SOA and wonder if anyone can give me advise if it looks reasonable?
I haven't included my debts as there are too many to list but they add up to approx £42K of unsecured loans, credit cards etc.
I rent privately with my 2 children aged 14 and 18.
Obviously not everything is totally accurate at the moment as my daughter isn't at school so I don't need to pay for school dinners or bus fares and i'm on 80% wage so I have put in the amounts as they usually are. My 18 yr old son will be going to Uni in Sept so my grocery bill, hair & clothing will reduce but so will my Universal Credit and Child Maintenance.
My car is worth approx £3500 but is owned/bought by my Mother about 4 years ago and she is the registered owner. I pay for insurance etc.
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[/b]
Monthly income after tax................ 566
Partners monthly income after tax....... 0
Benefits................................ 1201
Other income............................ 210
Total monthly income.................... 1977

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 675
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 47
Gas..................................... 50
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 13
Satellite/Cable TV...................... 14
Internet Services....................... 30
Groceries etc. ......................... 390
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 11
Car Insurance........................... 37
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 35
Childcare/nursery....................... 0
Other child related expenses............ 56
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 21
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 30
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Washer/Dryer HP......................... 42
Toiletries.............................. 20
School dinners.......................... 40
Total monthly expenses.................. 1974

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........£42K +

Monthly Budget Summary
Total monthly income.................... 1,977
Expenses (including HP & secured debts). 1,974
Available for debt repayments........... 3
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 3

[b]Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 3,500


Replies

  • mwarbymwarby Forumite
    2K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    Clothing is perhaps a bit low for 3 people, 2 of which are kids, meaning clothing won’t last long

    im not sure your allowed an entertainment budget

    your washer dryer, are you sure that’s not an unsecured credit arrangement (if you got it for curry’s or similar it’s not HP, and the debt would be included in bankruptcy)


    if put 20 or 30 as emergency fund

    whats the other child expenses?
  • MorfxMorfx Forumite
    89 Posts
    10 Posts First Anniversary Name Dropper
    Agreed as above, I wouldn't be surprised if they see you mobile contract a high too @ £60 monthly.
  • mwarbymwarby Forumite
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    I’m guessing that’s a contract and top ups for the kids, if you look at it as a £40 contract and 2x£10 tip ups for kids doesn’t seem to bad
  • Flora_McDoraFlora_McDora Forumite
    39 Posts
    10 Posts Second Anniversary
    Child expenses - £6 school uniform, £10 school visits/trips and £10 each child pocket money and £20 for their hobbies.
    The washer/dryer is from Brighthouse and if I stop paying due to bankruptcy they may take it away.
    £60 is for 3 mobiles.
    Does that make sense?
    Thanks Flora x
     
  • debt_doctordebt_doctor Forumite
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    Hi,
    Any IPA is calculated by using the Standard Financial Statement (SFS) and its allowances which are determined by the size and make up of the bankrupt and their family. The allowances are not available to the public, but as a debt adviser, they are available to me and other debt advisers, and of course to the Insolvency Service.
    I see nothing wrong with your expenses (groceries a bit low) and do not believe an IPA should be proposed in your case. If an IPA is proposed, you should not agree to it and seek further help.
    DD 
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
  • Flora_McDoraFlora_McDora Forumite
    39 Posts
    10 Posts Second Anniversary
    Thank you everyone x
  • macmanmacman Forumite
    48.4K Posts
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    I wonder how much that washer/dryer has cost the OP over the full term RTB at £42pm?
    I for one will be glad to see the end of Brighthouse rip-off financing.
    No free lunch, and no free laptop ;)
  • Flora_McDoraFlora_McDora Forumite
    39 Posts
    10 Posts Second Anniversary
    Hi,
    Any IPA is calculated by using the Standard Financial Statement (SFS) and its allowances which are determined by the size and make up of the bankrupt and their family. The allowances are not available to the public, but as a debt adviser, they are available to me and other debt advisers, and of course to the Insolvency Service.
    I see nothing wrong with your expenses (groceries a bit low) and do not believe an IPA should be proposed in your case. If an IPA is proposed, you should not agree to it and seek further help.
    DD 
    I just want to check something before I submit my application in mid June (when I have saved enough for the fee) with this SOA.
    I have included my daughters travel to school and school dinners (39 weeks divided by 12 months) however, she wont be at school now until Sept due to Covid19 so does this need adjusting as she will miss 5 weeks?
    Thanks 
    Flora x
  • mwarbymwarby Forumite
    2K Posts
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    I think the difference is small enough not to worry about really. You arguably are facing an increased expense of feeding her at home, and any materials you have had to use home schooling
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