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Preparing for bankruptcy - a few questions (SOA included)
Options
adz2ka
Posts: 6 Forumite
Hi all,
Due to certain circumstances and where I am in life, I’ve thoroughly explored my options and I believe bankruptcy is the best option for me.
Before I submit the application, I want to be in the best place to ensure it’s a simple and stress-free experience, especially when dealing with the OR. I have a few questions to begin with:
- My friend is allowing me to stay at theirs and we have a rent agreement in place. Do I need to get official documentation for this? Additionally, is the OR concerned at a friend being a private landlord, or do they not delve into this too much? (All the figures in the SOA are based on an average of the past 3 month bills so are fairly accurate)
- Having a car is absolutely essential for my job. Currently, my mum has got me a car on lease in her name. I know this probably wouldn’t sit well with the OR, so what sort of things do I need to be aware of here. (This also covers the high fuel costs I have, as I do a lot of travelling for work)
- I have tried to be fairly reasonable with additional expenses in there. I understand there will be room for movement with non essential expenses, but if you have any guidance on any figures I’ve put down, please feel free to suggest.
- What sort of documentation do I need to prepare - I already know I won’t have statements from a couple of my creditors as they stopped sending letters about 9 months ago so I’m guessing I will need to contact these and request them. Is there anything else I need to prepare?
Here is my SOA. Again, I’ve tried to be reasonable but I believe there’s room for small movement.
Due to certain circumstances and where I am in life, I’ve thoroughly explored my options and I believe bankruptcy is the best option for me.
Before I submit the application, I want to be in the best place to ensure it’s a simple and stress-free experience, especially when dealing with the OR. I have a few questions to begin with:
- My friend is allowing me to stay at theirs and we have a rent agreement in place. Do I need to get official documentation for this? Additionally, is the OR concerned at a friend being a private landlord, or do they not delve into this too much? (All the figures in the SOA are based on an average of the past 3 month bills so are fairly accurate)
- Having a car is absolutely essential for my job. Currently, my mum has got me a car on lease in her name. I know this probably wouldn’t sit well with the OR, so what sort of things do I need to be aware of here. (This also covers the high fuel costs I have, as I do a lot of travelling for work)
- I have tried to be fairly reasonable with additional expenses in there. I understand there will be room for movement with non essential expenses, but if you have any guidance on any figures I’ve put down, please feel free to suggest.
- What sort of documentation do I need to prepare - I already know I won’t have statements from a couple of my creditors as they stopped sending letters about 9 months ago so I’m guessing I will need to contact these and request them. Is there anything else I need to prepare?
Here is my SOA. Again, I’ve tried to be reasonable but I believe there’s room for small movement.
[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]
Monthly Income Details[/b]
Monthly income after tax................ 2050
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 2050[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 10
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 40
Groceries etc. ......................... 230
Clothing................................ 35
Petrol/diesel........................... 220
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 40
Emergency fund.......................... 20
Car Lease............................... 246[b]
Total monthly expenses.................. 1955[/b]
[b]
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0[b]
Total Assets............................ 0[/b]
[b]
No Secured nor Hire Purchase Debts[/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR[b]
Total unsecured debts..........0.........0.........- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,050
Expenses (including HP & secured debts). 1,955
Available for debt repayments........... 95
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 95[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0[b]
Net Assets.............................. 0[/b]
[i]Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
Obviously I’ve not filled in the debts, but essentially it’s 28k over 6 creditors.
Any help would be greatly appreciated.
Obviously I’ve not filled in the debts, but essentially it’s 28k over 6 creditors.
Any help would be greatly appreciated.
0
Comments
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Currently, my mum has got me a car on lease in her name.- the OR will not let you pay your mum for the lease as it is not in your name they will assume that money would available for an IPAA DMP may be your best option at the moment if you wish to keep paying your mum for the lease.
0 -
You will also need a tenancy agreement in place0
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It looks like you're renting a room but paying for all the council tax, electricity and gas? You wouldn't be allowed to pay for the lease for the car as you are not the owner. Also the tv license wouldn't be allowed as the house owner would pay that.0
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Just to clarify do you lodge at your friends ie: you rent a room and have use of the kitchen and bathroom OR do you rent the whole property and have sole use of it?
Also do you live in an expensive area ie: London/South East?0 -
Sorry I should readjust my figures. The council tax is correct, so half the total (144pcm) and for my share of Gas and Electric1 it is half that, so I will adjust to 27 for each of those.
For clarification, I rent a room and have full use of the kitchen and bathroom. I have a tenancy agreement in place that my friend drafted and I signed once I moved in so I think I should be covered for that.
The car situation I anticipated, I will resolve that with my mum. Is there anything else I should be aware of?
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If a lot of your mileage is for work, do you not claim these as expenses?0
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You SOA shows you have cash spare each month (albeit only £95) and no debts.
I'm struggling to understand why you would consider bankruptcy when you have no creditors?0 -
"Obviously I’ve not filled in the debts, but essentially it’s 28k over 6 creditors."nerox said:You SOA shows you have cash spare each month (albeit only £95) and no debts.
I'm struggling to understand why you would consider bankruptcy when you have no creditors?
Now a gainfully employed bassist again - WooHoo!0 -
You really need to completely the SOA including debts0
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