Bankruptcy SOA
Y4MLN
Forumite 15 Posts
Hi All,
Firstly I would like to thank everyone on this forum, it has been really helpful.
After thinking long and hard I have decided to apply for bankruptcy. I have began to fill the online application out and I had a few questions in regards to the SOA.
I am scared I will be asked to create IPA, my contract at work finishes in march 2022 and also I have just become engaged. In the SOA, I have put 150 for entertainment which is about £35 a week for expenses relating too going out on weekends. Will this be allowed? In addition to this I have put down 186 down in the holiday column for me to save up for my wedding. Again will this be allowed? What do you guys think of the SOA?
Many thanks n advance!
Firstly I would like to thank everyone on this forum, it has been really helpful.
After thinking long and hard I have decided to apply for bankruptcy. I have began to fill the online application out and I had a few questions in regards to the SOA.
I am scared I will be asked to create IPA, my contract at work finishes in march 2022 and also I have just become engaged. In the SOA, I have put 150 for entertainment which is about £35 a week for expenses relating too going out on weekends. Will this be allowed? In addition to this I have put down 186 down in the holiday column for me to save up for my wedding. Again will this be allowed? What do you guys think of the SOA?
Many thanks n advance!
Household Information[/b]
Number of adults in household........... 5
Number of children in household......... 3
Number of cars owned.................... 4[b]
Monthly Income Details[/b]
Monthly income after tax................ 1686.93
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 1686.93[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 75
Telephone (land line)................... 10
Mobile phone............................ 70
TV Licence.............................. 10
Satellite/Cable TV...................... 25
Internet Services....................... 30
Groceries etc. ......................... 150
Clothing................................ 60
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 100
Car maintenance (including MOT)......... 100
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 20
Entertainment........................... 150
Holiday................................. 186
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1686[/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
MBNA...........................14023.....0.........0
MBNA...........................5730.3....0.........0
LLOYDS.........................4902.1....0.........0
FIRSTSOURCE....................950.......0.........0
HMRC...........................850.......0.........0
CREATIVE.......................600.......0.........0
VIRGIN MONEY...................4000......0.........0
HSBC...........................4500......0.........0
BARCLAYCARD....................3333......0.........0
SANDTANDER.....................7000......0.........0[b]
Total unsecured debts..........45888.4...0.........- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 1,686.93
Expenses (including HP & secured debts). 1,686
Available for debt repayments........... 0.93
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 0.93[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,888.4[b]
Net Assets.............................. -45,888.4[/b]
0
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Replies
- If entertainment (150) includes activities for the kids you *might" be allowed it, but I doubt you will be allowed £35 a week for going out. (When I spoke to a debt advisor they suggested £20 for me as a single person would be okay).
- 186 is a lot for a holiday, I don't know whether you would be allowed that much. (For comparison, as a single person I was advised £20). You won't be allowed to save up for a wedding. I don't want to sound harsh, but a wedding is a luxury - you could have a small registry office ceremony and a proper do in a few years' time?
- If you get an IPA set and your financial circumstances/income change for the worse, it can be reduced or stopped altogether.
thank you for your comments,
the car is my mothers but I pay for the upkeep.
I understand the wedding being a luxury and will amend that accordingly,
Petrol is high, is there a reason why? I can also see presents, holidays and entertainment being reviewed.
Home and Utilities
Rent - 200
Council Tax -50
Gas - 50
Electric - 50
Water - 25
Total £375
Healthcare
Asthma Inhalers - 30
Dentist - 20
Total £50
Food and Housekeeping
Groceries - 200
Toiletries - 20
Meals at work - 30
Total £350
Transport and Travel
Insurance - 100
tax - 30
MOT and Maint - 50
fuel and parking £340 travel £7 each way plus parking some days
Total £520
Personal & Leisure
Clothing - 60
Hair - 20
Internet - 30
Phone - 70 in a contract
laundry - 50
hobbies leisure and sport 150
Total Expenses £1675
Total Income - £1686.93