SOA - Please Advise

Hi all, 

Preparing everything now to go bankrupt. Please review my SOA below.

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 
Number of cars owned.................... 0[b]

Monthly Income Details[/b]
Monthly income after tax................ 1740.62
Partners monthly income after tax....... 4000
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 5740.62[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 241
Electricity............................. 400
Gas..................................... 0
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 0
Mobile phone............................ 64.5
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 39.95
Groceries etc. ......................... 250
Clothing................................ 40
Petrol/diesel........................... 30
Road tax................................ 0
Car Insurance........................... 42.73
Car maintenance (including MOT)......... 5
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 30
Entertainment........................... 16
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1642.18[/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]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
British Gas - Residen..........648.69...(0)........0<
HMRC...........................1001.9...(0)........0<
V12............................2714.9...(0)........0<
Pra Group (Uk) Ltd ............12412....(0)........0<
Pra Group (Uk) Ltd ............18060....(0)........0<
Link Financial.................1921.6...(0)........0<
Bumper.........................289.24...(0)........0<
118 118 Money Loans............7483.....(0)........0[b]
Total secured & HP debts...... 44531.33..-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR[b]
Total unsecured debts..........0.........0.........-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 5,740.62
Expenses (including HP & secured debts). 1,642.18
Available for debt repayments........... 4,098.44
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 4,098.44[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 0
Total HP & Secured debt................. -44,531.33
Total Unsecured debt.................... -0[b]
Net Assets.............................. -44,531.33[/b]

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

Comments

  • Brie
    Brie Posts: 9,271
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    My first thought was that your partner's income at £4000 is too perfect to be correct.

    Next thought is it would be good to see what you're actually paying on your debts, monthly amount & APR.

    And lots of things I would have expected a couple to have as expenses are missing.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • binksy3024
    binksy3024 Posts: 8
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    Our finances are seperate and I don't know the full ins and outs of her finances. She owns multiple property and its rough figure. I read that as it's myself being bankrupt, her finances won't really come into it. Our rent is £2750 in total which she mostly pays. She also pays 367 a month for her car.

    I've just had my DMP closed for failure to make payment for 3 months so not currently paying anything
  • Brie
    Brie Posts: 9,271
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    Ah!  That accounts for my confusion.  Perhaps you could note on it that "partner pays in full" or the percentage and eliminate their income as well if finances are separate.  And am I right in thinking that you alone pay the full council tax and electricity for your shared home??
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • luvchocolate
    luvchocolate Posts: 3,240
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    No car but expenses for one 
    .


  • enthusiasticsaver
    enthusiasticsaver Posts: 15,302
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    If your partner and you keep separate finances should you have her income on there at all?

    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.
    Link to soa: https://www.lemonfool.co.uk/financecalculators/soa.php

    #1 1p savings challenge 2024 £82.56/£671.61
    #1 Save £12k in 2024 £2500/ £12000
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,302
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    Also the electricity looks really high or do you have arrears? . 

    I think that will read that you have £4k left to go towards debts so surely bankruptcy would not be approved on that soa?   All the soas I have seen for bankruptcy shows very little disposable income. 

    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.
    Link to soa: https://www.lemonfool.co.uk/financecalculators/soa.php

    #1 1p savings challenge 2024 £82.56/£671.61
    #1 Save £12k in 2024 £2500/ £12000
  • binksy3024
    binksy3024 Posts: 8
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    Brie said:
    Ah!  That accounts for my confusion.  Perhaps you could note on it that "partner pays in full" or the percentage and eliminate their income as well if finances are separate.  And am I right in thinking that you alone pay the full council tax and electricity for your shared home??
    I pay alone for it but I basically said, I'll get the bills and you get the rent. 
  • luvchocolate
    luvchocolate Posts: 3,240
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    Have you spoke to one of the debt free charities?
    I think that should be your start 
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