Our SOA, Can you take a look?

Sammy3008 · 24 June 2009 at 9:02PM

Have just done the SOA calculation. So any advice more than welcome. (Updated)

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 169
Other income............................ 0
Total monthly income.................... 1919

Monthly Expense Details
Mortgage................................ 495
Council tax............................. 84
Electricity............................. 35
Gas..................................... 58
Water rates............................. 31
Telephone (land line)................... 25
Mobile phone............................ 15
TV Licence.............................. 12
Internet Services....................... 10
Groceries etc. ......................... 500
Clothing................................ 80
Petrol/diesel........................... 120
Road tax................................ 18
Car Insurance........................... 28
Car maintenance (including MOT)......... 2
Car parking............................. 5
Other travel............................ 10
Other child related expenses............ 37
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 10
Contents insurance...................... 10
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Holiday................................. 50
Child Maintanence....................... 200
Total monthly expenses.................. 1902

Assets
Cash.................................... 1000
House value (Gross)..................... 65000
Car(s).................................. 4000
Total Assets............................ 70000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 75028....(495)......6.49
Total secured & HP debts...... 75028...

Unsecured Debts
Description:
Unsecured Loan...............23800
Total unsecured debts..........23800

Monthly Budget Summary
Total monthly income.................... 1,919
Expenses (including HP & secured debts). 1,902
Available for debt repayments........... 17
Monthly UNsecured debt repayments....... 155
Amount short for making debt repayments. -138

Personal Balance Sheet Summary
Total assets (things you own)........... 70,000
Total HP & Secured debt................. -75,028
Total Unsecured debt.................... -23,800
Net Assets.............................. -28,828

tigerfeet2006 · 24 June 2009 at 9:04PM

First of all who is going BR? You or your OH?

JCS1 · 24 June 2009 at 9:08PM

Also, does the DMP payments relate to someone who is not going BR?

Sammy3008 · 24 June 2009 at 9:15PM

tigerfeet2006 wrote: »

First of all who is going BR? You or your OH?

My hubby would be the one going BR.

JCS1 wrote: »

Also, does the DMP payments relate to someone who is not going BR?

The DMP payments, relate to both me and hubby, the debts were all in his name, however these debts included an overdraft with the old bank, and we were joint account holders, so I had to be included on the plan, otherwise that bank wouldn't have accepted the Plan.

JCS1 · 24 June 2009 at 9:18PM

Sammy3008 wrote: »

The DMP payments, relate to both me and hubby, the debts were all in his name, however these debts included an overdraft with the old bank, and we were joint account holders, so I had to be included on the plan, otherwise that bank wouldn't have accepted the Plan.

Ok, the DMP on your SOA - any element of this that relates to your Husbands debts won't be paid any more after he goes bankrupt.

Is it yourself or your husband that works?

Sammy3008 · 25 June 2009 at 10:33AM

JCS1 wrote: »

Ok, the DMP on your SOA - any element of this that relates to your Husbands debts won't be paid any more after he goes bankrupt.

Is it yourself or your husband that works?

My husband works, I am a Full time housewife.

Tristesse · 25 June 2009 at 10:37AM

Satellite TV will have to come out of any surplus but your grocery budget looks small. £450 - £500 is reasonable for a family of four.

Take off the money you are paying to the DMP if this is an SOA for bankruptcy and also increase clothing to £80 and haircuts to £30. You will be allowed to include money towards a cheap UK holiday, maybe £50. The OR expects you to have a decent standard of living post-bankruptcy

tigerfeet2006 · 25 June 2009 at 10:59AM

How much of that DMP was joint debt? and how much do you have in your name?

Sammy3008 · 25 June 2009 at 12:02PM

Tristesse wrote: »

Satellite TV will have to come out of any surplus but your grocery budget looks small. £450 - £500 is reasonable for a family of four.

Take off the money you are paying to the DMP if this is an SOA for bankruptcy and also increase clothing to £80 and haircuts to £30. You will be allowed to include money towards a cheap UK holiday, maybe £50. The OR expects you to have a decent standard of living post-bankruptcy

Thank you will re-do another one later

Sammy3008 · 25 June 2009 at 12:03PM

tigerfeet2006 wrote: »

How much of that DMP was joint debt? and how much do you have in your name?

Only the Hsbc Overdraft facility was in joint names, so I guess thats all I am responsible for?? The limit on that I believe is £2500.00.

Ok I have updated my SOA. I have excluded our DMP, so the debts we have with them, do I also need to add these to our DMP?

philnicandamy · 25 June 2009 at 12:14PM

Yep....fraid so.....if the account was joint & your in the OD then because your OH is going BR the debt will then fall to you

Our SOA, Can you take a look?

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