SOA & Wife, Help needed

Bluecar2 · 18 March 2019 at 9:07PM

I was wondering if someone can explain to me how I have to submit my soa, As a family we have my income my wifes income which is basically half mine and a bit comes in from our 2 sons as board,
Do we put all the totals down or just what my wife contributes after she pays her own bills ie: credit card, phone car insurance etc

debt_doctor · 18 March 2019 at 9:19PM

Hi,

My understanding of how the IS currently operate is that they will want all of the income (x4) and then all of the reasonable expenses of the family. Your wifes debts and costs (she's NOT bankrupt??) need to be included in the outgoings.
The IS will then see what the surplus is (if any) and pro rata that surplus based upon the ratio of income between the two of you.

Put your SOA up on here then we can have a look.

As a guide, you need to be thinking of £800+ for housekeeping (groceries etc) for a family of 4.

Edit - for income I mean couple x 2 and contribution (board) from Sons.

DD

Bluecar2 · 18 March 2019 at 9:29PM

ok thanks i will try and get an soa put up on here in the next couple of days when i have all the figures together,
My wife has been doing some overtime during the last couple of months as a necessity for work as they are short staffed but this will end within a couple of months when they get back up to full staff, Do I include this OT as it will be shortlived

debt_doctor · 18 March 2019 at 9:33PM

My view on the overtime is that by the time you have provided your SOA on here, then to the IS, argued about it (if neccessary) then by the time any potential IPA was in place, the income would be gone.

We will look at your SOA when posted.

DD

Bluecar2 · 19 March 2019 at 9:28PM

Here is our joint Soa
The other income is from our children as board, I have included all my wifes costs as well which i can breakdown if needed

Household Information[/b]
Number of adults in household........... 4
Number of children in household.........
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1520
Partners monthly income after tax....... 619
Benefits................................ 0
Other income............................ 200
Total monthly income.................... 2339

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 509.5
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 139
Gas..................................... 0
Oil..................................... 0
Water rates............................. 65
Telephone (land line)................... 0
Mobile phone............................ 68.84
TV Licence.............................. 12.95
Satellite/Cable TV...................... 0
Internet Services....................... 38
Groceries etc. ......................... 640
Clothing................................ 30
Petrol/diesel........................... 240
Road tax................................ 14.5
Car Insurance........................... 68
Car maintenance (including MOT)......... 68
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 88
Buildings insurance..................... 0
Contents insurance...................... 29
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 10
Holiday................................. 20
Emergency fund.......................... 20
Costco subscription..................... 2.5
Total monthly expenses.................. 2272.29

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1800
Other assets............................ 0
Total Assets............................ 1800

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Wifes Credit card..............491.......55.71.....0
Wifes Credit card..............788.......43.01.....0
Lowel..........................0.........50........0
Total unsecured debts..........1279......148.72....-

Monthly Budget Summary
Total monthly income.................... 2,339
Expenses (including HP & secured debts). 2,272.29
Available for debt repayments........... 66.71
Monthly UNsecured debt repayments....... 148.72
Amount short for making debt repayments. -82.01

Personal Balance Sheet Summary
Total assets (things you own)........... 1,800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,279
Net Assets.............................. 521

Minkym00 · 19 March 2019 at 11:09PM

If you have a monthly deficit then the OR will be concerned and will ask how you will address this.

A bankrupt is only alllowed a car worth £1000 unless you have a solid reason why you need a car of that value. Only reasons relating to your job would be considered reasonable to be honest, you can’t just say that you need a reliable car...

Annie35 · 19 March 2019 at 11:30PM

Expenses looks ok I think, nothing out of proportion I don't think. Just to check, you haven't Put Your debt down right?

Your wife's cards don't have a high total really but payments seem high? Is there a way to reduce this over a longer time (Looks like they'll be cleared just over a year if not so maybe workable if needs be)
I guess overtime will be swallowed by the cc payments.

Car is a little over but if it's a joint car it's worth arguing your wife has her stake in it so I'd hope you'd just get questioned but left it.

Bluecar2 · 20 March 2019 at 6:52AM

There are 2 cars included, I own one and so does my wife, mine is worth approx £800 and hers £1000, I havent put my debts down as they are all in the bancruptcy

Annie35 · 20 March 2019 at 10:39AM

That makes sense, cars should be fine, doubt it'll even be questioned.

Don't worry too much as you get the chance to talk through your SOA in your phone interview.

debt_doctor · 20 March 2019 at 11:54PM

Hi,

I'll comment tomorrow night - saw this a bit late.

DD

debt_doctor · 21 March 2019 at 9:57PM

Hi,

You (as the bankrupt) will have to demonstrate a NEED for your car in order to be able to keep it. This would normally be need the vehicle for work where no suitable or reasonable public transport is available. A vehicle can also be exempt due to caring responsibilities, needs of children etc.

I don't see anything wrong with your SOA, It seems to me to fit within the allowances of your family.

Electricity seems a bit high but if you can show that this is the true cost then fine.

The two sons contributions seem rather low - are they working? Having said that I have never seen, and I also don't believe the Insolvency Service has the power, to insist on higher contributions from family members.

Seems ok.

DD

SOA & Wife, Help needed

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