SOA Help & Advice Needed
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Posts: 5 Forumite
So the time has come to pull my head from the sand and stop hiding. Feel ashamed as I have worked all my life (which is a fair few years now) and have got to admit defeat with my debts.
Could you please have a look below and see if it looks ok please? I am concerned about my pension payment, it's a works pension which I have to opt in and can't currently opt out of. Thank you all in advance.
Household Information]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1]
Monthly Income Details[/b]
Monthly income after tax................ 1698
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1698
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 20
Mobile phone............................ 29
TV Licence.............................. 13
Satellite/Cable TV...................... 28
Internet Services....................... 22
Groceries etc. ......................... 300
Clothing................................ 35
Petrol/diesel........................... 160
Road tax................................ 13.12
Car Insurance........................... 30.86
Car maintenance (including MOT)......... 30
Car parking............................. 20
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4.92
Life assurance ......................... 0
Other insurance......................... 5.45
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 20
Pension................................. 12]
Total monthly expenses.................. 1697.35
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 350
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Credit Card...............14000.....380.......0
Barclaycard....................12000.....350.......0
AIB Credit Card................6000......250.......0
New Day Finance ...............850.......100.......0
HSBC Bank Person A/C...........150.......50........0
HSBC Bank Account O/D..........300.......50........0
HSBC Credit Card...............6000......250.......0
Creation Credit Card...........5200......200.......0
Total unsecured debts..........44500.....1630......-
Monthly Budget Summary
Total monthly income.................... 1,698
Expenses (including HP & secured debts). 1,697.35
Available for debt repayments........... 0.65
Monthly Unsecured debt repayments....... 1,630
Amount short for making debt repayments. -1,629.35
Personal Balance Sheet Summary
Total assets (things you own)........... 350
Total HP & Secured debt................. -0
Total Unsecured debt.................... -44,500
Net Assets.............................. -44,150
Could you please have a look below and see if it looks ok please? I am concerned about my pension payment, it's a works pension which I have to opt in and can't currently opt out of. Thank you all in advance.
Household Information]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1]
Monthly Income Details[/b]
Monthly income after tax................ 1698
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1698
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 20
Mobile phone............................ 29
TV Licence.............................. 13
Satellite/Cable TV...................... 28
Internet Services....................... 22
Groceries etc. ......................... 300
Clothing................................ 35
Petrol/diesel........................... 160
Road tax................................ 13.12
Car Insurance........................... 30.86
Car maintenance (including MOT)......... 30
Car parking............................. 20
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4.92
Life assurance ......................... 0
Other insurance......................... 5.45
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 20
Pension................................. 12]
Total monthly expenses.................. 1697.35
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 350
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Credit Card...............14000.....380.......0
Barclaycard....................12000.....350.......0
AIB Credit Card................6000......250.......0
New Day Finance ...............850.......100.......0
HSBC Bank Person A/C...........150.......50........0
HSBC Bank Account O/D..........300.......50........0
HSBC Credit Card...............6000......250.......0
Creation Credit Card...........5200......200.......0
Total unsecured debts..........44500.....1630......-
Monthly Budget Summary
Total monthly income.................... 1,698
Expenses (including HP & secured debts). 1,697.35
Available for debt repayments........... 0.65
Monthly Unsecured debt repayments....... 1,630
Amount short for making debt repayments. -1,629.35
Personal Balance Sheet Summary
Total assets (things you own)........... 350
Total HP & Secured debt................. -0
Total Unsecured debt.................... -44,500
Net Assets.............................. -44,150
0
Comments
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Not sure if this would be an issue but your pension contributions look really low. Workplace pensions should ask you to pay in as a minimum 2% of your pay - I would be therefore considering whether you could put more into your pension.
You should opt in as you have the matched contributions from your employer. It's valuable in the sense that it's free money. If you are not paying your debt, I would implore you to at least take advantage of this if at all possible.
I can't believe you would be able to pay for Sky/Virgin at £28 a month but not allowed to pay the minimum amount into a workplace pension scheme.0 -
Well done for tackling the problems.
I do however not that you've asked this forum the same questions on three separate occasions in the last six months? Maybe it would help telling us how you've adapted since you decided in January that it's time to sort this out and maybe someone can see where you're going wrong (if at all). Please don't get me wrong, i'm certainly not having a dig, but maybe the problem lies there?
A few questions below:
Could you possibly live without the car? On first glance, it looks like you own it but i'm guessing its old? If and when it fails, you may rely on credit again to fix it?Number of cars owned.................... 1
Petrol/diesel........................... 160
Road tax................................ 13.12
Car Insurance........................... 30.86
Car maintenance (including MOT)......... 30
Car parking............................. 20
Assets
Car(s).................................. 350
Do you defiantly need a landline and mobile?Telephone (land line)................... 20
Mobile phone............................ 29
Internet Services....................... 22
Ditch itSatellite/Cable TV...................... 28
With out causing offence...I would say this could be halved for a person living on their own. My bills about that for a family of three and we eat well.Groceries etc. ......................... 300
Nice, but possibly unnecessary?Presents (birthday, christmas etc)...... 20Unsecured Debts
Description....................Debt......Monthly.. .APR
MBNA Credit Card...............14000.....380.......0
Barclaycard....................12000.....350...... .0
AIB Credit Card................6000......250.......0
New Day Finance ...............850.......100.......0
HSBC Bank Person A/C...........150.......50........0
HSBC Bank Account O/D..........300.......50........0
HSBC Credit Card...............6000......250.......0
Creation Credit Card...........5200......200.......0
Total unsecured debts..........44500.....1630......
With out knowing your circumstance, this seems to me like a large amount of debt for a single person with apparently no children... I'm not asking where it has come from, but if theres a reason for it, has this been dealt with before trying to start repaying?
Is it feasible to get a second part time job?
Good luck anyway!0 -
Your S.O.A looks fine to me.
My pension was actually 6% of my salary and the examiner was ok with that.
An S.O.A for B.R is all about putting down what you actually spend at the moment.
If the O.R agrees with it any cut backs to pay for the odd night or a takeaway are up to you.
We are allowed a reasonable standing of living.
Good luck0 -
Engineer87 wrote: »Well done for tackling the problems.
I do however not that you've asked this forum the same questions on three separate occasions in the last six months? Maybe it would help telling us how you've adapted since you decided in January that it's time to sort this out and maybe someone can see where you're going wrong (if at all). Please don't get me wrong, i'm certainly not having a dig, but maybe the problem lies there?
A few questions below:
Could you possibly live without the car? On first glance, it looks like you own it but i'm guessing its old? If and when it fails, you may rely on credit again to fix it?
Do you defiantly need a landline and mobile?
Ditch it
With out causing offence...I would say this could be halved for a person living on their own. My bills about that for a family of three and we eat well.
Nice, but possibly unnecessary?
With out knowing your circumstance, this seems to me like a large amount of debt for a single person with apparently no children... I'm not asking where it has come from, but if theres a reason for it, has this been dealt with before trying to start repaying?
Is it feasible to get a second part time job?
Good luck anyway!
I'm going to presume that as you are on the bankruptcy forum not the Debt-Free Wannabe forum then you have posted your SOA with a view to not paying an IPA. If so, ignore pretty much all the advice above as it will make it more likely that you will get an IPA.
As for if your expenses are high enough, they look ok to me but there will be people on here with a lot more experience than me.0 -
luvchocolate wrote: »Your S.O.A looks fine to me.
My pension was actually 6% of my salary and the examiner was ok with that.
An S.O.A for B.R is all about putting down what you actually spend at the moment.
If the O.R agrees with it any cut backs to pay for the odd night or a takeaway are up to you.
We are allowed a reasonable standing of living.
Good luck
Up your pension if the above is true and start building for your retirement.0 -
I'm going to presume that as you are on the bankruptcy forum not the Debt-Free Wannabe forum then you have posted your SOA with a view to not paying an IPA. If so, ignore pretty much all the advice above as it will make it more likely that you will get an IPA
I stand corrected, I didn't notice that. Good luck0 -
Thank you so much everyone for your comments and help here. It's great to know there are people to turn to online as well as in the public domain.
Engineer87, thanks for the comments and observations. I don't think I have asked exactly the same questions 3 times though to be honest. Yes I have since January been in a position where I have tried everything before pressing the button. I currently have 3 jobs that I have been working mainly 7 days a week to try and help my situation. I physically now can't work any more hours and my health has been effected.
I live in a very rural part of the country and don't have access to reliable and frequent public transport so the car is really needed for my job. I need a landline mainly for my broadband connection which run together and the mobile for work. Groceries include meals at work as well as home, all my cleaning and washing products as well as toiletries. The £20 for presents I didn't seem as unreasonable compared with other SOA's I have seen.
Yes I agree the debt is rather large and totally my doing. I have always been a worker and never unemployed in my long life, I did though go from a job that paid nearly 3 times my current salary to near basic rate for a few years. There was no other alternatives. During this time sadly I had to use many credit cards to keep afloat, there was my big error which I deeply regret.
Thank you though again for all your help here everyone.0 -
One person. £300.Number of adults in household........... 1
Number of children in household......... 0
Groceries etc. ......................... 300
I'd like to just point out that if you were on JSA you'd be getting £316 to live off in TOTAL. That'd be to pay all your bills, costs, eating, clothes, repairs, everything you can think of; your whole life would have to be run on £316/month.
That £300 is somewhere you can look at to shave money off to spend on more things of more importance to you. You could probably shave £200 off that ... and still eat incredibly well. If I spent £100/month on food I'd be eating out in that budget too!0 -
PasturesNew wrote: »One person. £300.
I'd like to just point out that if you were on JSA you'd be getting £316 to live off in TOTAL. That'd be to pay all your bills, costs, eating, clothes, repairs, everything you can think of; your whole life would have to be run on £316/month.
That £300 is somewhere you can look at to shave money off to spend on more things of more importance to you. You could probably shave £200 off that ... and still eat incredibly well. If I spent £100/month on food I'd be eating out in that budget too!
Hi your housekeeping budget is fine, this S.O.A is for B.R the object is to put down what you spend, after its approved you can cut back if needed for a treat.
Its not the debt free wannabe board we are not looking at cutting costs at this time ...we are allowed a reasonable standard of living0
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