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  • FIRST POST
    • srg0916
    • By srg0916 5th Mar 18, 1:16 PM
    • 13Posts
    • 3Thanks
    srg0916
    SOA help
    • #1
    • 5th Mar 18, 1:16 PM
    SOA help 5th Mar 18 at 1:16 PM
    Hi people, I posted previously asking for help. I'm in process of applying for bankruptcy the following is my SOA
    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1421
    Partners monthly income after tax....... 700
    Benefits................................ 80
    Other income............................ 0
    Total monthly income.................... 2201


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 378
    Management charge (leasehold property).. 0
    Council tax............................. 82
    Electricity............................. 40
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 30
    TV Licence.............................. 13
    Satellite/Cable TV...................... 25
    Internet Services....................... 30
    Groceries etc. ......................... 350
    Clothing................................ 50
    Petrol/diesel........................... 300
    Road tax................................ 25
    Car Insurance........................... 79
    Car maintenance (including MOT)......... 37
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 50
    Other child related expenses............ 10
    Medical (prescriptions, dentist etc).... 22
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 7
    Life assurance ......................... 30
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100
    Haircuts................................ 14
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 20
    Total monthly expenses.................. 1802



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1400
    Other assets............................ 0
    Total Assets............................ 1400


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    barlcayloan....................21500.....0........ .0
    barclaycard....................11750.....0........ .0
    creation financial.............196.2.....0.........0
    ikano bank ....................2912.81...0.........0
    Total unsecured debts..........36359.01..0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,201
    Expenses (including HP & secured debts). 1,802
    Available for debt repayments........... 399
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 399


    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,400
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -36,359.01
    Net Assets.............................. -34,959.01


    Please take a look and see if I have missed anything out.
    We have two cars which i pay the car insurance, mot and servicing costs for both cars but i only own one of them.
    Whats peoples thoughts?
Page 1
  • National Debtline
    • #2
    • 5th Mar 18, 5:58 PM
    • #2
    • 5th Mar 18, 5:58 PM
    Hi srg1906,


    Ultimately, this will be at the discretion of the Official Receiver, and they will have the final say on your figures. From what you have listed, you have also done a joint budget, but if only you are going bankrupt, remember not all of the surplus will be yours. You earn approximately double what your partner does, so it would stand to reason you will pay more of the expenses but this also means you would have approximately 2/3 of the surplus.


    On the SOA you have posted, the Christmas and birthdays budget does seem a bit high, but other than that, the only other expense would seem particularly high would be the travel, and I would imagine, they will break down the running costs of each car.

    Please bear in mind that your assets are at risk in bankruptcy, and this includes vehicles. If you car is worth more than 1000, it is more likely to be at risk of being sold to form part of the bankruptcy. (You may be able to buyer a cheaper vehicle at the OR's discretion).


    Hope that helps. Based on your situation you may also be able to consider an IVA, if you wanted to.


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • debt doctor
    • By debt doctor 5th Mar 18, 7:00 PM
    • 4,254 Posts
    • 5,934 Thanks
    debt doctor
    • #3
    • 5th Mar 18, 7:00 PM
    • #3
    • 5th Mar 18, 7:00 PM
    Hi,

    You are selling yourself very short on groceries - 600pm is reasonable for 2 adults and a child.
    You could have another 50 pm on clothing too.

    DD
    Last edited by debt doctor; 05-03-2018 at 7:03 PM.
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • TheGardener
    • By TheGardener 5th Mar 18, 7:01 PM
    • 2,302 Posts
    • 2,201 Thanks
    TheGardener
    • #4
    • 5th Mar 18, 7:01 PM
    • #4
    • 5th Mar 18, 7:01 PM
    Your partners income doesn't need to be included as such. The OR will apportion the percentage of costs based on the income - you earn approx. 50% more than your partner so the OR will expect you to pay around 75% of the household expenditure.
    Obviously avoiding an IPA is the main thing:
    Car parking - everyone pays car parking somewhere - even 1 trip to town a week costs me 10 a month - put something in for parking
    Holidays - are allowed, put in a figure for this - something modest though mind.
    Up the emergency fund a little
    No water rates..?
    With a little one you can manage and extra 50 on the housekeeping
    Clothing - add a bit more there
    Car - need more on maintenance - 37 barely covers the MOT let alone tyres/exhaust etc
    Are the cars owned outright? what are the worth?
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