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  • FIRST POST
    • spark1971
    • By spark1971 12th Mar 18, 11:23 PM
    • 10Posts
    • 2Thanks
    spark1971
    SOA help please
    • #1
    • 12th Mar 18, 11:23 PM
    SOA help please 12th Mar 18 at 11:23 PM
    Hi,
    I have completed my online bankruptcy form but have not submitted it yet.
    I have used the info from the BR form to do this SOA. I havent included my husbands wages on the SOA as it looked like there was lots of money left over, his take home is similar to mine and he pays the majority of the rent and I pay 45 towards it and all bills and stuff for the kids.

    Please can you look at the amounts and let me know if I am too low on any of them. The internet, landline and tv are 80 per month on a package, I have tried to split them for the form.
    Clothing is mainly the kids school uniforms and 20 per month.

    My wages have been a bit awkward to work out as I get paid either 4 weeks or 5 weeks, my tax seems to double on a 5 week month. I have taken a 4 and 5 week month and divided by 9.

    Please have a look and let me know, thanks



    [font=courier new]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 (in hubby's name but I am main user, its 10 years old)

    Monthly Income Details

    Monthly income after tax................ 1132.5
    Partners monthly income after tax....... 0
    Benefits................................ 148.85
    Other income............................ 0
    Total monthly income.................... 1281.35


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 45
    Management charge (leasehold property).. 0
    Council tax............................. 140
    Electricity............................. 40.5
    Gas..................................... 40.5
    Oil..................................... 0
    Water rates............................. 29.83
    Telephone (land line)................... 20
    Mobile phone............................ 19
    TV Licence.............................. 12.5
    Satellite/Cable TV...................... 40
    Internet Services....................... 20
    Groceries etc. ......................... 360
    Clothing................................ 50
    Petrol/diesel........................... 70
    Road tax................................ 10
    Car Insurance........................... 34
    Car maintenance (including MOT)......... 30
    Car parking............................. 2.5
    Other travel............................ 0
    Childcare/nursery....................... 87.5
    Other child related expenses............ 122
    Medical (prescriptions, dentist etc).... 32.6
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 9.25
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 33.33
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1248.51



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 1,281.35
    Expenses (including HP & secured debts). 1,248.51
    Available for debt repayments........... 32.84
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 32.84


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -0
    Net Assets.............................. 0
Page 1
    • LincsPaul
    • By LincsPaul 14th Mar 18, 8:15 PM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    • #2
    • 14th Mar 18, 8:15 PM
    • #2
    • 14th Mar 18, 8:15 PM
    One problem here is that you've left your partner's (husband's) income off the form but it needs to be included as you are a household. It doesn't matter if he pays x% of the rent and you pay x% of the bills. You have to divide up all expenditure equally according to your income.. i.e. if you both earn the same you are responsible for 50% each. It will make everyone's life simpler if you adjust your forms to suit this!

    Bills seem very reasonable anyway. The form is annoying as the insolvency manual specifically says that the OR looks kindly on people who have TV/phone/broadband as a money-saving package, and yet it forces you to split it. Make sure you mention this if it's brought up.

    Put car parking up. 5-10 a week shouldn't cause an eyelid to be batted. Do you ever use a bus or train? Perhaps a little bit for public transport.

    Add a holiday fund, maybe 20 a month. Emergency fund of 10 a month too. Presents 10 a month. One I did was 'domestic expenses' i.e. when your kettle breaks and you need a new one... 20 a month. No harm in adding it, I've not heard of these small amounts being refused.

    The wages issue... either add up everything for a year and divide it into 12, or do the same with the last 3 months. I earn a different amount every month and of course the tax wavers about a bit. The OR simply said 'work out your average earnings' - no guidance as to how to do that - so I did it my way and they were fine
    • haggis0073
    • By haggis0073 15th Mar 18, 7:41 AM
    • 160 Posts
    • 118 Thanks
    haggis0073
    • #3
    • 15th Mar 18, 7:41 AM
    • #3
    • 15th Mar 18, 7:41 AM
    i agree with above, when you do your BR forms online you will need to enter his income regardless

    So if you include his income then we can see what % you should be paying towards the bills and then help/advice from there

    Also are your children at school, if so you need to budget for school uniforms/stationary (that really adds up over the year)
    • spark1971
    • By spark1971 15th Mar 18, 7:30 PM
    • 10 Posts
    • 2 Thanks
    spark1971
    • #4
    • 15th Mar 18, 7:30 PM
    • #4
    • 15th Mar 18, 7:30 PM
    Thanks for replies, I have redone the SOA. Any more tips?

    Statement of Affairs and Personal Balance Sheet[/b]

    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................ 1132.5
    Partners monthly income after tax....... 1077
    Benefits................................ 148.85
    Other income............................ 0
    Total monthly income.................... 2358.35


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 800
    Management charge (leasehold property).. 0
    Council tax............................. 140
    Electricity............................. 40.5
    Gas..................................... 40.5
    Oil..................................... 0
    Water rates............................. 29.83
    Telephone (land line)................... 20
    Mobile phone............................ 19
    TV Licence.............................. 12.5
    Satellite/Cable TV...................... 40
    Internet Services....................... 20
    Groceries etc. ......................... 360
    Clothing................................ 50
    Petrol/diesel........................... 70
    Road tax................................ 10
    Car Insurance........................... 34
    Car maintenance (including MOT)......... 30
    Car parking............................. 2.5
    Other travel............................ 0
    Childcare/nursery....................... 87.5
    Other child related expenses............ 122
    Medical (prescriptions, dentist etc).... 32.6
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 9.25
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 33.33
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2003.51



    Assets

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


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,358.35
    Expenses (including HP & secured debts). 2,003.51
    Available for debt repayments........... 354.84
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 354.84


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -0[b]
    Net Assets.............................. 0[/b
    • LincsPaul
    • By LincsPaul 17th Mar 18, 7:50 PM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    • #5
    • 17th Mar 18, 7:50 PM
    • #5
    • 17th Mar 18, 7:50 PM
    You haven't added any of the small items I suggested. Up to you if you want to pay an IPA!

    Your income and your partner's are broadly similar (about 51/49%) so IF you want to avoid an IPA you need to increase household expenses by about 200, as benefit income is not included.

    Not sure if 360 of food for a month is a bit low for a family of 4? If you are including cleaning products, toiletries etc too.

    Got a pension fund at work you can start contributing to?
    • spark1971
    • By spark1971 17th Mar 18, 9:15 PM
    • 10 Posts
    • 2 Thanks
    spark1971
    • #6
    • 17th Mar 18, 9:15 PM
    • #6
    • 17th Mar 18, 9:15 PM
    The benefit income is child benefit, does it still not count?
    I have a work pension,I was paying an additional 10 per month by direct debit and recently changed to 15, how high could I go?

    How come on this SOA it includes my husbands wages but on the BR form it doesnt? Copied income/expenditure section from BR form

    Your Income
    Amount per month
    Self employed income
    Start

    Salary or wages 1180.27
    Benefits and tax credits 148.85
    Pensions 0.00
    Other income

    Household income 1166.75 ( i did my husbands income wrong on the SOA, hes paid 4 weekly, this is the monthly amount)
    Your income 1329.12
    Your household's total income 2495.87
    Expenses
    Amount per month
    Home and utilities 317.58
    Pension, insurance and health care 66.60
    Food and housekeeping 360.00
    Transport and travel 151.50
    Childcare and maintenance 260.83
    Personal and leisure 182.50
    Regular savings, fines and other expenses 0.00
    Total
    1339.01

    Following the approval of your bankruptcy application the Official Receiver/Trustee in Bankruptcy will consider whether or not you should be asked to make a contribution to your bankruptcy estate from future income. From the information you have entered it is not currently expected that you be asked to make such payments. A final determination will be made following appropriate scrutiny of your income and expenditure, and the above is indicative only. Such contributions could be sought if your financial circumstances change prior to discharge from bankruptcy
    • LincsPaul
    • By LincsPaul 18th Mar 18, 12:01 PM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    • #7
    • 18th Mar 18, 12:01 PM
    • #7
    • 18th Mar 18, 12:01 PM
    From April the minimum contribution for a workplace pension goes up from 1% to 3%, direct from your salary not your bank account. 10/15 a month seems rather small so not sure what's going on there.

    The OR cannot claim any kind of benefit income, as far as I'm aware, so it's discounted - although if it's child benefit and you have child-related expenditure on your SOA I'm not sure how that works. Perhaps someone knows?

    I thought the BR application forms were designed for household income, and you just put your husband's income in a separate box so the OR knows.
    • debt doctor
    • By debt doctor 18th Mar 18, 6:18 PM
    • 4,254 Posts
    • 5,932 Thanks
    debt doctor
    • #8
    • 18th Mar 18, 6:18 PM
    • #8
    • 18th Mar 18, 6:18 PM
    Hi,

    You need to add 300 pm to your groceries, your current figure is ridiculously low!
    Benefits are included in an IPA calculation, and expenses can be claimed against them. Any actual IPA in payment can only come from the earned (or pension) income.
    If someone is wholly reliant on benefits then no IPA can be sought.

    DD
    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 ***
    • spark1971
    • By spark1971 18th Mar 18, 10:10 PM
    • 10 Posts
    • 2 Thanks
    spark1971
    • #9
    • 18th Mar 18, 10:10 PM
    • #9
    • 18th Mar 18, 10:10 PM
    Really? I'd be OK with 600 a month for food etc? it seems a lot.

    It would take me into a negative figure, will the OR question me about it?

    I'm really nervous about all this, I'm planning on submitting just after Easter when I have been paid again and most of my direct debits have come out on the 3rd and I can get the rest of my wages out in cash to see me through.
    • LincsPaul
    • By LincsPaul 19th Mar 18, 9:46 AM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    Thanks DD - I didn't realise benefits could be included in the calculation if there were other streams of income as well.

    Thinking about it, 360 a month for 4 people is 22.50 each per week. Do-able but bear in mind this includes toiletries, laundry products, house cleaning products AS WELL as food and drink. If you increase it, all they can do is move it down a bit.
    • haggis0073
    • By haggis0073 19th Mar 18, 1:30 PM
    • 160 Posts
    • 118 Thanks
    haggis0073
    i would put groceries down as 600pm, clothing at 60pm, car parking 20pm, presents 30pm, school uniform (if they are at school) 20pm, fuel costs 100pm, car maintanance 35-40pm

    If you go into a negative figure then say you are still working out your budget and will be seeking financial advice, say you will be looking to try and reduce the grocery budget to help things balance but at the same time you feel the figure you entered is reasonable

    I had a negative on my forms and this is exactly what i said (thanks to good advice from DD) and they never questioned it
    • spark1971
    • By spark1971 19th Mar 18, 10:10 PM
    • 10 Posts
    • 2 Thanks
    spark1971
    Thanks for all the advice.
    • MalMonroe
    • By MalMonroe 21st Mar 18, 11:36 PM
    • 68 Posts
    • 60 Thanks
    MalMonroe
    Hello, you seem to have been bombarded with information. But if you call StepChange, 0800 138 1111, they will help you so much. You've done all the hard work, listed all your expenditures, etc. StepChange are excellent, they helped me when I was at rock bottom. And because they are an accredited company, if they deal with other organisations, they are well respected and listened-to. It'll save you having to put any more personal info on here and have people go on at you, which is the very last thing you need. I know, I've been there. After I'd spoken to a lady called Carolyn at StepChange, I could sleep at night. Please do phone them, I was amazed at how much they helped and advised me. Without being judgmental. Such a relief. Good luck but you won't need it if you contact StepChange.
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