SOA and can i do this by myself?

Live_more_work_less · 11 April 2019 at 7:48PM

Hi
Got myself into debt and now starting to default on payments. Need a fresh start as spent far to much of my time worrying about debt. Any help is much appreciated! Been reading this forum and have prepared a statement of affairs. Can i apply to be bankrupt myself or do i need a charity/organisation to do this for me? How long does it take to process bankruptcy? anything wrong with my statement of affairs? maybe mobile looks expensive, its £8 daughter and £35 each for me and partner.

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 788.16
Partners monthly income after tax....... 880
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 1750.16

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 322
Management charge (leasehold property).. 0
Council tax............................. 119
Electricity............................. 59
Gas..................................... 45
Oil..................................... 0
Water rates............................. 75
Telephone (land line)................... 0
Mobile phone............................ 78
TV Licence.............................. 12
Satellite/Cable TV...................... 46
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 80
Petrol/diesel........................... 75
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 25
Emergency fund.......................... 25
School dinner money..................... 40
Total monthly expenses.................. 1752

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds loan....................8200......0.........0
lloyds CC......................8500......0.........0
sainsburys cc..................3000......0.........0
lloyds overdraft...............200.......0.........0
Tax............................8000......0.........0
Vat............................3300......0.........0
Total unsecured debts..........31200.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,750.16
Expenses (including HP & secured debts). 1,752
Available for debt repayments........... -1.84
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -1.84

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -31,200
Net Assets.............................. -30,400

Also will i be asked why i got into soo much debt? Is there anything i should or shouldn't say to the OR?
i was self employed on good money but due to poor health now work for an agency 3 days a week

Once again thanks for any advice, its forums like this that makes me feel there is a way out of the mess i have created.

TheGardener · 11 April 2019 at 8:10PM

Hi and welcome

Yes - you can do this yourself - most people do, you don't need a charity to do it for you. However, we always advise that you take free professional advice from one of the debt charities before you take the plunge. Stepchange, National Debtline or CAB (If your local CAB has good debt advice volunteers, my local CAB wasn't much help with debt but they have an excellent reputation locally for housing advice)

Your SoA looks fine to me - I would not expect a family on your income to get an IPA, if you do then come back here and ask for help before you sign/agree to it.

Have you read the stickies at the top of this board about bank accounts and making sure you sever any financial links like joint accounts before you submit the form etc?

Live_more_work_less · 11 April 2019 at 8:42PM

Thanks for the reply, i will have a read of the stickies.

We have no joint accounts, i did inquire at the CAB and they have a 4 week waiting list. i,forgot to put in the SOA i had 2 credit cards about 10 years ago that i owe about £4k on. i moved house and forgot to tell them. how would i get this included in the bankruptcy? do i have to do a credit report to check how much i owe and to who (they may have sold the debt)?

TheGardener · 12 April 2019 at 7:02AM

Yes, I know local CABs can be busy. All the charities have good websites and some have phone lines.

For Bankruptcy, you just need to provide as much info as you have to hand, any old historical debts will be included regardless of whether you specifically name them if they are eligible (i.e not student loans, CSA payments, court fines etc)

TimeToRebuild · 12 April 2019 at 8:38AM

First of all well done for taking the first step and reaching out to this board.

The people on this forum are extremely knowledgeable and non judgmental and will make the process a lot easier.

I went bankrupt in December 2017 and Discharged December 2018, it seems like right now there is no escape but it gets so much better.

1 rule, don't lie! just be honest, the OR Interview can seem daunting however they just need information, they will ask how you got into this position and what caused it, your case seems pretty simple, brought in good money, lived the lifestyle of your income, then lost the income, they won't judge.

I wont lie its a hard process and mentally draining but someone who has made it out the other end, it was the best decision i made.

Good Luck!

KeepOnKnitting · 12 April 2019 at 9:26AM

I am very far from being an expert on these matters, but you appear to have a very low income for two adults and one child. Are you getting all the benefits that you are entitled to? I worry that you could end up back in debt.

Live_more_work_less · 12 April 2019 at 2:01PM

KeepOnKnitting wrote: »

I am very far from being an expert on these matters, but you appear to have a very low income for two adults and one child. Are you getting all the benefits that you are entitled to? I worry that you could end up back in debt.

Hi thanks for the heads up, i did i benefit check and we are entitled to £20.90 a week tax credit. which will leave £19 to pay debts, so hopefully still qualify for bankruptcy. was looking at my SOA and some things are paid monthly and some 4 weekly will the OR examine these figures and find an extra few pounds to make me pay an IPA?

I just want to double check and get things right first time

BoGoF · 12 April 2019 at 2:08PM

Live_more_work_less wrote: »

Hi thanks for the heads up, i did i benefit check and we are entitled to £20.90 a week tax credit. which will leave £19 to pay debts, so hopefully still qualify for bankruptcy. was looking at my SOA and some things are paid monthly and some 4 weekly will the OR examine these figures and find an extra few pounds to make me pay an IPA?

I just want to double check and get things right first time

Would receipt of tax credits qualify your child for free school meals.

As a general note £500 seems high for groceries for 2 adults and 1 child. We are a family of 4 and spend about £400

ToxtethO'Grady · 12 April 2019 at 2:39PM

You have 2 debts with HMRC on your SOA.

Tax............................8000......0........ .0
Vat............................3300......0........ .0

Are you self-employed (sole trader/ partner/ director)?

If so BR could have a big impact on your business, you may also be given a bankruptcy restriction due to your debts with HMRC. This could extend the time you show as a bankrupt on the Insolvency Register for longer than the usual 15 months. Your debts are still written off after a year you'd just be showing/ classed as a undischarged BR for 2-15 years.

If you are self-employed the best people to get advice from are https://www.businessdebtline.org/

TheGardener · 12 April 2019 at 3:12PM

On such a low income - even with extra benefits - you should not get an IPA - if you do it will be outrageous and you must come back here and let us know as the IPA can be challenged.

Clouds88 · 12 April 2019 at 3:47PM

It might be worth looking at UC if you can get it in your area. I took home the same pay as you both combined last month and would have still got an additional £355 based on the housing costs in my area being £550 from the council and having one child.

SOA and can i do this by myself?

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