Help with SOA?

[mummytotwo]

Hello,
My husband and I are going BR next month. Please could someone let me know whether our SOA seems reasonable? My husband has been lent a car by his father which we maintain and insure, hence the car costs but it not being an asset.
I also have a question about inheritance........if we were to have an IPA and we inherited some money would we have to give it all to the OR? Does it make a difference whether we were discharged or undischarged?
Thank you in advance

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.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1580
Benefits................................ 438
Other income............................ 0
Total monthly income.................... 2018
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 125
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 35
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 40
Total monthly expenses.................. 2019

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
85000..........................0.........0........ .0
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,018
Expenses (including HP & secured debts). 2,019
Available for debt repayments........... -1
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -1
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

[Pixie]

Re: Help with SOA?

Hi mummytotwo

I'm not au fait with the rules etc surrounding BR but I'll see if I can get someone who is to have a look at your SOA.

[Never-In-Doubt]

Re: Help with SOA?

What's your debt liability as things stand?

[philnicandamy]

Re: Help with SOA?

Hello,
My husband and I are going BR next month. Please could someone let me know whether our SOA seems reasonable? My husband has been lent a car by his father which we maintain and insure, hence the car costs but it not being an asset.
I also have a question about inheritance........if we were to have an IPA and we inherited some money would we have to give it all to the OR? all depends on a few things really...Does it make a difference whether we were discharged or undischarged? it can
Thank you in advance

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.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1580
Benefits................................ 438
Other income............................ 0
Total monthly income.................... 2018
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 134
Electricity............................. 40 this seems a little low will this cover winter?
Gas..................................... 40 ditto...
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 125
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 35
Car maintenance (including MOT)......... 45
Car parking............................. 0
Other travel............................ 20 whats this?
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10 has this accidental damage cover as well?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 40
Total monthly expenses.................. 2019

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
85000..........................0.........0........ .0
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,018
Expenses (including HP & secured debts). 2,019
Available for debt repayments........... -1
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -1
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

a couple of bits may be lowered but looking at it now seems alright...although the OR may question 2 lots of allowances for car use if only your husband is using etc

[mummytotwo]

Re: Help with SOA?

What's your debt liability as things stand?

Together we owe approx £85000 all unsecured. We have been paying token £1 payments for the last 18 months whilst scrambling to raise the fees, and finally can take the plunge.

[Deepie]

Re: Help with SOA?

I Know what Niddys thinking......

[Pixie]

Re: Help with SOA?

Together we owe approx £85000 all unsecured. We have been paying token £1 payments for the last 18 months whilst scrambling to raise the fees, and finally can take the plunge.

There are users on here who have debts far more than that.

Have you looked at all your options? For example, have you looked into unenforceability?

When were your debts taken out? You may not need to go BR.

[mummytotwo]

Re: Help with SOA?

Thank you everyone for your quick response x

a couple of bits may be lowered but looking at it now seems alright...although the OR may question 2 lots of allowances for car use if only your husband is using etc

The SOA is a joint one (I know that we have to do seperate on the forms) so there will only be one set of car costs. It is just my husband who uses the car for work. On the forms, we are planning to mirror the SOA's, does this sound right.........keep getting conflicting advice!

The other travel £20 is for bus fares for me so that I can get into town occasionally.

House insurance does include acc damage. The gas/elec costs are the ddebits and I have just reviewed that with npower based on the last 6 months, so should be ok. Can I allow for more even though my DD is for £80?

When you say that the inheritance scenario depends on a few things, can you be more specific?

[mummytotwo]

Re: Help with SOA?

There are users on here who have debts far more than that.

Have you looked at all your options? For example, have you looked into unenforceability?

When were your debts taken out? You may not need to go BR.

The debts were taken out over the last 8 years, usual story of consolidation and NR together mortgage. I have not looked into unenforceability but I just want it over with now and don't want this situation to drag out any further! Our debts are nearly 4 times our income so did not think we had any other option.

[mummytotwo]

Re: Help with SOA?

I Know what Niddys thinking......

I don't!!

[Pixie]

Re: Help with SOA?

Niddy would be thinking about unenforceability

As Flowerpower says, it depends firstly on when the debts were taken out.

[mummytotwo]

Re: Help with SOA?

5 of them were taken out between 2000 and 2006. The final 2 in 2008 and 2009.

My husband has just reminded me that we will also have a mortgage shortfall debt of approx £30k (how did I forget that). Our house is being sold through our lenders AVS scheme and we have just exchanged on it, and waiting to complete in the next couple of weeks. My SOA is based on our rental property that we have been living in for the last 12 months. Have sort of forgotten that we actually own a house.......mortgage company have been fantastic and have not hassled us at all despite being 12 months in arrears!!

So I guess that total debt is £115K approx, of which £55K is after 2007 and is enforceable? So still think BR is my only option but would be happy to be told otherwise!

[Pixie]

Re: Help with SOA?

The one's taken out between 2000 and 2006 are likely to be unenforceable but, with possible enforceable debts of £55K, I'm not sure what would be your best option.

I'm sure Niddy will know but the final decision is up to you and your husband.

[Never-In-Doubt]

Re: Help with SOA?

Together we owe approx £85000 all unsecured. We have been paying token £1 payments for the last 18 months whilst scrambling to raise the fees, and finally can take the plunge.

So why not consider ue first - nothing to lose, nothing at all.

[Never-In-Doubt]

Re: Help with SOA?

Edit

Just seen the house sale post. It would appear BR and a fresh start is probably best here based on loss of house as things stand.

I'd look to do the same. Different if you had the house or cars etc but to be fair a clean break seems a good option here.

We'll be able to help and support you through it. Whatever you need please just shout. We have a few BR's here with amazing experience.

Best of luck.