BR - SoA Advice Please

[fiscalfool]

Hi All,

Following my thinking of going Bankrupt thread here:
Think I need to go BR! - allaboutFORUMS

I have decided to post my SoA to see how realistic my figures are, and if I am missing anything key.


Also based upon these figures, what is the likelyhood of an IPO?

Cheers

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income
Monthly income after tax................ 2860
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 401
Total Monthly Income.................... 3261

Monthly Outgoings
Mortgage................................ 487
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 50
Gas..................................... 30
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 500
Road tax................................ 40
Car Insurance........................... 80
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Buildings insurance..................... 11
Contents insurance...................... 16
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 17
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total Monthly Outgoings................. 2905


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 121000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 180000...(487)......0
Total secured & HP debts...... 180000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Cahoot Loan....................15000.....0.........0
Egg Credit Card................12000.....0.........0
BarclayCard Platinum...........3400......0.........0
Santander Loan - Car...........15000.....0.........0
BarclayCard Premier............12000.....0.........0
Total Unsecured Debts..........57400.....0.........-


Monthly Budget Summary
Total Monthly Income.................... 3,261
Total Monthly Outgoings................. 2,905
Available for Debt Repayments........... 356
Monthly Unsecured Debt Repayments....... 0
Amount left after debt repayments....... 356

Personal Balance Sheet Summary
Total assets (things you own)........... 121,000
Total HP & Secured debt................. -180,000
Total Unsecured debt.................... -57,400
Net Assets.............................. -116,400

Created using the Free SOA calculator at Welcome to allaboutDEBT.co.uk.
Reproduced for allaboutDEBT Forums with permission from allaboutDEBT, using other browser.

[confused76]

Re: BR - SoA Advice Please

Hi All,

Following my thinking of going Bankrupt thread here:
Think I need to go BR! - allaboutFORUMS

I have decided to post my SoA to see how realistic my figures are, and if I am missing anything key.


Also based upon these figures, what is the likelyhood of an IPO?

Cheers

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income
Monthly income after tax................ 2860
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 401
Total Monthly Income.................... 3261

Monthly Outgoings
Mortgage................................ 487 if you are looking to have the house repossessed you would only put the rent on
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 50
Gas..................................... 30
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 30not normally allowed except if needed for work or kids homework
Groceries etc. ......................... 250 300
Clothing................................ 50 60
Petrol/diesel........................... 500 this is very high, start keeping your receipts now as the OR will question this and ask for proof
Road tax................................ 40
Car Insurance........................... 80
Car maintenance (including MOT)......... 30 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0 £5 per week for any after school activities?
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Buildings insurance..................... 11
Contents insurance...................... 16
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 not allowed in br
Haircuts................................ 17
Entertainment........................... 60not allowed in br
Holiday................................. 0 70
Emergency fund.......................... 0 20
Total Monthly Outgoings................. 2905


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 121000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 180000...(487)......0
Total secured & HP debts...... 180000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Cahoot Loan....................15000.....0.........0
Egg Credit Card................12000.....0.........0
BarclayCard Platinum...........3400......0.........0
Santander Loan - Car...........15000.....0.........0
BarclayCard Premier............12000.....0.........0
Total Unsecured Debts..........57400.....0.........-


Monthly Budget Summary
Total Monthly Income.................... 3,261
Total Monthly Outgoings................. 2,905
Available for Debt Repayments........... 356
Monthly Unsecured Debt Repayments....... 0
Amount left after debt repayments....... 356

Personal Balance Sheet Summary
Total assets (things you own)........... 121,000
Total HP & Secured debt................. -180,000
Total Unsecured debt.................... -57,400
Net Assets.............................. -116,400

Created using the Free SOA calculator at Welcome to allaboutDEBT.co.uk.
Reproduced for allaboutDEBT Forums with permission from allaboutDEBT, using other browser.


ok i've made a start for you, these are the kinds of numbers you are looking at. hopefully some more people will comment in due course. when you exclude the current debt repayments you are looking at quite a high IPA amount...anything over £20 surplus would be taken, sorry... but you need to know this as there may be a more suitable option for you than bankruptcy xx

[jen_br]

Re: BR - SoA Advice Please

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income
Monthly income after tax................ 2860
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 401
Total Monthly Income.................... 3261

Monthly Outgoings
Mortgage................................ 487 Is there any way you can live at said house and therefore cut your expenses?
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 50
Gas..................................... 30
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 30
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 500
Road tax................................ 40 Is this per month?? that seems a lot what kind of car is this?
Car Insurance........................... 80
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 0 £5 per week for any after school activities? Is the child in nappies etc? surely you have some sort of child related costs?
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Buildings insurance..................... 11
Contents insurance...................... 16
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 17
Entertainment........................... 60
Holiday................................. 0 70
Emergency fund.......................... 0 20
Total Monthly Outgoings................. 2905


Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 121000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 180000...(487)......0
Total secured & HP debts...... 180000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Cahoot Loan....................15000.....0.........0
Egg Credit Card................12000.....0.........0
BarclayCard Platinum...........3400......0.........0
Santander Loan - Car...........15000.....0.........0
BarclayCard Premier............12000.....0.........0
Total Unsecured Debts..........57400.....0.........-


Monthly Budget Summary
Total Monthly Income.................... 3,261
Total Monthly Outgoings................. 2,905
Available for Debt Repayments........... 356
Monthly Unsecured Debt Repayments....... 0
Amount left after debt repayments....... 356

Personal Balance Sheet Summary
Total assets (things you own)........... 121,000
Total HP & Secured debt................. -180,000
Total Unsecured debt.................... -57,400
Net Assets.............................. -116,400

Just further to the above mentioned things.

[IF]

Re: BR - SoA Advice Please

Jen this is a BR SOA and not a money saving or any other plan.....they are very strict and quite generous at times with expenses xx

[philnicandamy]

Re: BR - SoA Advice Please

..still £40 quid a month on car tax?

[dojoman]

Re: BR - SoA Advice Please

The only thing I can add is the value of the car, there is no way the OR will allow you to keep a car of that value. Do you definitely need a car?

[jen_br]

Re: BR - SoA Advice Please

Oh I realise that I was just questioning the road tax.. its a lot thats all.

And wondered if living in the rental was a choice therefore maybe not go bankrupt as it frees up 700.00 and maybe some sort of agreement can be reached.

[fiscalfool]

Re: BR - SoA Advice Please

Hi All,

Thanks for the swift replies

some comments below

Mortgage................................ 487 if you are looking to have the house repossessed you would only put the rent on

Certainly considering getting it repo'd ... but as the tenant is due to leave soon, there would be no income and no mortgage, so a slightly different SoA as I'd also have to cancel the insurance once it had ceased to be my responsibility.

Internet Services....................... 30not normally allowed except if needed for work or kids

Oh right, I thought that Broadband was ok, it was Satellite TV that wasn't. Regardless, I'm employed to be an official homeworker. So I certainly need broadband for my job.

Groceries etc. ......................... 250 300
Clothing................................ 50 60

Is this for 1 adult and 1 child (although I only have him 50% of the time.

Petrol/diesel........................... 500 this is very high, start keeping your receipts now as the OR will question this and ask for proof

Certainly. I can give proof of my mileage and the MPG of the car. Currently doing circa 400 miles a week, and at 25mpg it's costing £95 to fill the tank. So a 5 week month is £450.

Car maintenance (including MOT)......... 30 40

Oh right, I didn't realise I could put more. That's helped.

Other child related expenses............ 0 £5 per week for any after school activities?

ah ok, he's not at school at the moment ... but will be next year.

Presents (birthday, christmas etc)...... 100 not allowed in br
Entertainment........................... 60not allowed in br
No problem ... I think the Entertainment is my rowing machine hire, rather than gym. Is there something that I could put it down as, under health grounds? Doctor advised me to get fit etc? Realise I might not be able to blag that one, and might have to consider it under any remaining disposable income if I'm left with any.

Holiday................................. 0 70
Emergency fund.......................... 0 20[B]

Oh excellent, I wasn't sure if I would be allowed a Holiday fund or Emergency fund.

ok i've made a start for you, these are the kinds of numbers you are looking at. hopefully some more people will comment in due course. when you exclude the current debt repayments you are looking at quite a high IPA amount...anything over £20 surplus would be taken, sorry... but you need to know this as there may be a more suitable option for you than bankruptcy xx

That is my concern. With the current UE, once I've got myself straight, I should have a fair amount of disposable income left each month. I don't think I could do an IVA, as the house would be kept.

Would I be classed as not suitable for BR based on these figures?

With an IPA, would they take 100% of my disposable income, so I have to stick rigidly to the SoA budget?

Mortgage................................ 487 Is there any way you can live at said house and therefore cut your expenses?

I'd rather not move back to that house. My current furniture wouldn't fit. Mentally I'd have to cope with going back 10 years of my life. The neighbours are awful. Plus there aren't enough bedrooms. My work requires me to have a dedicated room as an office. Then I need a room for my son, and one for myself. That house is a 2 bed, and a good hour from where I'm currently living. It's a great idea, but I'd hate it!

Road tax................................ 40 Is this per month?? that seems a lot what kind of car is this?

It's a large engined gas guzzler. It does 25 mpg, and has a performance engine. The annual tax is £460. So if I paid 6 monthly, then it would be more than £40 per month.

Other child related expenses............ 0 £5 per week for any after school activities? Is the child in nappies etc? surely you have some sort of child related costs?

He's currently in pyjama pants. I tend to include that in the groceries. I don't have a maintenance agreement with his mother as I have him 50% of the time and he has one lot of clothes/toys at mine, and one lot at hers. When it comes to nursery and breakfast/tea club ... we pay half each. So when it comes to school, we will split school uniform costs. I realise I could claim child allowance (the £80/4 weeks one), but figured it was a little petty and left it for his mom to claim!

Just further to the above mentioned things.

Thank you

..still £40 quid a month on car tax?

Yup, as above. £460 per year tax. See car note at bottom.

The only thing I can add is the value of the car, there is no way the OR will allow you to keep a car of that value. Do you definitely need a car?

See car note below. I need a car, but expect to lose that one, but plan to get one via work for a deduction in salary!

Oh I realise that I was just questioning the road tax.. its a lot thats all.

And wondered if living in the rental was a choice therefore maybe not go bankrupt as it frees up 700.00 and maybe some sort of agreement can be reached.

As above:
I'd rather not move back to that house. My current furniture wouldn't fit. Mentally I'd have to cope with going back 10 years of my life. The neighbours are awful. Plus there aren't enough bedrooms. My work requires me to have a dedicated room as an office. Then I need a room for my son, and one for myself. That house is a 2 bed, and a good hour from where I'm currently living. It's a great idea, but I'd hate it!




Car
It's an expensive to run car, that is very inefficient with fuel.
£460 per year tax. More than that if paid 6 monthly.
25 Mpg, and circa 400 miles week. £95 week _> £450 a month fuel.
On top of which there is insurance, MOT, tyres (ouch) etc.

I am fully expecting to NOT be able to keep it, which will be a delight.
I DO need a car for my work, and it's expected that I have a car and I'm mobile.
I can however jump into the company car scheme, which will provide a fully insured, serviced, tyres car for circa £500+ (deducted at source from my salary) a month. All I need to do is add fuel. I'm planning to get something like the Golf Bluemotion, which will do 75 mpg, rather than my current 25mpg, hopefully saving me 2/3s of my fuel bill!

Would I be best organising that before petitioning for BR, as I could show my current SoA, and not have to make arrangements with the OR about ordering a car, and thus reduction in salary!


Again, thanks all for the advice.

I wonder if I should change my SoA to reflect how it would be with the car and house gone, and a car via work. See if that looks different.

Also ... with such a surplus, am I likely to be told that BR is not for me? IVA would mean the house stayed, which I'd love to get shot of. Can't think of any other options.

[jen_br]

Re: BR - SoA Advice Please

Hi your company car scheme shouldn't be that much my hubby works for Merc Benz. And he pays roughly 150 a month it works out all together. (and the car is quite lush...)

Have you thougth about going to an agency to help let your property out? I was going to say about your insurance it seems cheap is that for both rental property and where your living now? Obviouslyyou need to have buildings insurance on the house you let out.

[fiscalfool]

Re: BR - SoA Advice Please

Hi Jen,

Thanks for your reply.

Car
I think your husband may be on a company perk. I've double checked the company car spreadsheet for my employer which is a 3 year lease, run by Lex Leasing.

A VW Golf 1.6 Bluemotion is £352.97 a month, including tax, servicing, insurance etc.
On top of which, 10% is taxable for company car usage, with a 3% diesel surcharge. Of which for me 40% tax is payable, which equals £83.11

Thus the total for this vehicle is £436.08 a month. Which *I think* is deducted from my gross salary before tax.


A benefit of going into the company car scheme is that I can save:

Over half of my fuel @ £250
insurance £80
Tax £460 annually / £40 month
Servicing £40 month
tyres £30 a month

Total : £440

So if the car I change to is more efficient, I would actually save money by changing into a company car.

House
The house is currently with an agency being let out.
The monthly income for me is £401 after they have taken all their fees. Yet the mortgage is £487, plus insurance £12, plus £5 alarm servicing.

So when it becomes empty, it's very costly for me. The letting agent I'm with, I have a good deal. 10% with no finders fee. Yet they are a bunch of incompetent fools, who I am in the process of compiling a complaint to be presented to the Letting Ombudsman.

Insurance is £25 for the one I'm living in, as it's tenant insurance, with accidental damage cover.
Insurance is £12 for the one I rent out, as it's buildings cover, with 10k of landlords contents, and lots of other perks.

[jen_br]

Re: BR - SoA Advice Please

Well what happens with my hubby each month he pays 80.00 out of his paycheck towards the car.... and the rest comes off from IR. but its really not that much... he drives a merc.

[fiscalfool]

Re: BR - SoA Advice Please

He's got a cracking deal then