SOA's - a couple of questions

indebtandworried wrote: »

Originally Posted by indebtandworried [IMG]file:///C:/Users/JAMES&~1/AppData/Local/Temp/msohtml1/01/clip_image001.gif[/IMG]
Firstly here is my SOA with some questions in red:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2831.37
Benefits................................ 0 - I am about to register unemployed, should I put a figure in here (I haven't applied yet and this has yet to be approved) just advise the OR when the time comes for the interview
Other income............................ 0
Total monthly income.................... 2831.37

Monthly Expense Details
Mortgage................................ 900 - this is the mortgage on the property that we have left you cannot put this down
Secured loan repayments................. 600 - this is approx +/- £10 - are approx figures OK or do we have to be completely accurate you cannot include this either
Hire Purchase (HP) repayments........... 0 - should we include our car in this figure, it is listed further down include the car however you may have to cover any hp payment from any surplus income.
Rent.................................... 1350 - this is rent in our new home
Management charge (leasehold property).. 45 – cannot include this either
Council tax............................. 150
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 22.5
Mobile phone............................ 50 – may have to reduce this
TV Licence.............................. 12
Satellite/Cable TV...................... 60 – not allowed, has to be paid from any surplus
Internet Services....................... 10 – not allowed unless essential for business use
Groceries etc. ......................... 500 – this is a bit high for two people – probably £350 maybe £400 maximum
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 13
Car Insurance........................... 52
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 – make this £15
Pet insurance/vet bills................. 37 – not sure but think max allowed is £25?
Buildings insurance..................... 0
Contents insurance...................... 20 – have you got accidental damage cover included?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 – not normally allowed but leave it and see.
Haircuts................................ 30 - £10 per adult allowed
Entertainment........................... 50 – not allowed
Holiday................................. 25
Emergency fund.......................... 50 – not allowed
Volkswagen Financial Services (Car)..... 268 – may have to be paid from any surplus income
Dry cleaning............................ 20
Newspapers/magazines.................... 10 – not allowed, will have to come out of groceries
Total monthly expenses.................. 4549.5


Assets
Cash.................................... 0
House value (Gross)..................... 175000 - this is estimated, is that OK? – yes but have a look online for a guide as to value
Shares and bonds........................ 0
Car(s).................................. 10000 - this car is on HP, should it be listed here, as it doesn't actually belong to us (there is a BR clause in the agreement) – not too sure about this one, sorry
Other assets............................ 0
Total Assets............................ 185000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 153535...(900)......7.9
Secured Debt.................. 56498....(600)......10.9
Total secured & HP debts...... 210033....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
northern rock..................30000.....230.......7.9
Misc. credit cards.............50013.....950.......0 - these are listed separately on the forms but I have grouped them together here
Bank overdraft.................4008......50........0
Home Information Pack..........381.......0.........0 - are we allowed to include this – if you owe it, then include it I would say.
Parking ticket.................150.......0.........0 - are we allowed to include this – same as above, if its money owed, then put it in.
Total unsecured debts..........84552.....1230......-


Here is my OH's SOA:


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2831.37
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2831.37
Monthly Expense Details
Mortgage................................ 900 – ditto first soa
Secured loan repayments................. 600 – ditto first soa
Hire Purchase (HP) repayments........... 0
Rent.................................... 1350
Management charge (leasehold property).. 45 – ditto first soa
Council tax............................. 150
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 22.5
Mobile phone............................ 40 – may have to reduce this
TV Licence.............................. 12
Satellite/Cable TV...................... 60 – ditto first soa
Internet Services....................... 10 - ditto first soa
Groceries etc. ......................... 500 - ditto first soa
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 13
Car Insurance........................... 52
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 260 – may have to explain what this is for – seems a bit high?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 – ditto first soa
Pet insurance/vet bills................. 37 – ditto first soa
Buildings insurance..................... 0
Contents insurance...................... 20 – ditto first soa
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15- ditto first soa
Haircuts................................ 23.4- £10 per adult
Entertainment........................... 50- not allowed
Holiday................................. 25
Emergency fund.......................... 50 – not allowed
Emergency fund.......................... 50 – twice in error?
Charity................................. 2 – not allowed
Pet food................................ 15 – will have to include in groceries
Netball................................. 15 – isthis a hobby? Probably wont be allowed.
Newspapers/magazines.................... 5 – not allowed
Dry cleaning............................ 10
Union fees.............................. 10
Bowen therapy for RSI................... 40
Meals at work........................... 50 – not sure if the OR will challenge this or not.
Total monthly expenses.................. 4641.9