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  • FIRST POST
    • Freddiesmum
    • By Freddiesmum 15th Mar 17, 2:09 PM
    • 7Posts
    • 0Thanks
    Freddiesmum
    SOA check please
    • #1
    • 15th Mar 17, 2:09 PM
    SOA check please 15th Mar 17 at 2:09 PM
    Hi, would someone mind helping me? I'm considering a DRO and have just done my SOA. I live alone but need to move due to difficult circumstances and have included saving for fees/deposit to move. I also pay privately to see a counsellor and have included that. I also have 3 cats and a dog. Could someone review my SOA please?

    My income is £1590 but I am allowed a bonus of £2000 a year (gross), this can be withdrawn or reduced depending on how my work the previous month is assessed. It was reduced/removed a couple of times last year so I have used last years figures to calculate it.

    Income £1670

    Outgoings:

    Rent 450
    House insurance 11
    Employment insurance 30
    Life insurance 15
    Council tax 75
    Gas 53
    Elec 53
    Water 33
    Calor gas 20
    TV 13
    Home phone 25
    Mobile 30
    Car ins 39
    Car tax 19
    Petrol 120
    MOT etc 40
    AA 10
    Parking 20
    Food/milk 200
    Cleaning/toiletries 30
    Newspapers 15
    Clothing 30
    Dry cleaning 10
    Pet food 40
    Prescriptions 11
    Dentist/glasses 15
    Repairs 20
    Hair 10
    Virgin TV 20
    Hobbies 30
    Gifts 40
    Vet 25
    Emergencies 10
    Holiday 15
    Save deposit 50
    Counsellor 25
    = £1652
Page 1
    • Johnsmith2016
    • By Johnsmith2016 15th Mar 17, 9:12 PM
    • 422 Posts
    • 219 Thanks
    Johnsmith2016
    • #2
    • 15th Mar 17, 9:12 PM
    • #2
    • 15th Mar 17, 9:12 PM
    From memory you can only have £50 disposable income. Looking at your SOA you will have much more than this once they trim away the fat, there are several areas there that they will try reduce or remove all together.
    Do you have a good credit score? 20k debt on that wage, with the possible bonus should be serviceable by a normal method. Perhaps a new consolidation loan? If you can get one.
    • Johnsmith2016
    • By Johnsmith2016 15th Mar 17, 9:15 PM
    • 422 Posts
    • 219 Thanks
    Johnsmith2016
    • #3
    • 15th Mar 17, 9:15 PM
    • #3
    • 15th Mar 17, 9:15 PM
    If that was my personal SOA I would think I could trim away about £200/300 a month just by living frugally.
  • National Debtline
    • #4
    • 16th Mar 17, 1:45 PM
    • #4
    • 16th Mar 17, 1:45 PM
    Hi Freddiemum,


    So, with a performance related bonus the money is normally spread over the year and if that means you have more than £50per month of disposable money, I am afraid you would not qualify for the DRO. You appear to have calculated your bonus on £960 per annum, but if it was much higher than this I think your budget would have more than £50 per month surplus.

    I am afraid that savings to move and holiday would not be a permitted expense. Nothing else seemed especially high but you may be asked to make some reductions, such as your phone when it is up for renewal. Unfortunately, it looks as though a DRO may be quite tricky to get started. Could you list details of the debts you have and then we should be able to offer more help.


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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