SOA for family of 5, please can you have a look!!

everdecreasingcircles_2

Would be really grateful if someone could look over this for me particularly with regard to what expenditure amounts the OR is likely to allow. It's based on a family of 5, 3 children aged 13, 9 & 9, one dog and one cat.

My income £2350
O/H income £800
Child Tax Credit £42 (OR will exclude £150 child benefit??)
Total Income £3192

Outgoings
Mortgage £645
Secured Loan £571

or
Rent £700

and
Household Repairs - £80
O/H SIA License - £15
House Insurance - £35
Pet Insurance - £15
Appliance Insurance - £10
Life Insurance - £24
Car Insurance - £55 - 2cars
Petrol - £300 (mainly mileage to work)
RAC - £12
Car tax/repairs - £40
Public Transport - £80 (I drive to train station and get train)
Kids Education - £30
Childcare - £30
Holiday - £100
Clothing - £150 - both need suits for work
Dentists/Prescriptions - £30
Haircuts - £25
Kids Activities - £55 - 3kids, one activity each
Groceries/cleaning supplies etc - £550
Council Tax - £125
BT - £11
TV License - £11
Mobiles - £70 - 2 mobiles
Internet - £15 - needed for work
School Meals - £63
Kids Pocket Money - £30
Meals at work - £35
Water - £45
Gas/Electric - £150
Dry Cleaning - £15

Total Outgoings either £3422 or £2906

So, a deficit as we are at the moment or possible surplus of about £286.

Would really appreciate any input as so many unknowns at this stage....

Thanks
M

deedee_3

everdecreasingcircles wrote: »

Would be really grateful if someone could look over this for me particularly with regard to what expenditure amounts the OR is likely to allow. It's based on a family of 5, 3 children aged 13, 9 & 9, one dog and one cat.

My income £2350
O/H income £800
Child Tax Credit £42 (OR will exclude £150 child benefit??) You need to put this down any way on the forms, as you have to show all income.
Total Income £3192

Outgoings
Mortgage £645
Secured Loan £571

or
Rent £700

and
Household Repairs - £80 this won't be allowed on your soa
O/H SIA License - £15
House Insurance - £35
Pet Insurance - £15
Appliance Insurance - £10 not sure about this. Someone else may confirm
Life Insurance - £24
Car Insurance - £55 - 2cars
Petrol - £300 (mainly mileage to work)
RAC - £12
Car tax/repairs - £40
Public Transport - £80 (I drive to train station and get train) You may have to prove why you need 2 cars with this.
Kids Education - £30 what is this?
Childcare - £30
Holiday - £100
Clothing - £150 - both need suits for work this may be cut but leave it and see.
Dentists/Prescriptions - £30
Haircuts - £25 £10 per adult and £5 per child
Kids Activities - £55 - 3kids, one activity each £5 per week per child
Groceries/cleaning supplies etc - £550
Council Tax - £125
BT - £11
TV License - £11
Mobiles - £70 - 2 mobiles
Internet - £15 - needed for work
School Meals - £63
Kids Pocket Money - £30 OR will probably cut this but leave and see
Meals at work - £35
Water - £45
Gas/Electric - £150
Dry Cleaning - £15

Total Outgoings either £3422 or £2906

So, a deficit as we are at the moment or possible surplus of about £286.

Would really appreciate any input as so many unknowns at this stage....

Thanks
M

Hope that helps a little. I am sure people with more experiance will be along soon to help.

JCS1

Kids Pocket Money is not allowed - daft I know.............

pink_princess

the grocery s and cleaning are far to high .they may reduce this were a family of 5 and manage on 325-375 a month.
second the clothing budget comments how many do they need to buy .hope you get it balanced well before it s viewed.

fermi

pink_princess wrote: »

the grocery s and cleaning are far to high .they may reduce this were a family of 5 and manage on 325-375 a month.
second the clothing budget comments how many do they need to buy .hope you get it balanced well before it s viewed.

This is an SOA for the bankruptcy forms, so the emphasis is NOT on reducing the budget as much as possible as might be the case on the DFW forum. Quite a lot of slack is needed in the budgeting for this kind of SOA.

With this in mind, the amounts groceries/cleaning are not unreasonable and are on roughly the level that the OR often seems to allow. The same goes for the clothing.

purplepinhead

Hi, I think that the OR is a special breed of person they are all different. I would put it down and wait and see, they will soon tell you if it is not allowed.

everdecreasingcircles_2

Thanks for all your comments, just trying to get a feel for how life would be if we go BR as we were origianally advised to go for an IVA on about £550 per month! Already trying to `save' costs by leaving home where mortgage and secured loan are too high and moving my family into rented, which is an awful wrench at the moment. I'm not trying to avoid paying back my debts just want a realistic fresh start as I'm anxious never to get another credit card or loan ever again.

M