SOA - could you have a look?

chelseabun_3

OK, here's the SOA for DH! Could you have a look, and any helpful suggestions are very welcome!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 260 (OH's)
Partners contribution................... 1550(mine)
Benefits................................ 0
Other income............................ 725 (rent from house!)
Total monthly income.................... 2535

Monthly Expense Details
Mortgage................................ 783
Secured loan repayments................. 0
Rent.................................... 675 (rent of home!)
Management charge (leasehold property).. 0
Council tax............................. 159
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 25
Mobile phone............................ 27
TV Licence.............................. 12
Satellite/Cable TV...................... 17
Internet Services....................... 0
Groceries etc. ......................... 270
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 35
Car Insurance........................... 46
Car maintenance (including MOT)......... 34
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 15
Buildings insurance..................... 21
Contents insurance...................... 15
Life assurance ......................... 89
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 15
Holiday................................. 40
Emergency fund.......................... 0
Professional fees....................... 12
Total monthly expenses.................. 2535


Total unsecured debts..........62105.....1379pcm :eek::eek:

Monthly Budget Summary
Total monthly income.................... 2,535
Expenses (including secured debts)....... 2,535
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 1,379
Surplus(deficit if negative)............ -1,379


Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.


There are 2 adults, 1 cat and no children in the household. I've only included OH's car, as I need mine for work!
Do I need to include my car as well? There's no finance on it, it's 18 years old and it's worth less than £1k!

Thanks guys! CB:D

chelseabun_3

OH also owes one of his brothers approx £7000 (a debt from a long time ago). We're not paying it back at the moment - do we still need to include it, and where?

Thanks CB x

shadowdragon

chelseabun wrote: »

OK, here's the SOA for DH! Could you have a look, and any helpful suggestions are very welcome!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 260 (OH's)
Partners contribution................... 1550(mine)
Benefits................................ 0
Other income............................ 725 (rent from house!)
Total monthly income.................... 2535

Monthly Expense Details
Mortgage................................ 783
Secured loan repayments................. 0
Rent.................................... 675 (rent of home!)
Management charge (leasehold property).. 0
Council tax............................. 159
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 25
Mobile phone............................ 27
TV Licence.............................. 12
Satellite/Cable TV...................... 17 Wont be allowed has to come out of surplus.
Internet Services....................... 0
Groceries etc. ......................... 270
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 35
Car Insurance........................... 46
Car maintenance (including MOT)......... 34
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 15
Buildings insurance..................... 21 Probably refused, as its a rented property, LA/Landlord should pay this.
Contents insurance...................... 15
Life assurance ......................... 89 May be cashed in by OR, or not allowed.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 15 unlikley to be allowed
Holiday................................. 40 Might be refused.
Emergency fund.......................... 0
Professional fees....................... 12
Total monthly expenses.................. 2535


Total unsecured debts..........62105.....1379pcm :eek::eek:

Monthly Budget Summary
Total monthly income.................... 2,535
Expenses (including secured debts)....... 2,535
Available for debt repayments........... 0
Monthly UNsecured debt repayments....... 1,379
Surplus(deficit if negative)............ -1,379


Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.


There are 2 adults, 1 cat and no children in the household. I've only included OH's car, as I need mine for work!
Do I need to include my car as well? There's no finance on it, it's 18 years old and it's worth less than £1k!

Thanks guys! CB:D

Hi, Im not sure on the situation but Is this for just your OH? I dont know the situation with the mortgaged property and going BR, and also renting.

Your brother is a creditor therefore will technically fall into the BC, but if you want to pay him back it will have to be through your surplus.

I have added what I think, Im sure others will add too.

Chin up and you will get through this.

chelseabun_3

Thanks Shadow, that's helpful!

The buildings insurance is for the house we own which is rented out - we have to have buildings insurance on it. We only pay contents insurance for the one we're renting.

CCCS and Insolvency Helpline didn't think there would be a problem with owning the house, so long as I buy OH's BI. It's in negative equity by about £10k.

Thanks again, CB x

chelseabun_3

I got the road tax wrong - it's £35 for the year! So about £3 per month.

It's the SOA for OH only. I've included joint expenses in full and put in my contribution to those. Is that the right way to do it?

CB x

shadowdragon

yep you put full costs and how much you contribute towards them.

Wow your tax is cheap mines 120 p/year!!!! on a 1.4 too.

chelseabun_3

Ah, but that's only OH's very efficient 1.4 diesel. My own road tax is £185 for my elderly tank!!:eek::D I love it though - it came of age this year, so can now legally drink!:D

maxmycardagain

whose are the unsecured debts?

if soley the BR;s then you dont count em, theres your surplus....

tigerfeet2006

Is the mortgaged property owned jointly or by you??

chelseabun_3

MMCA, The unsecured debts aren't included in the final expenses summary - they're listed separately and, as you can see, there's no surplus to cover them at all. Sorry, don't know how to quote yet!:o

Tiger, the house is in my name only, but OH has a BI as he's lived there. My understanding is that I can buy the BI for £1 plus expenses, as the house is in negative equity (depending on what the OR says).

We had to move away from our house, as my parents are elderly and needed help, so we rented our house out and are renting a house where we live now. CCCS didn't think that would be a problem as our house is in negative equity. If it is a problem then it will have to be repossessed and our tenants will have to move out. Am I right in thinking that would be after the years BR is up?

Thanks CB x

chelseabun_3

Sorry MMCA, I also meant to say that the debts are all in OH's name. None of them are in joint names at all. We did that partly cos a lot of the debts were historically his anyway, but also so we could get a mortgage on my (more reliable) salary, without any debts hindering it.

It worked for a while ... ... but then my parents got ill, we had to move to be near them, the Credit Crunch happened (obviously all our faults!!;):p:D) and OH's business didn't build up the way we thought it would. It doesn't take much to !!!!!! things up, does it!!

CB x