SOA - can you check it out please?

broadpaws

Hello,

Please find below SOA, 3 in househyold, 2 adults one 7 year and one to come in April! Prtner earns 650 - but I have but her figure in as her contributin, as she has a DMP to finance and a car to run so the car related figures on SOA are mine only, I work away 3 days a week hence the highish petrol and other travle costs are a room for 2 nights a week - I know the OR may change remove costs, how do ours look?

Any comments gratefully received.

Thanks Again


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 350
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 2281

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 80
Gas..................................... 0
Oil..................................... 80
Water rates............................. 28
Telephone (land line)................... 30
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 425
Clothing................................ 80
Petrol/diesel........................... 225
Road tax................................ 15
Car Insurance........................... 34
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 199
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 13
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 11
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 30
Emergency fund.......................... 30
Total monthly expenses.................. 2262

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,281
Expenses (including secured debts)....... 2,262
Available for debt repayments........... 19
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 19

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

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

fiveyearplan

broadpaws wrote: »

Hello,

Please find below SOA, 3 in househyold, 2 adults one 7 year and one to come in April! Prtner earns 650 - but I have but her figure in as her contributin, as she has a DMP to finance and a car to run so the car related figures on SOA are mine only, I work away 3 days a week hence the highish petrol and other travle costs are a room for 2 nights a week - I know the OR may change remove costs, how do ours look?

Any comments gratefully received.

Thanks Again


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 350 Apart from her DMP have you also deducted her other personal expenses? So you may be able to lower this contribution.
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 2281

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 80
Gas..................................... 0
Oil..................................... 80
Water rates............................. 28
Telephone (land line)................... 30
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 425 may be a bit high
Clothing................................ 80
Petrol/diesel........................... 225
Road tax................................ 15
Car Insurance........................... 34
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 199
Childcare/nursery....................... 0
Other child related expenses............ 20 What are these expenses for
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 13
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 11
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 Change this to Christmas however it may not be allowed
Haircuts................................ 20
Entertainment........................... 30 BRs aren't allowed entertainment
Holiday................................. 30
Emergency fund.......................... 30 don't think this is allowed
Total monthly expenses.................. 2262

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,281
Expenses (including secured debts)....... 2,262
Available for debt repayments........... 19
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 19

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

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

Hi Broadpaws. I've made my comments above in red. I'm not really an expert on SOAs though.

Sunny_Bear

broadpaws wrote: »

Hello,

Please find below SOA, 3 in househyold, 2 adults one 7 year and one to come in April! Prtner earns 650 - but I have but her figure in as her contributin, as she has a DMP to finance and a car to run so the car related figures on SOA are mine only, I work away 3 days a week hence the highish petrol and other travle costs are a room for 2 nights a week - I know the OR may change remove costs, how do ours look?

Any comments gratefully received.

Thanks Again


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 350
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 2281

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 80
Gas..................................... 0
Oil..................................... 80
Water rates............................. 28 Quite low
Telephone (land line)................... 30
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 425
Clothing................................ 80
Petrol/diesel........................... 225
Road tax................................ 15
Car Insurance........................... 34
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 199 The OR may question this and you petrol costs so I'd start keeping reciepts for petrol/hotel costs to prove this is what it costs
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 13
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 11
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 May/may not be allowed
Haircuts................................ 20 25 #10 per adult, #5 per child
Entertainment........................... 30 not allowed
Holiday................................. 30 maybe up this to #60 to cover emergancies
Emergency fund.......................... 30 not allowed
Total monthly expenses.................. 2262

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,281
Expenses (including secured debts)....... 2,262
Available for debt repayments........... 19
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 19

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

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

I hope that helps a bit, Im not an expert on SOA, but experts will be along soon!

How much is you car worth? Is it a company car? Do you need it for work. I think you may have to prove the car costs but that should be ok to do. If the car is excessive in value you may have to fight your corner to keep it!! I said I needed my xcar for work adn they let me keep it, worth around #3000, but said if it deemed excessive in value then I would have been able to pay the difference.

broadpaws

Thanks for comments so far,so should partners hair/clothes be removed from SOA, and then lowering the cntribbution amount?

What is reasonable for groceries etc??

With a babe on the way I need to find some funds for basic things, should I just hope that the holiday is allowed and remove emrgencies? Or leave both in knowing ne will be removed? I will remve entertainment, and later today with more advice, will post amended soa.

So what happens if there is an emergency?? Bearing in mind we will have no access to other funds?

Any other comments much appreciated?

fiveyearplan

ITs best to have the OR disallow things than not to have them there in the first place. If you do end up with an IPA that can always be reassessed when the new baby comes as you'll have more expenses with 4 people.

Emergencies have to be paid for out of your surplus. Tell me about it - without credit that part is hard but hopefully you can put some money away for them. I was trying to remember what we used to do when we didn't have credit cards and somehow we managed to get through each emergency.

broadpaws

Thanks for your replies, I forgot that the OR takes a percentage of surplus not all of it, so hopefully an emrgency won't hit us straight away, so it gives it time to build up a little bit!

So should we take out the other half personal costs,would that be just hair/clothes?

Thanks

Rylynn

Have you got full cover on the contents insurance? as that covers some emergencies, mine covers losing my food in my freezer for instance?

fiveyearplan

I'd leave it all in and if they want to lower some things they will.

Sunk

Up your landline to 50.00
Up your water rates to 35.00
pet ins/vet bills 25.00 & so on

I would lower certain entertainment items & up essentials.