Help with IPOQ / SOA

brillo_2

Hi all,

When I went BR I was unemployed so didn't have to do fill out an IPOQ.

As I recently started my job I informed the OR and he sent me the IPOQ.

I am living at home with my parents at the moment. Their mortgage has increased alot due the current financial situation in the UK hence my rent being quite high.

Does this look ok and what other things could I include or need to reduce?

Also when I went BR the OR sent a letter saying I didn't need an interview. When I send the IPOQ back will he want to interview me or is the interview primarily at looking at the reason you went BR in the first place.

Thanks

TOTAL INCOME 2,050

TOTAL OUTGOINGS

Mortgage or rent 800
Telephone 40
Housekeeping 400
Travelling 180
Clothing 50
All insurance 50
Dry Cleaning 15
Dentist 15
Prescriptions 15
Hairdressers 10
Holidays (UK only) 30
Other essential item 130 (STUDENT LOAN)


Total Outgoings 1,735

dalip

I think the OR will find it hard to believe that you pay your parents £800 a month rent and then pay out another £400 for food. Be prepared for him to ask for proof of this expenditure.Whats "all insurance"?
Yes the interview is basically to find out how you became bc,so there should be no real reason to call you now.Dx

brillo_2

Thanks for the reply,

Other Insurance is life assurance, will this be ok?

The 800 is for the rent and the £400 includes all bills.

Thanks

dalip

Not an expert on life insurance. Did you declare this at the time of bc or is this a new policy? Peachy,dee or skylight will perhaps have more idea on that issue in the morn. Opps sorry later today:p Dx

PS congrats on the job,forgot to say last post and almost forgot this time:o put it down to the time;) .Dx

dalip

Sorry another thought. If £400 is all other household bills including landline the OR will not allow £40 for a mobile,assuming thats what your telephone is.Dx

brillo_2

Thanks again,

Yes i did declare this on the original 6.28 form,

Thanks

brillo_2

No this doesn't include the landline as I dont use it.

Thanks

deedee_3

brillo wrote: »

Hi all,

When I went BR I was unemployed so didn't have to do fill out an IPOQ.

As I recently started my job I informed the OR and he sent me the IPOQ.

I am living at home with my parents at the moment. Their mortgage has increased alot due the current financial situation in the UK hence my rent being quite high.

Does this look ok and what other things could I include or need to reduce?

Also when I went BR the OR sent a letter saying I didn't need an interview. When I send the IPOQ back will he want to interview me or is the interview primarily at looking at the reason you went BR in the first place.

Thanks

TOTAL INCOME 2,050

TOTAL OUTGOINGS

Mortgage or rent 800 The OR will reduce this probably to around £300-£400 as all you are doing is renting a room essentially and this is the going rate.
Telephone 40
Housekeeping 400 If this is all bills please break it down
Travelling 180 Is this car or public transport
Clothing 50
All insurance 50 please break this down
Dry Cleaning 15 OR may reduce but leave and see
Dentist 15
Prescriptions 15 OR may ask you to get a pre payment certificate
Hairdressers 10
Holidays (UK only) 30
Other essential item 130 (STUDENT LOAN)


Total Outgoings 1,735

Another poster recently had their rent and housekeeping to parents reduced. Also your parents cannot ask for more than £4000 and something 9can't remember exact figure0 as they will then have to declare it as income to the tax man and pay tax.

Please can you breakdown the figures a bit more, maybe use the SOA on

http://www.makesenseofcards.com/soacalc.html

brillo_2

Hi all,

I have broken down my SOA, have I missed anything else, does this look ok?

Thanks

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2260
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2260

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 25
Gas..................................... 30
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 169
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 30
Emergency fund.......................... 0
Dry Cleaning............................ 15
Dentist................................. 15
Prescriptions........................... 15
Student Loan............................ 131
Total monthly expenses.................. 1395


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

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 2,260
Expenses (including HP & secured debts). 1,395
Available for debt repayments........... 865
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 865

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

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

tigerfeet2006

brillo wrote: »

Hi all,

I have broken down my SOA, have I missed anything else, does this look ok?

Thanks

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2260
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2260

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 500 I think you will find that this is still to high. You must do some research and find out how much a room is to rent in a house in your area. This is the guideline the OR will follow.
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 25
Gas..................................... 30
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 169
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you need insurance on your belongings. Make sure it has accidental damage.
Life assurance ......................... 50 The OR may be interested in this as an asset.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 30 not allowed
Holiday................................. 30
Emergency fund.......................... 0
Dry Cleaning............................ 15
Dentist................................. 15 do you have special dental work needing doing?
Prescriptions........................... 15 The OR will probably tell you to get a pre-payment certificate as this is very high.
Student Loan............................ 131
Total monthly expenses.................. 1395


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

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 2,260
Expenses (including HP & secured debts). 1,395
Available for debt repayments........... 865
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 865

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

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

Hope that makes sense to you.

brillo_2

Rent - Have had a look around and this is maybe a bit to high, but my mum and dad are really struggling with their mortgage and they basically need £500 min from me, I realise that probably in the OR eyes this is not their problem though.

Contents insurance - What is a reasonable sum for this?

Life assurance - This policy has no value, unless I croak it!! It was declared at the time of BR too.

Entertainment - Oh well

Dentist - Not Specifically - Oh well

Prescription - This is what I pay a month on average.

Thanks and any other ideas?

Also, how long from sending off the IPOQ to it being set up?

Cheers