SOA Advice

davetheman

Hi, I have listed my SOA below, CCCS have advised myself to go BR. Any comments on my SOA would be gratefully received. My OH works on a casual bases and finished work just before xmas and not sure when will restart, so not sure what to put as her salary. I have a car so does my OH (which is on finance, we are hoping for just myself to go BR, I have thefore just included my car on the SOA and that car expense.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2750
Monthly Expense Details
Mortgage................................ 900
Secured loan repayments................. 500
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 153
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 24
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 24
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 30
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 10
Total monthly expenses.................. 2437

Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 176000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 182000...(900)......0
Secured Debt.................. 58000....(500)......0
Total secured debts........... 240000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card / Loans............84000.....1000......0
Total unsecured debts..........84000.....1000......-

Monthly Budget Summary
Total monthly income.................... 2,750
Expenses (including secured debts)...... 2,437
Available for debt repayments........... 313
Monthly UNsecured debt repayments....... 1,000
Amount short for making debt repayments. -687
Personal Balance Sheet Summary
Total assets (things you own)........... 176,000
Total Secured debt...................... -240,000
Total Unsecured debt.................... -84,000
Net Assets.............................. -148,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

maxmycardagain

thats as it is NOW

explain what your hopes are ref-house post-br then recalculate, if you dump the house and all debts you could have a £1500 surplus...........

tigerfeet2006

davetheman wrote: »

Hi, I have listed my SOA below, CCCS have advised myself to go BR. Any comments on my SOA would be gratefully received. My OH works on a casual bases and finished work just before xmas and not sure when will restart, so not sure what to put as her salary. I have a car so does my OH (which is on finance, we are hoping for just myself to go BR, I have thefore just included my car on the SOA and that car expense.
Check out https://www.entitledto.co.uk to see if she can claim any benefits.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2750
Monthly Expense Details
Mortgage................................ 900 Is it a lot cheaper to rent? The OR may ask that you do so, so please be aware of this.
Secured loan repayments................. 500
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 153
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 24
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 24 Is this essential for work? If not lump it under phone.
Groceries etc. ......................... 160 £400 for 2
Clothing................................ 20 £50
Petrol/diesel........................... 250 OR may ask you to prove this so start keeping reciepts.
Road tax................................ 20
Car Insurance........................... 40 Is this fully comp?
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 30 £20
Buildings insurance..................... 25
Contents insurance...................... 0 You need to get this. Make sure it has accidental damage.
Life assurance ......................... 50 The OR may be interested in this.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 Some allow, some don't but leave and see.
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 10 not allowed
Total monthly expenses.................. 2437

Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 176000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 182000...(900)......0
Secured Debt.................. 58000....(500)......0
Total secured debts........... 240000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card / Loans............84000.....1000......0
Total unsecured debts..........84000.....1000......-

Monthly Budget Summary
Total monthly income.................... 2,750
Expenses (including secured debts)...... 2,437
Available for debt repayments........... 313
Monthly UNsecured debt repayments....... 1,000
Amount short for making debt repayments. -687
Personal Balance Sheet Summary
Total assets (things you own)........... 176,000
Total Secured debt...................... -240,000
Total Unsecured debt.................... -84,000
Net Assets.............................. -148,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

You could get car breakdown cover.

HTH

davetheman

Been told that as in negative equaty we should be able to keep the house, when could also go BR if necessary in the future

tigerfeet2006

davetheman wrote: »

Been told that as in negative equaty we should be able to keep the house, when could also go BR if necessary in the future

Yes you could because of the negitive equity but that secured loan is a killer and the OR may require you to move to rented if it is a lot cheaper to free up money for an IPA. Not a given but a possibility, so be aware.

davetheman

It is around £750 to rent a similar place, internet is needed for work, buildiing insurance, includes contents insurance, we have 2 pets hence insurance is £30

dalip

davetheman wrote: »

Hi, I have listed my SOA below, CCCS have advised myself to go BR. Any comments on my SOA would be gratefully received. My OH works on a casual bases and finished work just before xmas and not sure when will restart, so not sure what to put as her salary.You put your wifes contribution to household expenses not her income I have a car so does my OH (which is on finance, we are hoping for just myself to go BR, I have thefore just included my car on the SOA and that car expense.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2750
Monthly Expense Details
Mortgage................................ 900
Secured loan repayments................. 500
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 153
Electricity............................. 40£60
Gas..................................... 40£60
Oil..................................... 0
Water rates............................. 20low?
Telephone (land line)................... 24put all telephone and internet together under the title phoneand make it max £60
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 24unless you need for work this will be disallowed so do as above
Groceries etc. ......................... 160£350
Clothing................................ 20£40
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 30£20
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 10
Total monthly expenses.................. 2437

Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 176000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 182000...(900)......0
Secured Debt.................. 58000....(500)......0
Total secured debts........... 240000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card / Loans............84000.....1000......0
Total unsecured debts..........84000.....1000......-

Monthly Budget Summary
Total monthly income.................... 2,750
Expenses (including secured debts)...... 2,437
Available for debt repayments........... 313
Monthly UNsecured debt repayments....... 1,000
Amount short for making debt repayments. -687
Personal Balance Sheet Summary
Total assets (things you own)........... 176,000
Total Secured debt...................... -240,000
Total Unsecured debt.................... -84,000
Net Assets.............................. -148,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

When only you are going bc. You put all totals of household expenditure,then your own personal expenditure.You put your total income but only your wifes contribution to household exp. The OR usually works on 50/50 if you both earn aprox the same wage. My computer is on a go slow this morn so i am goin to stop there and hope peachy fill in the rest of what i am trying to say:D

tigerfeet2006

davetheman wrote: »

It is around £750 to rent a similar place see my reply below., internet is needed for work ok leave it in., buildiing insurance, includes contents insurance check your policy and make sure you have accidental damage in it, you will find it is important when you are BR as you will have no credit to fall back on., we have 2 pets hence insurance is £30

The OR usually only allows £20 for pets but leave it and see, if he reduces it the rest will have to come out of your surplus.

Is car ins fully comp?

davetheman

Yes car is fully comp and Yes we have accidental damage on contents insurance

davetheman

What are the chances the OR will insist we rent? I was told by a debt company adviser unlikely, just wondering now if I should be looking for a rented prior to going BR

peachyprice

Dave, it's impossible to say. It's only happened to 1 member here, but the OR changed their mind a good 6 months into their BR, at first they were told it wasn't a problem.

I wouldn't move out before BR, chances are it will be OK, you'd be pig sick if you gave up your home for nothing.