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Help with working out SOA please

Hi

I have just tried to put my SOA together and I need a little help. I am self employed and my although my income varies, I average about £2200 a month. From that about £500 is due in tax and NI. There are about £200 a month in business expenses too so I am left with about £1500.

I live with my partner who earns about £1100 a month and pays the mortgage and deposit loans from her wage, totalling about £800.00. There is no equity in the house.

I am just out of an IVA after a year having discovered I couldn't make the £510 a month repayments so I haven't included monthly payments to creditors as I am not making any at the moment. They haven't yet caught up with me.

I haven't included my partners payments - mortgage and loans as she is not going bankrupt.

Any help or comments appreciated.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 12.5
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 17
Car Insurance........................... 33
Car maintenance (including MOT)......... 70
Car parking............................. 0
Other travel............................ 140
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 9.5
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 40
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1344

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................40000.....0.........0
loan...........................7000......0.........0
overdrafts.....................23000.....0.........0
Total unsecured debts..........70000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including secured debts)...... 1,344
Available for debt repayments........... 156
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 156
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total Secured debt...................... -0
Total Unsecured debt.................... -70,000
Net Assets.............................. -68,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
«134

Comments

  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hi Billy,
    You need to out all the household bills in full, so you need to put the mortgage, you then have to put your partners contribution under 'partners income', but not her whole wage.
    Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1500
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0 OH's contribution

    Total monthly income.................... 1500

    Monthly Expense Details

    Mortgage................................ 0 Add this
    Secured loan repayments................. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 40
    Mobile phone............................ 20
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 12.5 Pay for surplus unless essential for work/school - will need proof
    Groceries etc. ......................... 400
    Clothing................................ 50
    Petrol/diesel........................... 200
    Road tax................................ 17
    Car Insurance........................... 33
    Car maintenance (including MOT)......... 70
    Car parking............................. 0
    Other travel............................ 140 What is this?
    Childcare/nursery....................... 0
    Other child related expenses............ 0 1 activity per week
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 9.5
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0 Breakdown cover?
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 40 £10 per adult £ per child
    Entertainment........................... 20 Not allowed
    Holiday................................. 50
    Emergency fund.......................... 0

    Total monthly expenses.................. 1344

    Accept your past without regret, handle your present with confidence and face your future without fear
  • Hi

    Thanks for the reply. I have amended soa as advised -

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1500
    Partners monthly income after tax....... 1100 Partners total income, do I include it all?
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2600
    Monthly Expense Details
    Mortgage................................ 480 In partners name only
    Secured loan repayments................. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 40
    Mobile phone............................ 20
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 12.5 Some customers pay by Nochex and online banking. Son needs it for homework. I need it for ordering equipment, will that convince OR?
    Groceries etc. ......................... 400
    Clothing................................ 50
    Petrol/diesel........................... 200
    Road tax................................ 17
    Car Insurance........................... 39
    Car maintenance (including MOT)......... 70
    Car parking............................. 0
    Other travel............................ 140 Partner spends £7.00 a day on tram and bus fares
    Childcare/nursery....................... 0
    Other child related expenses............ 24
    Medical (prescriptions, dentist etc).... 15
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 9.5
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 30
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 1839

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 1500

    Secured Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(480)......0
    Total secured debts........... 0.........-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    credit cards...................40000.....0.........0
    loan...........................7000......0.........0
    overdrafts.....................23000.....0.........0
    partners loans.................19000.....390.......0
    Total unsecured debts..........89000.....390.......-

    Monthly Budget Summary
    Total monthly income.................... 2,600
    Expenses (including secured debts)...... 1,839
    Available for debt repayments........... 761
    Monthly UNsecured debt repayments....... 390
    Amount left after debt repayments....... 371
    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total Secured debt...................... -0
    Total Unsecured debt.................... -89,000
    Net Assets.............................. -87,500
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission.
  • fiveyearplan
    fiveyearplan Posts: 10,143 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    billybarry wrote: »
    Hi

    Thanks for the reply. I have amended soa as advised -

    Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1
    Monthly Income Details

    Monthly income after tax................ 1300
    Partners monthly income after tax....... 1100 Partners total income, do I include it all? No, include her contribution - you can set that amount after SOA is finished!
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2400

    Monthly Expense Details

    Mortgage................................ 480 In partners name only Thats fine keep it as is
    Secured loan repayments................. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 40
    Mobile phone............................ 20
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 12.5 Some customers pay by Nochex and online banking. Son needs it for homework. I need it for ordering equipment, will that convince OR? Never sure, you'll have to wait and see what the OR says
    Groceries etc. ......................... 400
    Clothing................................ 50
    Petrol/diesel........................... 200
    Road tax................................ 17
    Car Insurance........................... 39
    Car maintenance (including MOT)......... 70
    Car parking............................. 0
    Other travel............................ 140 Partner spends £7.00 a day on tram and bus fares if its not your travel take it off
    Childcare/nursery....................... 0
    Other child related expenses............ 24
    Medical (prescriptions, dentist etc).... 15
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 9.5 £10
    Contents insurance...................... 0 should look into getting this but make sure BR friendly
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 30 15
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 1839


    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 1500


    Secured Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(480)......0
    Total secured debts........... 0.........-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    credit cards...................40000.....0.........0
    loan...........................7000......0.........0
    overdrafts.....................23000.....0.........0
    partners loans.................19000.....390.......0
    Total unsecured debts..........89000.....390.......-


    Monthly Budget Summary

    Total monthly income.................... 2,400
    Expenses (including secured debts)...... 1,839
    Available for debt repayments........... 561
    Monthly UNsecured debt repayments....... 390
    Amount left after debt repayments....... 171

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total Secured debt...................... -0
    Total Unsecured debt.................... -89,000
    Net Assets.............................. -87,500

    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission.
    You only put household expenses plus your expenses which is why you don't put her travel. This is also why you don't put her total income as she will be expected to have her own bills to service.

    :j :j


  • Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 1500
    Partners monthly income after tax....... 1100
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2600
    Monthly Expense Details
    Mortgage................................ 480
    Secured loan repayments................. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 50
    Gas..................................... 50
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 40
    Mobile phone............................ 20
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 12.5
    Groceries etc. ......................... 400
    Clothing................................ 50
    Petrol/diesel........................... 200
    Road tax................................ 17
    Car Insurance........................... 39
    Car maintenance (including MOT)......... 70
    Car parking............................. 0
    Other travel............................ 28 Ok, it is just my sons bus fares for school then. But if I can't include her travel, why am I including her unsecured loan and her mortgage?
    Childcare/nursery....................... 0
    Other child related expenses............ 24
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 9.5
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 15
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 1697

    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 1500

    Secured Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 0........(480)......0
    Total secured debts........... 0.........-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    credit cards...................40000.....0.........0
    loan...........................7000......0.........0
    overdrafts.....................23000.....0.........0
    partners loans.................19000.....390.......0
    Total unsecured debts..........89000.....390.......-

    Monthly Budget Summary
    Total monthly income.................... 2,600
    Expenses (including secured debts)...... 1,697
    Available for debt repayments........... 903
    Monthly UNsecured debt repayments....... 390
    Amount left after debt repayments....... 513
    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,500
    Total Secured debt...................... -0
    Total Unsecured debt.................... -89,000
    Net Assets.............................. -87,500
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission.

    What will the OR ask for proof regarding my partner. Her mortgage is paid out of her account as well as the unsecured loan. Will he want to see her statements too?

    Thanks

    Billy.
  • DON79
    DON79 Posts: 3,842 Forumite
    include the mortgage but do not include your OH's unsecured loan, it can't be included.

    also do not put down your OH's full income as it wil make you look like you have a larger surplus, what bills does your OH pay exactly apart from the mortgage?

    Donna :D
    BSC #215/No.1 Jan 09 Club
  • fiveyearplan
    fiveyearplan Posts: 10,143 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    You are paying for a roof over your head. It is a household bill so doesn't matter whose name its in.

    :j :j


  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I didn't see her loan repayment there, you shouldn't include it.

    You are including the mortgage because it's your living expenses, regardless of who's name it is in and who's account it comes from. it pays for the roof over your head and is for the benefit of the whole household.

    You don't include her whole salary, just her contribution to the household bills, so approx 50% of the mortgage, water, council tax, gas, electricity, phone, insurances, and anything else that is for the benefit of the whole household.

    What she choses to do with the rest of her money is none of the OR's business and they won't ask for proof of her income or will not want to see her statements.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • Hi Billy,

    The OR isn't allowed to ask for details of your OH's income, and can't request her bank statements. On the SOA you only need to put her contribution to the mortgage (which will be all of it, as it's in her name!) and her contribution to the bills - add these together and put the total as her contribution to the household. The reason you have to put the mortgage and her contribution is that the OR knows you have to live somewhere, and you need to show the OR that you can afford to keep living there after BR.

    So you put the whole amounts for all the household bills ie mortgage, utilities and housekeeping, then put her contribution towards these. Everything else will be your expenses only. Hope that makes sense! CBx
  • Hi Donna

    She pays the mortgage- £480, the unsecured loans - £390, Travel - £140 Credit card - £30.00. There isn't much left after that.
  • Three more buses!!!:D:D:D
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