Help with working out SOA please

peachyprice

Billy,
You're looking it the wrong way round. You need to show she's paying her fair share of the household bills only. The less her contribution is, the better it is for you.

billybarry

DON79 wrote: »

you do not need to add your wife's travel onto your soa - if your wife contributes £625 to your soa which represents the mortgage and 50% of all the bills - that leaves your wife £475 each month that the OR does not need to know anything about. that £475 is your wifes to spend exactly as she needs to, on anything she needs to.

then with your wife contributing £625 to the soa, if that contribution gives you more than a £99 surplus, then reduce the amount of your wife's contribution on the soa to give you less than a £99 surplus, preferably you want to have about a £50 surplus (or even less) so that if the OR says you are not allowed certain things, it will still not give you enough of a surplus to have an IPA.

Hope this helps.

if the loan is secured - this could be added to the soa but I am not sure, I thought it was unsecured?

Hi

Thank you for the reply. The total bills less the mortgage are £1217. If she paid half plus £480 mortgage she is left with £12.00 a month, not £475. I think.

billybarry

peachyprice wrote: »

Billy,
You're looking it the wrong way round. You need to show she's paying her fair share of the household bills only. The less her contribution is, the better it is for you.

Hi

Looking at it coldly it appears she isn't paying her fair share. She pays her mortgage, her credit card, her travel and her unsecured loan. After that there is nothing left for houshold bills.

If I put down that she is contributing to houshold bills she will be down as contributing money she doesn't, making my surplus higher.

Thanks Billy

peachyprice

Does it help to look at it from this perspective: She earns £1100 per month, out of this she has to pay her loan, credit cards, travel to work, shoes!, make-up, lunch at work, and anything else she wants to buy for helself (Forget the mortgage it's a shared expense regardless). Whatever is left is what you put on your forms as her contribution.

I think you're getting confused because the mortgage is in her name and comes from her account, but for the purpose of this exercise pretend in your mind it's in both your names and all your money goes into one account.

peachyprice

billybarry wrote: »

Hi

Looking at it coldly it appears she isn't paying her fair share. She pays her mortgage, her credit card, her travel and her unsecured loan. After that there is nothing left for houshold bills.

If I put down that she is contributing to houshold bills she will be down as contributing money she doesn't, making my surplus higher.

Thanks Billy

It doesn't matter what happens in reality, that isn't the point of your SoA. It's to show your family have enough money between you to survive after BR

dalip

Ok it is household bills only So that is mortgage,gas,electric,phone(not mobile)water,ct,any household insurances. Add those up and put your OH half as her contribution. Then to the totals add haircuts,mobile,any travel(car expenses),medical(perscriptions,optians,dentist)dry cleaning(if needed for work)holiday fund ect.You add your OH contribution to your income, take one away(total household expenditure)from the other (total household income) and then tweek to show no more than £99 suplus.Dx

peachyprice

billybarry wrote: »

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 shared
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100 shared
Electricity............................. 50 shared
Gas..................................... 50 shared
Oil..................................... 0
Water rates............................. 20 shared
Telephone (land line)................... 40 shared
Mobile phone............................ 20 yours
TV Licence.............................. 12 shared
Satellite/Cable TV...................... 0
Internet Services....................... 12.5 shared
Groceries etc. ......................... 400 shared
Clothing................................ 50 yours
Petrol/diesel........................... 200 yours
Road tax................................ 17 yours
Car Insurance........................... 39 yours
Car maintenance (including MOT)......... 70 yours
Car parking............................. 0
Other travel............................ 28 sharedOk, 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 shared
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10 shared
Buildings insurance..................... 9.5 shared
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15 yours
Entertainment........................... 0
Holiday................................. 50 shared
Emergency fund.......................... 0
Total monthly expenses.................. 1697

Billy she only contributes to the stuff I've marked in red, the other stuff is your own expenses which you pay yourself.
Her contribution will be half, or less, of whatever that lot comes to.

DON79

billybarry wrote: »

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 - 50% = £240
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100 - 50% = £50
Electricity............................. 50 - 50% = £25
Gas..................................... 50 - 50% = £25
Oil..................................... 0
Water rates............................. 20 - 50% - £10
Telephone (land line)................... 40 - 50% - £10
Mobile phone............................ 20 - your personal expense.
TV Licence.............................. 12 - 50% - £6
Satellite/Cable TV...................... 0
Internet Services....................... 12.5 - personal
/business expense
Groceries etc. ......................... 400 - 50% = £200
Clothing................................ 50 - your personal allowance
Petrol/diesel........................... 200 - personal/business expense?
Road tax................................ 17 - personal
Car Insurance........................... 39 - personal
Car maintenance (including MOT)......... 70 - personal
Car parking............................. 0
Other travel............................ 28 - 50% if this is for your son's travel - £14
Childcare/nursery....................... 0
Other child related expenses............ 24 - 50% = £12
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10 - 50% = £5
Buildings insurance..................... 9.5 - 50% = £5
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15 - your personal expense
Entertainment........................... 0
Holiday................................. 50 - 50% = £25
Emergency fund.......................... 0
Total monthly expenses.................. 1697

the total for your wife's share is £627 - but you can reduce this if it gives you too large a surplus.

DON79

snap peachy!! mostly anyway, only internet different I think. thought internet was for business.

peachyprice

DON79 wrote: »

thought internet was for business.

And son's homework