SOA's - a couple of questions

indebtandworried

Hi everyone. We (my OH and I) are going to court on Friday to file for BR. We have filled out our own forms and are just finalising the financial side of things.

Should we post our SOA before going to court, or is it only really relevant when we have the OR interview. Also, as a lot of our finances are joint (loans, credit cards where we've used each others etc.) should/could we have an OR interview together?

My OH has done an SOA and I am just about to do mine, and will post shortly if relevant.

Thanks for reading

DON79

Hi, I would definitely post them before you go BR as once you go BR, that soa is sort of set unless there is any change in income or situation. so definitely put it on here before and will help out with it. Your OR interview will likely be separate.

indebtandworried

OK here are our SOA's, I have put notes where I feel they are relevant. Currently we have listed everything (in terms of expenditure) at 100% of its value for both of us, (i.e I am not sure if we should halve any of these amounts) - if someone could please advise where we are supposed to halve the amounts (i.e. rent etc.?) plus any other advice that would be much appreciated, thank you. We want to fill this out correctly and I want to make sure this doesn't look like we are trying to deceive anyone, which we certainly aren't!

I'm also very aware that some of this will need to be chopped off as it is not allowed but wanted to list everything as it stands.

Firstly here is my SOA with some questions in red:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2831.37
Benefits................................ 0 - I am about to register unemployed, should I put a figure in here (I haven't applied yet and this has yet to be approved)
Other income............................ 0
Total monthly income.................... 2831.37

Monthly Expense Details
Mortgage................................ 900 - this is the mortgage on the property that we have left
Secured loan repayments................. 600 - this is approx +/- £10 - are approx figures OK or do we have to be completely accurate
Hire Purchase (HP) repayments........... 0 - should we include our car in this figure, it is listed further down
Rent.................................... 1350 - this is rent in our new home
Management charge (leasehold property).. 45
Council tax............................. 150
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 22.5
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 60
Internet Services....................... 10
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 13
Car Insurance........................... 52
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 37
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 30
Entertainment........................... 50
Holiday................................. 25
Emergency fund.......................... 50
Volkswagen Financial Services (Car)..... 268
Dry cleaning............................ 20
Newspapers/magazines.................... 10
Total monthly expenses.................. 4549.5


Assets
Cash.................................... 0
House value (Gross)..................... 175000 - this is estimated, is that OK?
Shares and bonds........................ 0
Car(s).................................. 10000 - this car is on HP, should it be listed here, as it doesn't actually belong to us (there is a BR clause in the agreement)
Other assets............................ 0
Total Assets............................ 185000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 153535...(900)......7.9
Secured Debt.................. 56498....(600)......10.9
Total secured & HP debts...... 210033....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
northern rock..................30000.....230.......7.9
Misc. credit cards.............50013.....950.......0 - these are listed separately on the forms but I have grouped them together here
Bank overdraft.................4008......50........0
Home Information Pack..........381.......0.........0 - are we allowed to include this
Parking ticket.................150.......0.........0 - are we allowed to include this
Total unsecured debts..........84552.....1230......-


Monthly Budget Summary
Total monthly income.................... 2,831.37
Expenses (including HP & secured debts). 4,549.5
Available for debt repayments........... -1,718.13
Monthly UNsecured debt repayments....... 1,230
Amount short for making debt repayments. -2,948.13

Personal Balance Sheet Summary
Total assets (things you own)........... 185,000
Total HP & Secured debt................. -210,033
Total Unsecured debt.................... -84,552
Net Assets.............................. -109,585

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

Here is my OH's SOA:

[FONT=times new roman,new york,times,serif] Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2831.37
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2831.37
Monthly Expense Details
Mortgage................................ 900
Secured loan repayments................. 600
Hire Purchase (HP) repayments........... 0
Rent.................................... 1350
Management charge (leasehold property).. 45
Council tax............................. 150
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 22.5
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 60
Internet Services....................... 10
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 13
Car Insurance........................... 52
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 260
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 37
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 23.4
Entertainment........................... 50
Holiday................................. 25
Emergency fund.......................... 50
Emergency fund.......................... 50
Charity................................. 2
Pet food................................ 15
Netball................................. 15
Newspapers/magazines.................... 5
Dry cleaning............................ 10
Union fees.............................. 10
Bowen therapy for RSI................... 40
Meals at work........................... 50
Total monthly expenses.................. 4641.9

Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 185000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 152000...(900)......7.9
Secured Debt.................. 56000....(600)......10.9
Total secured & HP debts...... 208000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
northrern rock.................30000.....230.......7.9
credit cards,loans et..........20795.....1200......12.9
Total unsecured debts..........50795.....1430......-

Monthly Budget Summary
Total monthly income.................... 2,831.37
Expenses (including HP & secured debts). 4,641.9
Available for debt repayments........... -1,810.53
Monthly UNsecured debt repayments....... 1,430
Amount short for making debt repayments. -3,240.53
Personal Balance Sheet Summary
Total assets (things you own)........... 185,000
Total HP & Secured debt................. -208,000
Total Unsecured debt.................... -50,795
Net Assets.............................. -73,795
Any thoughts would be much appreciated, we are going to court on Thursday to file for BR, as long as everything is in order.

DON79

indebtandworried wrote: »

Originally Posted by indebtandworried [IMG]file:///C:/Users/JAMES&~1/AppData/Local/Temp/msohtml1/01/clip_image001.gif[/IMG]
Firstly here is my SOA with some questions in red:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2831.37
Benefits................................ 0 - I am about to register unemployed, should I put a figure in here (I haven't applied yet and this has yet to be approved) just advise the OR when the time comes for the interview
Other income............................ 0
Total monthly income.................... 2831.37

Monthly Expense Details
Mortgage................................ 900 - this is the mortgage on the property that we have left you cannot put this down
Secured loan repayments................. 600 - this is approx +/- £10 - are approx figures OK or do we have to be completely accurate you cannot include this either
Hire Purchase (HP) repayments........... 0 - should we include our car in this figure, it is listed further down include the car however you may have to cover any hp payment from any surplus income.
Rent.................................... 1350 - this is rent in our new home
Management charge (leasehold property).. 45 – cannot include this either
Council tax............................. 150
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 22.5
Mobile phone............................ 50 – may have to reduce this
TV Licence.............................. 12
Satellite/Cable TV...................... 60 – not allowed, has to be paid from any surplus
Internet Services....................... 10 – not allowed unless essential for business use
Groceries etc. ......................... 500 – this is a bit high for two people – probably £350 maybe £400 maximum
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 13
Car Insurance........................... 52
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 – make this £15
Pet insurance/vet bills................. 37 – not sure but think max allowed is £25?
Buildings insurance..................... 0
Contents insurance...................... 20 – have you got accidental damage cover included?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 – not normally allowed but leave it and see.
Haircuts................................ 30 - £10 per adult allowed
Entertainment........................... 50 – not allowed
Holiday................................. 25
Emergency fund.......................... 50 – not allowed
Volkswagen Financial Services (Car)..... 268 – may have to be paid from any surplus income
Dry cleaning............................ 20
Newspapers/magazines.................... 10 – not allowed, will have to come out of groceries
Total monthly expenses.................. 4549.5


Assets
Cash.................................... 0
House value (Gross)..................... 175000 - this is estimated, is that OK? – yes but have a look online for a guide as to value
Shares and bonds........................ 0
Car(s).................................. 10000 - this car is on HP, should it be listed here, as it doesn't actually belong to us (there is a BR clause in the agreement) – not too sure about this one, sorry
Other assets............................ 0
Total Assets............................ 185000


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 153535...(900)......7.9
Secured Debt.................. 56498....(600)......10.9
Total secured & HP debts...... 210033....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
northern rock..................30000.....230.......7.9
Misc. credit cards.............50013.....950.......0 - these are listed separately on the forms but I have grouped them together here
Bank overdraft.................4008......50........0
Home Information Pack..........381.......0.........0 - are we allowed to include this – if you owe it, then include it I would say.
Parking ticket.................150.......0.........0 - are we allowed to include this – same as above, if its money owed, then put it in.
Total unsecured debts..........84552.....1230......-


Here is my OH's SOA:


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2831.37
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2831.37
Monthly Expense Details
Mortgage................................ 900 – ditto first soa
Secured loan repayments................. 600 – ditto first soa
Hire Purchase (HP) repayments........... 0
Rent.................................... 1350
Management charge (leasehold property).. 45 – ditto first soa
Council tax............................. 150
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 22.5
Mobile phone............................ 40 – may have to reduce this
TV Licence.............................. 12
Satellite/Cable TV...................... 60 – ditto first soa
Internet Services....................... 10 - ditto first soa
Groceries etc. ......................... 500 - ditto first soa
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 13
Car Insurance........................... 52
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 260 – may have to explain what this is for – seems a bit high?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 – ditto first soa
Pet insurance/vet bills................. 37 – ditto first soa
Buildings insurance..................... 0
Contents insurance...................... 20 – ditto first soa
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15- ditto first soa
Haircuts................................ 23.4- £10 per adult
Entertainment........................... 50- not allowed
Holiday................................. 25
Emergency fund.......................... 50 – not allowed
Emergency fund.......................... 50 – twice in error?
Charity................................. 2 – not allowed
Pet food................................ 15 – will have to include in groceries
Netball................................. 15 – isthis a hobby? Probably wont be allowed.
Newspapers/magazines.................... 5 – not allowed
Dry cleaning............................ 10
Union fees.............................. 10
Bowen therapy for RSI................... 40
Meals at work........................... 50 – not sure if the OR will challenge this or not.
Total monthly expenses.................. 4641.9

You should only put either mortgage and secured loan on the soa or the rent - you can't put both down am afraid. Are you walking away from the house and having it repossessed? There are quite a few notes but I know you are expecting to cut some back anyway. Hope this helps a little.

what you have to do on each soa is to total up all the household expenses like rent and food and gas/elec and work out how much each of you contributes to the household bills. then on each soa - put down the full income of one of you and then in partners contribution, put down the amount which covers their share of the household bills. hope that makes sense, I am never very good at explaining that bit!