SOA Advice Please

jaydub_2

kepar wrote: »

Although this is my first posting on this site I have read the comments regularly. My wife and I both went BR in november last year so I do have some experience. The problem with your SOA jaydub is that you are putting it down for both of you. You are both going bankrupt so you will both be treated indvidually. Your wifes income is £300 and as this is benefits probably will not be counted and if it did it only makes up 16% of the household income. This may not be sufficient for the OR to take any intrest in it, mine was 17% and he let me keep all of it.
Now your income is £1500 , so all the outgoings will go against you and as they total £1542 , you will be ok.

How do you fill out the SOA's to achieve this. I have been trying to figure it out but I am not very clued up on BR. It would be fantastic if we did not end up with an IPA.

peachyprice

You don't do it like thay Jaydub.

You do it the way you have. So for your form you put the household bills in full, then your own expenses, under income you put your whole income and your wifes contribution, not her full IB , which is her income less any of her own expenses, which out of her £300 won't be much.

On your wifes form she puts her IB down, then your contribution to the shared household bills, again there will be no surplus, so no IPA.

dalip

Oh peachy you have such a wonderful way of explaining things:A

jaydub_2

I don't want to seem dumb or anything but I still can't get my head around this one peachy.

I have just finished five nightshifts and I can't sleep - I think I'll go for a beer or two and mull this one over.

What I don't understand is what do I put as my contribution to my wifes budget. and if the bills have been accounted for on my SOA what can my wife put on hers.

Confused for the moment - Jaydub

tigerfeet2006

On your wifes you put the joint household bills ie: mortgage/rent, utilities, council tax etc.

Then you put her own personal expenses ie: mobile phone, hair, medical.

You put her IB down and then your contribution which should balance everything.

jaydub_2

Hi All,

I am posting both our SOA's in the way I was going to present them. Could you please advise.

My SOA

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 1500
Partners monthly income after tax....... 300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1800
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 480
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 60
Gas..................................... 55
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 35
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1597


Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,597
Available for debt repayments........... 203

My Wifes SOA

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....... 1500
Benefits................................ 300
Other income............................ 0
Total monthly income.................... 1800
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 480
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 60
Gas..................................... 55
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 35
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1597

Monthly Budget Summary
Total monthly income.................... 1,800
Expenses (including HP & secured debts). 1,597
Available for debt repayments........... 203

Created using the SOA calculator at www.makesenseofcards.co