I think there's only one option...

startagain_2

Is it an all electric house? There is nothing for gas on the SOA.

SA

sieve

Err not quite sure what happened there. Water is £5 as I am on a meter and there's only me in the house. Let me list what they said properly as I think what I posted got munged as I posted it and reset half the values. Oops.

Income (per month)
Clients Earnings £ 2,200.00

Expenditure (per month)
Insurance Building & Contents £16.67
Mortgage £1150.00
Council Tax £90.00
Electric £60.00
Telephone - Mobile - £40.00
Water Rates - £5.00
TV Licence - £11.75
Clothing / Footwear - £20.00
Housekeeping - £180.00
Medical/Dental - £15.00
Car Insurance - £23.33
Car Maintenance - £30.00
Car Tax/MOT - £20.00
Petrol - £80.00

Total Expenditure: £1,741.75
Surplus £458.25

sieve

tigerfeet2006 wrote: »

I am assuming that your wage is what is left at the end of the month after all your business expenses have been taken out.

Hi Tigerfeet,

No I am a sole trader so the figures shown include the business overheads too. That is what the business generates a month - my phone charges, internet etc are in the SOA. The only big costs are the phone, internet and fuel - which I was advised to include in categories I didn't spend that much on, eg car tax allowance etc - as apparently creditors wouldn't accept my phone charges as they were on an IVA proposal.

Actually I am thinking out loud here. That SOA they sent over doesn't reflect what I outlay in the slightest. Eg my fuel bill is closer to £250 and mobile closer to £100.

Now I'm totally confused - maybe why she said BR was gonna be the best option...

sieve

peachyprice wrote: »

That'll do for starters, and don't forget dry cleaning
Why is your income £2300? Shouldn't it be £2600 less £650 for tax?

I was told that I don't need to account that much for tax as £400 should be plenty based on how I use my home and what I can offset, etc...

sieve

startagain wrote: »

Is it an all electric house? There is nothing for gas on the SOA.

SA

Hi SA,

Yes, all electric.

skylight

Re-do your SOA your way. In BR, £100 for a mobile is not excessive when in its context that you need and use it for business. List what you actually spend. And deduct the correct amount of Tax, not what you "may" be able to offset. ORs are not taxmen. Besides, who's to know what our chancellor may change.....

peachyprice

Sorry, but that's ridiculous, how can they give you figures for an IVA when they bear no relation to your actual situation

So now do an I&E for BR using your actual figures and the suggestions we have made.

sieve

skylight wrote: »

Re-do your SOA your way. In BR, £100 for a mobile is not excessive when in its context that you need and use it for business. List what you actually spend. And deduct the correct amount of Tax, not what you "may" be able to offset. ORs are not taxmen. Besides, who's to know what our chancellor may change.....

Thanks again all. OK this is what the unadulterated non-payplan figures look like assuming I try to put away £650 a month for tax.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2603
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2603

Monthly Expense Details
Mortgage................................ 1150
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 5
Telephone (land line)................... 20
Mobile phone............................ 100
TV Licence.............................. 11.75
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 30
Petrol/diesel........................... 250
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 0
Tax savings............................. 650
Total monthly expenses.................. 2816.75



Monthly Budget Summary
Total monthly income.................... 2,603
Expenses (including HP & secured debts). 2,816.75
Available for debt repayments........... -213.75
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -213.75

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

sieve

I'd just like to say too that I am extremely grateful to all of you for being constructive as the way my head is at the moment I would have probably missed that they'd missed things off the SOA and could have potentially gone ahead with something that I had no realistic possibility of keeping to even though I thought I did... thanks again...

Scarlett.1974

sieve wrote: »

Thanks again all. OK this is what the unadulterated non-payplan figures look like assuming I try to put away £650 a month for tax.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2603
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2603

Monthly Expense Details
Mortgage................................ 1150
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 60 £70
Gas..................................... 0
Oil..................................... 0
Water rates............................. 5 £10
Telephone (land line)................... 20
Mobile phone............................ 100
TV Licence.............................. 11.75
Satellite/Cable TV...................... 20 probably won't be allowed
Internet Services....................... 20 do you need this for work?
Groceries etc. ......................... 150 £200
Clothing................................ 30 £50
Petrol/diesel........................... 250
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5 £10
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 - probably won't be allowed, but leave it anyway
Haircuts................................ 0 £10
Entertainment........................... 100 - definitely won't be allowed, sorry!
Holiday................................. 50 £40
Emergency fund.......................... 0
Tax savings............................. 650
Total monthly expenses.................. 2816.75



Monthly Budget Summary
Total monthly income.................... 2,603
Expenses (including HP & secured debts). 2,816.75
Available for debt repayments........... -213.75
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -213.75

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

Hi,

I've increased a couple of your utilities because they're very low and if prices do go up on those then you may struggle. I've changed another few things for you, just my opinion, but I'm no expert on SOAs so see what everyone else thinks