IPA Income and Expenditure

Queen

Does anyone have any ideas on figures that they allow for expenditure with the mortgage rate going down we have more of a surplus but when we had OR interview in November they said that a IPA may not be set or will be looked at again before discharge due to my hubbys illness and that he has only just returned to work but I was for general guidlines of what is acceptable and what they allow and what they don't

tigerfeet2006

Pop up your original SoA with a note of the new mortgage payment and let us have a look.

Queen

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1375
Partners monthly income after tax....... 1180
Benefits................................ 125
Other income............................ 0
Total monthly income.................... 2680
Monthly Expense Details
Mortgage................................ 420
Secured loan repayments................. 118
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 144
Electricity............................. 100
Gas..................................... 153
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 52
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 47
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 155
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 58
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 128
Childcare/nursery....................... 53
Other child related expenses............ 68
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 30
Buildings insurance..................... 27
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 35
Presents (birthday, christmas etc)...... 40
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2534

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 162000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 165000...(420)......0
Secured Debt.................. 17000....(118)......0
Total secured & HP debts...... 182000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,680
Expenses (including HP & secured debts). 2,534
Available for debt repayments........... 146
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 146
Personal Balance Sheet Summary
Total assets (things you own)........... 162,000
Total HP & Secured debt................. -182,000
Total Unsecured debt.................... -0
Net Assets.............................. -20,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font

Scarlett.1974

Hi

I'm no expert on SOAs but are those the figures you presented at your interview, the only one being different being your mortage payment? Are your gas and electricity bills really that high? Good grief!

Merry_Gentry

Wow, is that a monthly gas/electricity or quarterly?? Those bills are HUGE :eek:

Queen

Yes I know its high no arrears as these were included in BR standard 3 bed semi have combi boiler and energy saving bulbs in most of lights, some figures have changed OR advised £500 for house keeping, increased clothes work in a professional occupation therefore need to be really smart, only things which were not included on original soa is holidays, birthdays but everything else was the same

Queen

monthly this is was has been assessed by Npower and Bgas I have looked at moving but all other providers wanted more

tigerfeet2006

Looking at that Queen I am sorry to say there does not appear to be any area's you can increase. TBH a lot of your figures are higher than usually allowed so you have been quite lucky.

Edit: Also your CHB will not be taken into account for an IPA so I think you will fall under the threshold for an IPA.

peachyprice

You're pretty maxed out on all your allowances, if you up anything else it may be interpreted that you're purposely avoiding an IPA.

However, your surplus can be £99 + whatever your child benfit is so you still come in below the IPA threshold.

Queen

Oh I am not asking to increase any area's I know gas and electric but short sitting in the dark and cold there is not much I can do about it I have had meters checked and re-checked this will hopefully come down when they assess again in 12 months time, but do they allow holiday, birthdays to be included if this is the case then we will only have a small surplus left as I have told they do not include child benefit therefore income the will take into account is £2555, after taking off expenditure there will only be a small amount

fiveyearplan

What did your mortgage payment used to be?