my soa - does it look ok?

ttt2009

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 670
Partners monthly income after tax....... 0
Benefits................................ 510
Other income............................ 230
Total monthly income.................... 1410
Monthly Expense Details
Mortgage................................ 442
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 25
Gas..................................... 30
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 46.5
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 408
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 34
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 1679.5

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(442)......0
Total secured & HP debts...... 80000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
halifax........................15500.....250.......0
rbs............................29000.....375.......0
rbs............................1700......50........0
hfc............................771.......35........0
next...........................500.......45........0
capital one....................2000......60........0
Total unsecured debts..........49471.....815.......-

Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 1,679.5
Available for debt repayments........... -269.5
Monthly UNsecured debt repayments....... 815
Amount short for making debt repayments. -1,084.5
Personal Balance Sheet Summary
Total assets (things you own)........... 75,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -49,471
Net Assets.............................. -54,471
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

ttt2009

i must add that when i lose my job i wont be paying £408 to nursery as he wont be going and my ctc will drop dramatically. i obviously wont have a wage so will be on £60.50 a week income support.

Merry_Gentry

ttt2009 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 670
Partners monthly income after tax....... 0
Benefits................................ 510
Other income............................ 230
Total monthly income.................... 1410
Monthly Expense Details
Mortgage................................ 442
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 25
Gas..................................... 30
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 46.5 - this seems very high, especially as you have a mobile phone as well?
Mobile phone............................ 35 - is this contract or PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 408
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 34
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 - doubtful this will be allowed
Haircuts................................ 20
Entertainment........................... 50 - doubtful this will be allowed
Holiday................................. 50 - may be allowed - some ORs do, some don't
Emergency fund.......................... 20 - not allowed!!
Total monthly expenses.................. 1679.5

Assets
Cash.................................... 0
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(442)......0
Total secured & HP debts...... 80000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
halifax........................15500.....250.......0
rbs............................29000.....375.......0
rbs............................1700......50........0
hfc............................771.......35........0
next...........................500.......45........0
capital one....................2000......60........0
Total unsecured debts..........49471.....815.......-

Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 1,679.5
Available for debt repayments........... -269.5
Monthly UNsecured debt repayments....... 815
Amount short for making debt repayments. -1,084.5
Personal Balance Sheet Summary
Total assets (things you own)........... 75,000
Total HP & Secured debt................. -80,000
Total Unsecured debt.................... -49,471
Net Assets.............................. -54,471
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

If you remove any debt replacements, do you have a positive amount left at the end? I think your phone bill is very high, especially as you have a mobile phone listed as well. And it's unlikely you would be allowed an emergency fund, money for presents, etc.

ttt2009

i have a b/band - lline - cable package - they want £155 to disconnect

mobile is contract - tied in for another 12 months

so im not allowed to save for my sons bday presents/xmas?

Merry_Gentry

i have a b/band - lline - cable package - they want £155 to disconnect

If you are giving up your house, you might have to give this up anyway? So it could be included in your bankruptcy.


mobile is contract - tied in for another 12 months

If you can afford it (out of your surplus if necessary) and want to keep it, then that should be fine, but the amount may not be allowed as part of your normal SOA.

so im not allowed to save for my sons bday presents/xmas?

This would have to come out of your surplus

ttt2009

not gonna be much surplus living off benefits!

thanks for the comments

Merry_Gentry

Sorry to be such a doom and gloom merchant Others may be able to give you a different view though.

ttt2009

no not at all!

its already doom and gloom............with a slight glimmer of hope!

peachyprice

Once you're living solely off benefits your SoA is pretty irrelevant, they can't take an IPA so you just put down your basic living costs.

Are you going BR before or after you lose your job?

Merry_Gentry

Once you're living solely off benefits your SoA is pretty irrelevant, they can't take an IPA so you just put down your basic living costs.

Blimey, Peachy, that never even occurred to me - I was looking at it from a budget perspective - my bad :o