help with soa if you would be so kind

peteleton

Hello all. I must say all you great people have been so kind and would like to say thanks for your help so far. But would you be so kind to have a look at my soa. and give me your thoughts. Many thanks



Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 300
Benefits................................ 500
Other income............................ 0
Total monthly income.................... 800

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 40
Gas..................................... 33
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 25
Satellite/Cable TV...................... 0
Internet Services....................... 16
Groceries etc. ......................... 350
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 18
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 783


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
natwest cc.....................500.......8.........0
natwest loan...................2800......88........0
littlewoods....................2300......170.......0
virgin.........................480.......480.......0
british gas....................188.......188.......0
quoteline......................26........26........0
3..............................166.......166.......0
02.............................260.......260.......0
rockwell.......................4800......50........0
lowell.........................174.......30........0
Total unsecured debts..........11694.....1466......-


Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 783
Available for debt repayments........... 17
Monthly UNsecured debt repayments....... 1,466
Amount short for making debt repayments. -1,449

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,694
Net Assets.............................. -11,694

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

skylight

peteleton wrote: »

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 300
Benefits................................ 500
Other income............................ 0
Total monthly income.................... 800

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 40 Are these utilities accurate? I mean, you have checked your meter readings etc, any debts you could include in BR?? You could probably up these to £45 each anyway.
Gas..................................... 33
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 25 The OR will only allow the basic £12pm for this, as you only pay double for the first six months.
Satellite/Cable TV...................... 0
Internet Services....................... 16 Unlikely to be allowed BUT include it anyway and see what happens. You can argue OH needs access for work and your child needs it for homework.
Groceries etc. ......................... 350
Clothing................................ 30 £50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0 Nothing? Buses/Taxis etc as you do not have a car. £30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 0 Get some. Its not worth going without. The Co-Op are cheap, BR friendly and easy to deal with. Get cashback via quidco too.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 18
Entertainment........................... 0
Holiday................................. 0 Believe it or not, holiday funds are usually permitted! £25
Emergency fund.......................... 0
Total monthly expenses.................. 783

I know that I have added a bit too much in, but make sure that the two balance nicely. Partners monthly income - is it only a total of £300 or is that his/her contribution share?? I ask as your OR may question why you are paying all the bills if thats all the contribution is. However, as you have no income an IPA is highly unlikely anyway - but still make it balance-ish.


On a side note, have you checked out your utility suppliers to make sure you are on the best deals?? Also, for what you are paying for your phone and internet, you could get Sky and phone and internet for less than that total. Not to make things cheaper for the ORs purpose, but just to give you a little more flexibility!

peteleton

thanks for your reply. my wife is on longterm sick and its ssp wich is only £301 a month the other part is made up of tax credits and jsa. but this is all going to change in august when her ssp stops. so all in with her statory sick pay and my jsa and tax credits it comes to 800. I know a very round number bit thats how its all added up. 40 is right for electric im on token metre and thats how much it costa a month and gas is 33 by direct debit there is no dept encluded in the figures. Good call with the internet as son needs it for his coursework for his exams and as thats all in my wifes name its out of my control she wants it and she makes sure it comes out her money. and travel not really as i live so close to everythin i walk every were lol but i see your point with all your comments.

fiveyearplan

Hi and welcome peteleton. I don't have anything to add to skylight's comments but wanted to welcome you to the forum.

skylight

Ok. If the internet is in your wifes name, then take it off your SOA, but also take the amount off your wifes contribution to the household. Its not on there to start with, so not going to be questioned but can still be paid for - it would make it easier than potentially having to argue over it with the OR.

And Ebico are the best if you have PAYG meters - they charge the same per unit as everyone else and there are no standing charges to pay either. Dead easy to swap even if on a meter - you just get a new key/card. http://www.ebico.co.uk/

Hope all goes well.

peteleton

thank you very much for your help. friendly people like all the people on here make the proccess alot easyer and enables people to cope with the hard choice of doing this. once again thank you all very much.