can anyone calculate soa please for IPA

Queen

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1425
Partners monthly income after tax....... 1180
Benefits................................ 125 Child benefir
Other income............................ 0
Total monthly income.................... 2730
Monthly Expense Details
Mortgage................................ 285
Secured/HP loan repayments.............. 118
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 100 No Arrears
Gas..................................... 155 No Arrears
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 52
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 47 Out of Surplus
Internet Services....................... 10 Out of Surplus
Groceries etc. ......................... 500
Clothing................................ 155 Work requires smart suits
Petrol/diesel........................... 100
Road tax................................ 30
Car Insurance........................... 58
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 128 Bus fare for me and 2 kids
Childcare/nursery....................... 53 Child clubs and school cooking
Other child related expenses............ 68 school dinners for 2
Medical (prescriptions, dentist etc).... 48 dentist, opticians and Persscription card for 2
Pet insurance/vet bills................. 20
Buildings insurance..................... 14
Contents insurance...................... 14
Life assurance ......................... 20
Other insurance......................... 35 ASU Cover for OH long term illness
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 30 I'm aware this may not be allowed
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2425

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...(285)......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.................... 2,730
Expenses (including HP & secured debts). 2,425
Available for debt repayments........... 305
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 305
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

Hi could anyone take a look at calculate contribution of income if we have to do 2 sep sao's
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

Merry_Gentry

Just a quick look seems like you have a surplus of £305, so I think they would be looking at around £150 - my understanding is that if you have over £99 spare, they take half of the total, so for example if you have £100 surplus, they take £50. I could be wrong though

philnicandamy

for example

Merry_Gentry

Thanks Phil - haven't been able to find that chart for ages!

Queen

Thanks can anybody tell me will they want a joint soa or single if they want single ones do we put contribution down for incomes,

blind-as-a-bat_2

Dont forget to deduct CB of the 305 then its as per the chart phill posted.

But as you have noted some of those may not be allowed, some definatly wont.

I would add £50-70 to housekeeping, as thats how much food etc has gone up since the OR's last updated there chart;) they can only say no

Merry_Gentry

You need to complete an SOA each, putting down just the contribution the other person makes. Put the bills in full, then if you pay 50/50 put down their contribution as half of that total.

Queen

I understand that they don't count child benefit so surplus would be £180

Merry_Gentry

blind-as-a-bat wrote: »

Dont forget to deduct CB of the 305 then its as per the chart phill posted.

Had forgotten that - thanks Bat.

blind-as-a-bat wrote: »

But as you have noted some of those may not be allowed, some definatly wont.

I would add £50-70 to housekeeping, as thats how much food etc has gone up since the OR's last updated there chart;) they can only say no

It might be worthwhile doing an SOA that doesn't include the things that you know have to come out of the surplus - that way we would get a better picture and be able to help more.

Queen

sorry message crossed whats items will they definately not include is there anything missed or I need to increase or decrease I want to make sure that my SOA is correct when I submit this to OR, had valuation done yesterday and was what I thought £155,000 to £160,000 :j

Merry_Gentry

They probably won't allow a landline as well as such a high mobile phone bill, then you need to remove the internet and sky, entertainment, possibly some of your holiday.... all of those are skewing the SOA so it's difficult to figure out what sort of surplus you actually have