OH's SOA! Do I need to include my benefit earnings?

dalip

Bluebelle72 wrote: »

Thank you Lisa and dalip so very much, I have redone the SOA taking your suggestions into account although now theres a deficit what do I do now?! LOL xx

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1560
Partners monthly income after tax....... 100make this about £250
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1660

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 70
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 680i think is this too much lower to about £600
Clothing................................ 150
Petrol/diesel........................... 90
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 100£60.
Emergency fund.......................... 0
Total monthly expenses.................. 1972


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,660
Expenses (including HP & secured debts). 1,972
Available for debt repayments........... -312
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -312

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 900

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

Ok i think some of your figures are a bit high:o. With what i have suggested now it leaves you about £28 in deficit. You could increase your contribution to cover this or lower a couple of other allowances by £5 or £10 until you have a small surplus.
A lot of posters have gone to court showing a deficit but i am of the belief that it is not a good idea,but that is just my opinion. It is entirely up to you.Dx

Bluebelle72

Dalip you are an absolute star hunni! Thank you so much!! I have taken your advice and tweeked it somewhat, It's given us a surplus of £28, do you think this is ok?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1560
Partners monthly income after tax....... 300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1860

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 70
Gas..................................... 80
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 580
Clothing................................ 150
Petrol/diesel........................... 90
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 35
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1832


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,860
Expenses (including HP & secured debts). 1,832
Available for debt repayments........... 28
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 28

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 900

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

missymugwump

OK sorry

The Official Receiver will not use your benefit money in his calculations

So if you took your benefit money out of the figures you have less of a surplus for the official receiver to be intereted in

Is that easier ?

missymugwump

Partners monthly income after tax....... 560


This £560 will be ignored
So household income becomes

Monthly income after tax................ 1560
Other income............................ 26
Total monthly income.................... 1586

missymugwump

When putting your income you must make it really clear it
is all made up of benefits

You still put it on the form so OR can see it
But clearly put it as BENEFITS not partners income

dalip

As far as i am aware the OR only discounts child benefit when looking for an IPA. Correct me if i am wrong Miss.

That looks good girl go with that,if you feel happy with it.Dx

missymugwump

If the bankrupt is in receipt of benefits and has surplus income, an IPA contribution should only be sought to the extent of the non-benefit income.

Bluebelle72

Thank god for all you clued up Money/BR experts!! Where would we all be without you, if I had the money I'd buy you all a big drink mmmmmm JD!!!! :beer::beer::beer::beer::j:T

missymugwump

Ohhh I lurve JD
Now your talking

Bluebelle72

So will I have to put that the income for me is contributions to the household or do I leave it as partners income?