soa - help please!

boltonangel

hi

my soa is as follows.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2 1 to be handed back to hp company before br (hopefully)
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 1100
Benefits................................ 170 (i think this will rise to 320 soon)
Other income............................ 0
Total monthly income.................... 1440
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 110 (car to be handed in)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 70 one mine, one husbands both on contract
TV Licence.............................. 13
Satellite/Cable TV...................... 17.5
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 200 (for one car)
Road tax................................ 15 (for just the one car)
Car Insurance........................... 75 (ditto)
Car maintenance (including MOT)......... 20 (ditto)
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 36 (school lunches)
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 60
Emergency fund.......................... 50
Total monthly expenses.................. 1417.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000 (both cars one 4k, one 1k- 1k to be returned)
Other assets............................ 0
Total Assets............................ 5000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3000.....(110)......22
Total secured & HP debts...... 3000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CAR LOAN (husbands)............5000......200.......11
barclaycard....................5800......180.......18
mbna...........................5500......200.......30
amex...........................2500......80........12
Total unsecured debts..........18800.....660.......-

Monthly Budget Summary
Total monthly income.................... 1,440
Expenses (including HP & secured debts). 1,417.5
Available for debt repayments........... 22.5
Monthly UNsecured debt repayments....... 660
Amount short for making debt repayments. -637.5
Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -3,000
Total Unsecured debt.................... -18,800
Net Assets.............................. -13,800
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


i know i've probably filled it out all wrong but i can't figure out how to do it!

there's only me going br which will leave only husbands £200pm debt remaining. i only work 1 day a week due to childcare. i anticipate benefits to rise due to my change of earnings. we currently have 2 cars - both in my name as it made insurance cheaper. the hp car is due to go back soon leaving one car valued at £4k which myself and husband will both use for work with a bit of planning!

the budget is for the household bills, we both just pool the money into one account and go from there so dh has been paying 'my' debts for a long time.

is this correct or do i just write that my income is £170 and i put that towards food bills.

StuntmanBob

boltonangel wrote: »

hi

my soa is as follows.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2 1 to be handed back to hp company before br (hopefully)
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 1100
Benefits................................ 170 (i think this will rise to 320 soon)
Other income............................ 0
Total monthly income.................... 1440
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 110 (car to be handed in)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 70 one mine, one husbands both on contract
TV Licence.............................. 13
Satellite/Cable TV...................... 17.5
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 200 (for one car)
Road tax................................ 15 (for just the one car)
Car Insurance........................... 75 (ditto)
Car maintenance (including MOT)......... 20 (ditto)
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 36 (school lunches)
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 60
Emergency fund.......................... 50
Total monthly expenses.................. 1417.5

No mortgage and no rent - where are you living?

Telephone needs to include mobiles - I'm not sure they're allowed separately. In this case £95 per month may be high.

Groceries - You can claim more than £400 for a family of 4. I think I saw upto £600 being claimed. Clothing - likewise, I think you'd be allowed upto £120.

Car maint seems very low. Be realistic! Satellite TV won't be allowed. Presents, entertainment and emergency probably won't be allowed.

I'd advise putting higher numbers into the categories you will be allowed, and zeroising the categories you won't be allowed. That way it still balances and you reduce the chance of getting a IPA.

Others more expert than I will be along shortly to advise further, I'm sure.

boltonangel

thank you.

we have work accomodation so it is mtge and rent free.

am i right including ALL bills even though they are paid for by my dh and he isnt going br? for example, with the sky if he isnt br and is paying it himself then can the or really say anything?

EnslavedByDebts

boltonangel wrote: »

hi

my soa is as follows.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 1100
Benefits................................ 170
Other income............................ 0
Total monthly income.................... 1440
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60 maximum allowed
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 80
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 75
Car maintenance (including MOT)......... 50
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1404

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Total Assets............................ 4000



Monthly Budget Summary
Total monthly income.................... 1,440
Expenses (including HP & secured debts). 1,404
Available for debt repayments........... 36
QUOTE]


I have changed some areas for you so you can see. You may lose your car and be given a lower budget to buy a replacement as the usual allowance is £2000 for a car so £4000 is a high value.

EBD

boltonangel

thank you.

so when filling in my soa on the br forms i need to make it a household budget rather than personal? it seems wrong that my dh will have to pay for everything because i may get a ipa.
i hope that makes sense.

beentheredonethatstilhere

EnslavedByDebts wrote: »

boltonangel wrote: »

hi

my soa is as follows.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 1100 Don't put his full amount in just enough to make it balance.
Benefits................................ 170
Other income............................ 0
Total monthly income.................... 1440
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60 maximum allowed
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 80
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 75
Car maintenance (including MOT)......... 50
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40 for childrens activities plus £36 for school lunches
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 25 Is this yours or DH?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1404

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Total Assets............................ 4000



Monthly Budget Summary
Total monthly income.................... 1,440
Expenses (including HP & secured debts). 1,404
Available for debt repayments........... 36
QUOTE]


I have changed some areas for you so you can see. You may lose your car and be given a lower budget to buy a replacement as the usual allowance is £2000 for a car so £4000 is a high value.

EBD

I've just added a couple of comments to EBD excellent SOA. You won't pay an IPA as you have no surplus.

boltonangel

thank you everyone. i will fill in the forms tonight once the kids go to bed.

the life cover of £25 is for joint cover life only cover that i dont want to cancel due to a rise in premiums.

also, with the car it was bought in my name because i had the no claims discount and the original hp was in my name- we then paid it off around 2mths after getting the car with a lump sum from the sale of our joint home- the rest of the cash went to repay MY loans. do i have a case to inform the OR that my dh paid for the car as he used his 'share' of the equity to repay it (to complicate things he didnt have a bank acc at the time so the house proceeds went into my acc, but it was a joint mtge)

boltonangel

also, what do i do about the change of tax credits - i will be getting an extra £90 per month soon. do i include that now and adjust dh's contribution accordingly or wait till or interview when i will be in receipt of it but then they may say it's a surplus?

boltonangel

i have reposted the soa using your figures so far - i have increased the benefit pymt because they'll end up knowing at some point and by 4/6 (br date) it will have credited my acc.
because i have included the debt i pay now and after br i wont be paying them do i need to make sure that i adjust my dh's contribution to make a nil balance AFTER br or not- i hope that makes sense.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 170
Partners monthly income after tax....... 1100
Benefits................................ 320
Other income............................ 0
Total monthly income.................... 1590
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 80
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 75
Car maintenance (including MOT)......... 50
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 76
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1470

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
CAR LOAN (husbands)............5000......200.......11
barclaycard....................5800......180.......18
mbna...........................5500......200.......30
amex...........................2500......80........12
Total unsecured debts..........18800.....660.......-

Monthly Budget Summary
Total monthly income.................... 1,590
Expenses (including HP & secured debts). 1,470
Available for debt repayments........... 120
Monthly UNsecured debt repayments....... 660
Amount short for making debt repayments. -540
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,800
Net Assets.............................. -14,800
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

stintond

i dont think youre allowed sat tv
when we filled ours there was a negative balance between what we earned and what we needed , this is good to avoid an ipa