SOA Included: Request for Comments

hotsnowman

Hi All

I am about to go BR, just at the filling in the forms process. I've sketched up the SOA, would you mind making your comments?

A bit of background: Married, three kids, partner has £8.5k of debt - she earns £416 per month but has a £188 per month card payment to deal with before she can contribute to the household expenses. Income looks like this:

Income
My take home pay

---

£1,000.00
Partner Contribution

---

£236.67
Child Benefit

---

£185.60
Projected Tax Credit (estimate)---£500.00
Income

---

£1,922.27

Expenses

Mortgage Payments (interest only)

---

£340.00
Housekeeping
Food and Cleaning Materials

---

£500.00

Water
Septic Tank Emptying

---

£12.08
UV Lamps

---

£5.00
Filters

---

£1.67

Gas, electricity, other heating
Electricity

---

£50.00
Oil Heating

---

£188.00

Telephone Charges
BT Landline £21.50
Mobile (contribution for personal calls (business mobile)) ---- £6.40
Mobile Partner (contribution for personal calls (business mobile))---- £8.80

Council Tax

---

£107.50

Travel
Travelling to and from work £120.00 and other essential journeys

Clothing

---

£50.00

Other Expenses
Car Tax

---

£12.50
Car Insurance

---

£36.00
Car Maintenance & MOT

---

£41.67
Car Parking

---

£10.00
Child Care

---

£315.00
Building and Contents

---

£41.00
Life Assurance

---

£46.00
Haircuts

---

£40.00
Holiday

---

£0.00

Child Related Expenses
School fruit and Swimming

---

£20.00

Medical Prescriptions / Dental and Opticians

---

£20.00

Pet Costs
Insurance, vaccinations and food

---

£20.00

---

Total £2,013.12

How does that look? I'm a little unclear about the splitting of expenses - my partner earns very little, she's not going BR but do the figures in the SOA need to be split between her and me?

Any help appreciated.

dalip

Thats fine in how you have done it. The only query i would make is your oil is high and your expenditure is over your income!. Who is the CB made payable to? If is in your wifes name then no need to include it. They do not use CB when calculating for an IPA anyway.Dx

hotsnowman

dalip wrote: »

Thats fine in how you have done it. The only query i would make is your oil is high and your expenditure is over your income!. Who is the CB made payable to? If is in your wifes name then no need to include it. They do not use CB when calculating for an IPA anyway.Dx

Thanks Dalip.

Yes, oil is high and unfortunately accurate, leaky old house and no budget for double glazing windows / roof insulation etc.

CB is paid to my wife. Income less than expenditure is a problem, we hope we can tweak bills to cover this but will the OR see this as a big issue?

tigerfeet2006

It all looks fine to me as well. Maybe loose your OH's mobile as that is her expense and should be paid by her.

Can you just increase your OH's contribution sothe SoA balances?

hotsnowman

tigerfeet2006 wrote: »

It all looks fine to me as well. Maybe loose your OH's mobile as that is her expense and should be paid by her.

Can you just increase your OH's contribution sothe SoA balances?

Thanks Tigerfeet. We'll need to reduce the child care to make it balance. Good point about my OH's mobile - I'll remove it.

Thanks again. Looking foward to the end game.

dalip

Not being picky here melted but have you totalled your yearly comsumption of oil and divided by 12 get that monthly amount?.

The reason i ask is some OR can get really assy about high bills and may only allow a certain amount and expect you to find the rest from any surplus income. Dx

fiveyearplan

hotsnowman wrote: »

Hi All

I am about to go BR, just at the filling in the forms process. I've sketched up the SOA, would you mind making your comments?

A bit of background: Married, three kids, partner has £8.5k of debt - she earns £416 per month but has a £188 per month card payment to deal with before she can contribute to the household expenses. Income looks like this:

Income
My take home pay

---

£1,000.00
Partner Contribution

---

£236.67
Child Benefit

---

£185.60
Projected Tax Credit (estimate)---£500.00
Income

---

£1,922.27

Expenses

Mortgage Payments (interest only)

---

£340.00
Housekeeping
Food and Cleaning Materials

---

£500.00

Water
Septic Tank Emptying

---

£12.08
UV Lamps

---

£5.00
Filters

---

£1.67

Gas, electricity, other heating
Electricity

---

£50.00
Oil Heating

---

£188.00

Telephone Charges
BT Landline £21.50 put £60 for phone and delete mobiles
Mobile (contribution for personal calls (business mobile)) ---- £6.40
Mobile Partner (contribution for personal calls (business mobile))---- £8.80

Council Tax

---

£107.50

Travel
Travelling to and from work £120.00 and other essential journeys

Clothing

---

£50.00

Other Expenses
Car Tax

---

£12.50
Car Insurance

---

£36.00
Car Maintenance & MOT

---

£41.67
Car Parking

---

£10.00
Child Care

---

£315.00
Building and Contents

---

£41.00
Life Assurance

---

£46.00 Not sure you will be able to include this in SOA - may have to come from surplus
Haircuts

---

£40.00 35
Holiday

---

£0.00

Child Related Expenses
School fruit and Swimming

---

£20.00 leave as child expenses, you are allowed £5 per week per child

Medical Prescriptions / Dental and Opticians

---

£20.00

Pet Costs
Insurance, vaccinations and food

---

£20.00

---

Total £2,013.12

How does that look? I'm a little unclear about the splitting of expenses - my partner earns very little, she's not going BR but do the figures in the SOA need to be split between her and me?

Any help appreciated.

I wouldn't be so detailed, just put phone, child expenses etc

hotsnowman

dalip wrote: »

Not being picky here melted but have you totalled your yearly comsumption of oil and divided by 12 get that monthly amount?.

The reason i ask is some OR can get really assy about high bills and may only allow a certain amount and expect you to find the rest from any surplus income. Dx

Hi Dalip

Yes, I have taken the oil bills for the last 15 months and averaged them. I work from home so heating often on.

We will try and get the costs down - preferably by using any excess income to insulate etc.

peachyprice

hotsnowman wrote: »

Thanks Dalip.

Yes, oil is high and unfortunately accurate, leaky old house and no budget for double glazing windows / roof insulation etc.

Have you looked into the possibility of a grant to get insulation?

hotsnowman

Thanks fiveyearplan. Will make the breakdowns a little less specific. I take it the £60 for telephone is for a quarter not a month?

lisamummytoarchieplusbump

hotsnowman wrote: »

Thanks fiveyearplan. Will make the breakdowns a little less specific. I take it the £60 for telephone is for a quarter not a month?

no, per month