Sorting it out: my SOA

bitter-roses

I posted an SOA a while back, but it’s come to my attention (mainly through reading my pay-slips properly, instead of just seeing how much is going to get paid into my account every month) that the figure I used as monthly income is out by between two hundred and four hundred pounds.

:eek:

(I think I used the gross income amount, rather than the nett one, and also used it from when I had been given an uprating and/or a bonus – which obviously was never going to be an every-month thing. D’oh!)

Is there a way that anybody knows of where I can find out how much income tax and NI I can expect to pay on wages? That way I can make a better guess on how much money I will have each month and therefore a more realistic chance of an SOA I can stick to.

Any ideas, anyone?

redpete

There's a calculator at http://listentotaxman.com/ - remember to include all deductions (pension, GAYE, union...)

but can't you just look at a recent payslip that doesn't have the bonus in it?

bitter-roses

redpete wrote: »

There's a calculator at http://listentotaxman.com/ - remember to include all deductions (pension, GAYE, union...)

Thanks, I’ll give that a bash.

redpete wrote: »

but can't you just look at a recent payslip that doesn't have the bonus in it?

I don’t know where they are.

bitter-roses

Right, this is a second crack at an SOA using my March wage as a guide (I don’t know how much more I’ll get now that the April up-rating has kicked in, but I’ll find that out in about two-and-a-half weeks. The March wage I’ve taken from what went into my bank account on 31 March.) These figures are, I think, the maximum I can allow and still be in a position to pay everything when it’s wanted.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household.........................1
Number of cars owned..................................0
Monthly Income Details
Monthly income after tax.......................1,291.00
Benefits...........................................0.00
Total monthly income...........................1,291.00
Monthly Expense Details
Rent.............................................400.00
Council Tax.......................................80.00
Electricity.......................................25.00
Gas...............................................15.00
Mobile phone.......................................5.00
Internet Services.................................12.22
Telephone (Land Line).............................15.00
TV Licence........................................11.95
Groceries etc.....................................80.00
Clothing...........................................0.00
Medical (prescriptions, dentist etc)..............10.00
Presents (birthday, christmas etc)................10.00
Haircuts...........................................5.00
Monthly Travel [TFL bus pass].....................53.00
Monthly Allowance..................................0.00
Charity Donations.................................19.00
Laundrette fees [machine not plumbed in]..........45.00
Total monthly expenses...........................786.17

Assets
Cash..............................................83.21
Car................................................0.00
Other assets.......................................0.00
Total Assets.......................................0.00

Secured & HP Debts
Description....................Debt......Monthly....APR
Secured Debt...................0.00............-......-
Total secured & HP debts.......0.00............-......-
Unsecured Debts
Description....................Debt......Monthly....APR
LTSB Loan..................3,249.19.......196.98......?
Egg Loan.....................809.14.......207.00...6.73
Student Loan Arrears.......1,096.60........75.00......?
Total unsecured debts......5,154.93.......453.98......-

Monthly Budget Summary
Total monthly income...........................1,291.00
Expenses (including HP & secured debts)..........786.17
Available for debt repayments....................504.83
Monthly UNsecured debt repayments................453.98
Amount left after debt repayments.................50.85
Personal Balance Sheet Summary
Total assets (things you own).....................83.21
Total HP & Secured debt............................0.00
Total Unsecured debt...........................5,154.93
Net Assets.....................................5,071.72


Things and issues about which I am already aware, and have plans to do something about where necessary, are as follows:


1) There is no separate entry for water bills as these are included in my rent (I am a Council tenant in a South London borough.)


2) I plan to cancel the charity payments I make until I have paid off my debt. This may take some time, as I don’t have the paperwork (reference numbers, etc.) immediately to hand.


3) The Council Tax is on a 10-month payment schedule. I don’t know where the paperwork is that proves I am the sole tenant of the flat I live in (see a pattern emerging here?) and until I can find that I can’t apply for the reduction. I’ve no idea if it can be backdated or not (I suspect not), but I’ll ask anyway. (Failing everything else, I’ll ask the Council to provide me with a copy of the thing, and with a bit of luck they’ll not charge me.) I don’t know how to apply to pay over 12 months, or even if I’m allowed to at this stage. Perhaps paying by Direct Debit is the answer.


4) The Student Loan is not currently deferred, for whatever reason (I seem to have mucked that up, too.) I have a deferral form and once I have tracked down my March 2009 payslip I will be sending it off (that, hopefully, might cut down a little on the arrears, as it’ll backdate for three months.)


Can’t think of anything else ... so over to you lot!

Tixy

Hi Bitter-roses

Well you SOA looks tight but do-able. Do you have a washing machine and a space for it but just not got it attached? If so you could probably find someone to plumb it for the £45 you will be paying each month at the laundrette.

Do you have to have a landline? Is it needed for the broadband package you are on?

Think you are right about the donations - its not easy to stop but once you are out of debt you can reinstate them or even increase them.

Hope your new pay proves to be higher, even with just a small increase in payrise in April you will also have has an increase in your tax code (which is good) so should end up a bit better off. Do you not know what went in at the end of April? I don't know if you have interenet banking but if not I'd suggest you get that set up as soon as so you have a bit more control over your money (and you can't lose online statements!).

Have you looked at the up your income board for earning money and vouchers? You could then use this money for presents / clothes/ occasional entertainment etc.

Finally have you sorted out one place in your flat to keep all new paperwork so you dont lose it!! - even just a big plastic box next to the letterbox is better than nothing!.

EDIT: Don' t think I gave any proof that I lived on my own to get single persons discount. Just phoned up the council and told them. In fact with some councils you can just fill in an online form.

jayss

You should just be able to fill in a form for the council.
And can you just cancel DDs to the charities?

lmclean100

bitter-roses wrote: »

Right, this is a second crack at an SOA using my March wage as a guide (I don’t know how much more I’ll get now that the April up-rating has kicked in, but I’ll find that out in about two-and-a-half weeks. The March wage I’ve taken from what went into my bank account on 31 March.) These figures are, I think, the maximum I can allow and still be in a position to pay everything when it’s wanted.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household.........................1
Number of cars owned..................................0
Monthly Income Details
Monthly income after tax.......................1,291.00
Benefits...........................................0.00
Total monthly income...........................1,291.00
Monthly Expense Details
Rent.............................................400.00
Council Tax.......................................80.00
Electricity.......................................25.00
Gas...............................................15.00
Mobile phone.......................................5.00
Internet Services.................................12.22
Telephone (Land Line).............................15.00
TV Licence........................................11.95
Groceries etc.....................................80.00
Clothing...........................................0.00
Medical (prescriptions, dentist etc)..............10.00
Presents (birthday, christmas etc)................10.00
Haircuts...........................................5.00
Monthly Travel [TFL bus pass].....................53.00
Monthly Allowance..................................0.00
Charity Donations.................................19.00
Laundrette fees [machine not plumbed in]..........45.00
Total monthly expenses...........................786.17

Assets
Cash..............................................83.21
Car................................................0.00
Other assets.......................................0.00
Total Assets.......................................0.00

Secured & HP Debts
Description....................Debt......Monthly....APR
Secured Debt...................0.00............-......-
Total secured & HP debts.......0.00............-......-
Unsecured Debts
Description....................Debt......Monthly....APR
LTSB Loan..................3,249.19.......196.98......?
Egg Loan.....................809.14.......207.00...6.73
Student Loan Arrears.......1,096.60........75.00......?
Total unsecured debts......5,154.93.......453.98......-

Monthly Budget Summary
Total monthly income...........................1,291.00
Expenses (including HP & secured debts)..........786.17
Available for debt repayments....................504.83
Monthly UNsecured debt repayments................453.98
Amount left after debt repayments.................50.85
Personal Balance Sheet Summary
Total assets (things you own).....................83.21
Total HP & Secured debt............................0.00
Total Unsecured debt...........................5,154.93
Net Assets.....................................5,071.72


Things and issues about which I am already aware, and have plans to do something about where necessary, are as follows:


1) There is no separate entry for water bills as these are included in my rent (I am a Council tenant in a South London borough.)


2) I plan to cancel the charity payments I make until I have paid off my debt. This may take some time, as I don’t have the paperwork (reference numbers, etc.) immediately to hand.


3) The Council Tax is on a 10-month payment schedule. I don’t know where the paperwork is that proves I am the sole tenant of the flat I live in (see a pattern emerging here?) and until I can find that I can’t apply for the reduction. I’ve no idea if it can be backdated or not (I suspect not), but I’ll ask anyway. (Failing everything else, I’ll ask the Council to provide me with a copy of the thing, and with a bit of luck they’ll not charge me.) I don’t know how to apply to pay over 12 months, or even if I’m allowed to at this stage. Perhaps paying by Direct Debit is the answer.


4) The Student Loan is not currently deferred, for whatever reason (I seem to have mucked that up, too.) I have a deferral form and once I have tracked down my March 2009 payslip I will be sending it off (that, hopefully, might cut down a little on the arrears, as it’ll backdate for three months.)


Can’t think of anything else ... so over to you lot!

Hi Bitter-roses

We went from paying council tax over 10 months to 12 months by just phoning the Council and saying that we wanted to do that. As long as they get their money I don't think the Council really cares.

Good luck

Lesley

bitter-roses

Tixy wrote: »

Hi Bitter-roses

Hi!

Tixy wrote: »

Well you SOA looks tight but do-able. Do you have a washing machine and a space for it but just not got it attached? If so you could probably find someone to plumb it for the £45 you will be paying each month at the laundrette.

I have a washing machine and it’s in my flat but there is no “tap” on the cold water pipe and no spigot or waste pipe for any machine. Nor are there any holes in the side of the cupboard-under-the-sink for pipes to pass through.

I’ve asked the Council whether they’re prepared to do these things; if not (they haven’t replied yet!) it’ll need to wait until I can save the cash for it, which will take a while.

Tixy wrote: »

Do you have to have a landline? Is it needed for the broadband package you are on?

I don’t have broadband; the internet connection referred to in the SOA is for dial-up.

Tixy wrote: »

Think you are right about the donations - its not easy to stop but once you are out of debt you can reinstate them or even increase them.

Yeah. Doesn’t stop me feeling guilty about it though.

Tixy wrote: »

Hope your new pay proves to be higher, even with just a small increase in payrise in April you will also have has an increase in your tax code (which is good) so should end up a bit better off. Do you not know what went in at the end of April? I don't know if you have interenet banking but if not I'd suggest you get that set up as soon as so you have a bit more control over your money (and you can't lose online statements!).

I’m hoping for a bit more money this month, aye!

Last month (May) I sold five days of leave back to my employer so my pay was skewed by that (gross wage £1,899.73; nett wage £1,474.12). In April I had up-rating, a performance bonus and non-consolidated “progression” bonus [I am at the top of my pay-grade at the minute; this will probably change as I have a “fitted for progression” marking so will hopefully pick up a job at the higher level soon], so that skewed my pay even further (£2,678.83 gross; £2,024.38 nett.)

I should not have spent as much money as I did on the trip to Dublin I made in May; still, that’s done and I need to move on and learn that lesson.

Tixy wrote: »

Have you looked at the up your income board for earning money and vouchers? You could then use this money for presents / clothes/ occasional entertainment etc.

Not looked at that yet, but I haven’t much going on tonight so I’ll do it then.

Tixy wrote: »

Finally have you sorted out one place in your flat to keep all new paperwork so you dont lose it!! - even just a big plastic box next to the letterbox is better than nothing!.

Good point. At the moment I am keeping new stuff on the top of a bookshelf by the sofa, but I think I need a better system than that one!

Tixy wrote: »

EDIT: Don' t think I gave any proof that I lived on my own to get single persons discount. Just phoned up the council and told them. In fact with some councils you can just fill in an online form.

I’ll ring ’em up and ask. It won’t hurt.

bitter-roses

jayss wrote: »

You should just be able to fill in a form for the council.

Yes. But if I remember right, my Borough asks for evidence that I’m the tenant. I have the evidence, it’s just not to hand.

jayss wrote: »

And can you just cancel DDs to the charities?

I think the way you’re supposed to do it is to write letters to the bank and the charity before you do it, giving warning that it’s going to happen. Hence the need for reference numbers – unless the numbers next to their amounts on internet banking count as reference numbers?

bitter-roses

lmclean100 wrote: »

Hi Bitter-roses

Hi!

lmclean100 wrote: »

We went from paying council tax over 10 months to 12 months by just phoning the Council and saying that we wanted to do that. As long as they get their money I don't think the Council really cares.

Good idea, I’ll try that (possibly in the same call I make to ask for the single person’s discount).

lmclean100 wrote: »

Good luck

Thank you

Primula

bitter-roses wrote: »

I think the way you’re supposed to do it is to write letters to the bank and the charity before you do it, giving warning that it’s going to happen. Hence the need for reference numbers – unless the numbers next to their amounts on internet banking count as reference numbers?

We had a direct debit to a charity which we had paid for many many years. The only time we ever heard from that Charity was when they sent a mailshot asking for more money and that really annoyed me so when we did our moneysaving makeover I just cancelled the dd with the bank and I fully expected to hear from the Charity at some point, but we never did, I admit I did feel a pang of guilt but in the end of the day, charity begins at home so if I were you, I'd just cancel the d/ds. Once you are debt free you can give to your chosen charities again. Good luck in you debt free journey.