SOA question

kdean

I have been sent a form from my IVA company because they want to vary the IVA and along with it they have sent guidelines from CCCS. I just wondered if they were the same guidelines as for bankruptcy or whether there are different ones. I want to know where I stand so I can get my head round this whole thing. I wish it wasn't such a long process, now I have decided I just want it over!

I know that this variation thing is a waste of time because even when I put lower than the guidelines there is still nothing left for creditors, we would have to only eat one week a month to be able to pay the IVA!

beentheredonethatstilhere

Pop up your IVA SOA and we can give you an idea of how it would differ in bankruptcy and how an OR would look at it.

http://www.makingsenseofcards.co.uk/soacalc.html

dalip

Having gone bc myself and my OH doing a DMP with ccc's, i can tell you allowances for bc are far more generous,but bc does not allow entertainment nor giggies or papers. Dx

kdean

OK here is my SOA. My IVA was set up 2 years ago and I was earning about £150 at the time but now my husband has to work longer hours to get the same pay so I cannot work. Unfortunately for him, I cannot earn as much as he would lose. We also get less benefits now as my youngest in no longer under a year. My IVA payments are supposed to go up to £325.

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................ 0
Partners monthly income after tax....... 1750
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 1926

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 920
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 40 (IVA only allows 25)
Gas..................................... 40(IVA only allows 25
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 15 (not allowed for on IVA)
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 15 (not allowed for on IVA)
Internet Services....................... 5 (not allowed for on IVA)
Groceries etc. ......................... 400 (IVA allows 450 but we don't actually spend that)
Clothing................................ 50
Petrol/diesel........................... 130 (IVA only allows 70 because this was before increases)
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1898


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1200.....(129)......0
Total secured & HP debts...... 1200......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
IVA............................0.........200.......0
Total unsecured debts..........0.........200.......-


Monthly Budget Summary
Total monthly income.................... 1,926
Expenses (including HP & secured debts). 2,027
Available for debt repayments........... -101
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -301

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -1,200
Total Unsecured debt.................... -0
Net Assets.............................. 1,500[/B]

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

kdean

I haven't been paying the car loan, we can't afford it at the moment. It had been coming out of our housekeeping allowance so we have just been eating less lol.

kdean

Also will they question our rent, because it seems high but it is in line with similar houses in the area. They won't say we need to put our children into a shared room will they?

tigerfeet2006

kdean wrote: »

OK here is my SOA. My IVA was set up 2 years ago and I was earning about £150 at the time but now my husband has to work longer hours to get the same pay so I cannot work. Unfortunately for him, I cannot earn as much as he would lose. We also get less benefits now as my youngest in no longer under a year. My IVA payments are supposed to go up to £325.

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................ 0
Partners monthly income after tax....... 1750
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 1926

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 920
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 40 (IVA only allows 25) Is £40 what you pay? Will it cover you for winter?
Gas..................................... 40(IVA only allows 25 Ditto
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 15 (not allowed for on IVA) Put mobile with land line and you can have up to £60
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 15 (not allowed for on IVA) Has to come from surplus, do not put on Soa.
Internet Services....................... 5 (not allowed for on IVA)Ditto unless essential for work or school
Groceries etc. ......................... 400 (IVA allows 450 but we don't actually spend that)£500 and just 'cos you don't spend it on food put it down as you will have to get a fund together for emergencies and also for Sky/internet.
Clothing................................ 50 this can be more if needs be.
Petrol/diesel........................... 130 (IVA only allows 70 because this was before increases)£130 is fine
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 20 £30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per week per child activies.Do they have school dinners?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 You NEED to get this especially with accidental damage
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £10 per adult £5 per child
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1898


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1200.....(129)......0
Total secured & HP debts...... 1200......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
IVA............................0.........200.......0
Total unsecured debts..........0.........200.......-


Monthly Budget Summary
Total monthly income.................... 1,926
Expenses (including HP & secured debts). 2,027
Available for debt repayments........... -101
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -301

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -1,200
Total Unsecured debt.................... -0
Net Assets.............................. 1,500[/B]

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

I've just made a few comments but have just noticed that your SoA is right on the nose any way and you have no leeway at all but I will leave the comments.Just put the money from sky/internet and any other surplus on to groceries.

Make sure you read the Oldstyle moneysaving board to make the most of your food budget. Also the Freebies board, Up my Income board and the Challenges sticky on the Debt Free Wanabe board for ways to get a little extra cash and free bits and bobs.

tigerfeet2006

kdean wrote: »

I haven't been paying the car loan, we can't afford it at the moment. It had been coming out of our housekeeping allowance so we have just been eating less lol.

Are you wanting to get rid of the the car?

kdean wrote: »

Also will they question our rent, because it seems high but it is in line with similar houses in the area. They won't say we need to put our children into a shared room will they?

If that is the normal rent for a house in your area for a family of your size then no they won't question it or make you downsize.

Merry_Gentry

kdean wrote: »

OK here is my SOA. My IVA was set up 2 years ago and I was earning about £150 at the time but now my husband has to work longer hours to get the same pay so I cannot work. Unfortunately for him, I cannot earn as much as he would lose. We also get less benefits now as my youngest in no longer under a year. My IVA payments are supposed to go up to £325.

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................ 0
Partners monthly income after tax....... 1750
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 1926

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 920
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 40 - put what you pay as you can prove it
Gas..................................... 40 - put what you pay as you can prove it
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 15 put mobile phone into here
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 15 Must come from your surplus so put 0 here
Internet Services....................... 5 Must come from surplus so put 0 here
Groceries etc. ......................... 400 Leave at 450
Clothing................................ 50
Petrol/diesel........................... 130 Put average of what you spend as you can prove it
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 - do your children attend any classes, etc?
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - you should get some - it's important and allowed.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1898


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 1200.....(129)......0
Total secured & HP debts...... 1200......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
IVA............................0.........200.......0
Total unsecured debts..........0.........200.......-


Monthly Budget Summary
Total monthly income.................... 1,926
Expenses (including HP & secured debts). 2,027
Available for debt repayments........... -101
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -301

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -1,200
Total Unsecured debt.................... -0
Net Assets.............................. 1,500[/B]

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

* You will need to show the car is necessary and not just convenient.
* They won't expect you to put your children into one room - if your rent is comparable with other similar size places in your area that should be fine.

Just a few thoughts for you....You need to take out all debts so we can see what your real surplus is.

kdean

We do need a car, my husband has been getting the train recently which involves a 40 minute walk to the station then 10 1/2 hour day and the same on the way back. Not fun when you have to leave at 4am! The car has been out of action and we haven't had the money to fix it. Not sure if we should just let the loan company take it at the moment and then get a little runner.

kdean

tigerfeet2006 wrote: »

I've just made a few comments but have just noticed that your SoA is right on the nose any way and you have no leeway at all but I will leave the comments.Just put the money from sky/internet and any other surplus on to groceries.

Make sure you read the Oldstyle moneysaving board to make the most of your food budget. Also the Freebies board, Up my Income board and the Challenges sticky on the Debt Free Wanabe board for ways to get a little extra cash and free bits and bobs.

Thanks for that. Things are really really tight but we have been selling most of our stuff on ebay and all the childrens old toys, which has got us through a few months but our house is rapidly emptying and it really is going to hit the fan soon if we don't sort something out.