Outgoings higher than earnings on BR form?

Worriedandpreg

Sorry for all the ? my BR is Thursday.

Just had a quick go thro my SOA and it seems out outgoings are higher than our earnings? Will the OR look badly on this, or should i move them down?

If i move them down the the OR look badly on it if there pretty much like for like?

skylight

What is your SOA? Have you done it right????

Your outgoings cannot be more than your income otherwise you will still be insolvent whilst BR and a BR could be refused.

Post your SOA here and let us take a look.

Worriedandpreg

Thanks.

I stil havent saved them just quickly put them in (so not 100% acurate) but definatly higher than earnings, knowing that i will have to reduce them and manage thro, ill take out things like £30 for 2 adults for holidays and maybe reduce some other things. At the end of the day if thats all i have coming in i have to start living by it.

If it is very close on my earnings and outgoings but shows i can live with is my means, in that ok?

Worriedandpreg

This might sound silly but what does insolvent mean?

Tristesse

It means that you have more going out than coming in. BR is supposed to be a fresh start and your SOA should reflect that. You shouldn't include ANY debt repayments in it. Best put it up here and we will be able to help you more.

If earnings and outgoings are very close that's absolutely fine as long as you can live within your means and it isn't a negative figure.

philnicandamy

One of the things they will ask is after all your debt payments are taken out how will you manage without credit etc to fall back on?

Tristesse

Does anyone have the SOA link for the OP, please?

Worriedandpreg

I havent put in any debt payment. Ill be honest with u as everyone keeps asking to see our SOA dont have oit here as my dad is cross checking all our forms for us, so its all at his house.

I can think i can squeeze our outgoings down to match our earnings (tough but do able) so we can still go BR. But what about when i go on matenity leave and my earnigns come down? What will happen then? I dont want the insolvency thing, even tho if im honest i dont know what it means.

Getting very stressed about it all again, just want to cry.

philnicandamy

http://makesenseofcards.com/soacalc.html

once filled in select the option " save for MSE " then just copy & paste here

Worriedandpreg

philnicandamy wrote: »

One of the things they will ask is after all your debt payments are taken out how will you manage without credit etc to fall back on?

We have nothing to pay for debt payments, we dont earn enough anymore?

Worriedandpreg

philnicandamy wrote: »

http://makesenseofcards.com/soacalc.html

once filled in select the option " save for MSE " then just copy & paste here

Thanks but i cant do that right now as my dad has all the forms, and all our bills etc, he is looking thro it for us.