SOA expenses

wurzella

I've seen people here and in other places mentioning things like haircuts and holiday expenses for the SOA. Are these really accepted expenses? Does anyone know of a list somewhere of what things you can include on there?

nervousmother

Haircuts at £10 per adult is accepted, holiday at £40 per person although not all OR's accept but worth a try. not sure where the list is but im sure someone will post.. Clothing around £40 per person was accepted by my OR

Merry_Gentry

Best suggestion is to fill this in with how things will be after you go bankrupt, then post it so people can give you advice:

http://www.makesenseofcards.com/soacalc.html

wurzella

OK then, here it is This should be my state of affairs after BR. Anything here look like it would be denied? Updated my SOA with the suggestions already posted. Can anyone see any other problems here?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 100
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2280

Monthly Expense Details
Mortgage................................ 914
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 12
Telephone (land line)................... 30
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 60
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 260
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 20
Buildings insurance..................... 31
Contents insurance...................... 0
Life assurance ......................... 22
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 2239


Assets
Cash.................................... 150000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 150000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 149000...(914)......0
Total secured & HP debts...... 149000....-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,280
Expenses (including HP & secured debts). 2,239
Available for debt repayments........... 41
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 41

Personal Balance Sheet Summary
Total assets (things you own)........... 150,000
Total HP & Secured debt................. -149,000
Total Unsecured debt.................... -0
Net Assets.............................. 1,000

Reproduced on Moneysavingexpert with permission, using Firefox browser.

alfiesmum

Not really part of your question, but I notice that you don't have tax credits listed as an income? With one child in the household, we're on about the same as you, and we qualify. So you should be claiming that. Just ignore me if I'm repeating something that you already know!

wurzella

Actually, haven't claimed tax credits because I haven't been paying the taxman :rotfl:

HMRC are one of my main creditors so I thought it would be a bit churlish to try to claim anything back. If you don't mind saying, how much do you get? Just so I can know in case the OR asks about it.

peachyprice

You need to put child benefit on there too.

wurzella

Actually, I'd included that in my wife's money, it's her that gets it not me and it's in her name. Should I include that in my income and lessen the amount she puts into the household?

peachyprice

No, it goes under 'benefits'. It doesn't matter who's name it's in, it's for the child of the household so has to go on.

alfiesmum

wurzella wrote: »

Actually, haven't claimed tax credits because I haven't been paying the taxman :rotfl:

HMRC are one of my main creditors so I thought it would be a bit churlish to try to claim anything back. If you don't mind saying, how much do you get? Just so I can know in case the OR asks about it.

To get the most acurate estimate if you go to entitledto.com and put all your details in, it'll tell you your exact amount. Don't worry it doesn't ask any identifying questions, just your income / work situation etc. HTH

alfiesmum
xx

wurzella

alfiesmum wrote: »

To get the most acurate estimate if you go to entitledto.com and put all your details in, it'll tell you your exact amount. Don't worry it doesn't ask any identifying questions, just your income / work situation etc. HTH

alfiesmum
xx

Just did it, a whopping £10.50! Don't think I'll too much about that right now :rotfl: