the harsh reality that is my SOA

dollparts

Ok, I have read and re-read this thread. Thanks to all those who have commented. You guys are great!

I have been reading other threads here and I'm more confused than ever. Some have commented that my SOA shows I/E -400 per month which is right. However the bit that confuses me is some have said I would be refused BR because of this. I have showed mortgage as 867 which is full repayment but am currently paying 350 under arrangement. (they are aware exhb isn't working). Do I need to change this on SOA?

Another thing I'm confused about is on another thread there are posts that say it's your I/E after BR that counts. But wouldnt that be cheeky to presume the debts are wiped before BR is granted? If so, do you provide 2 SOAs to the court?

I'm sorry if this seems a daft question, I just can't fathom which way to turn on this one.

peachyprice

Yes, you need to put the £350 you are actually paying for your mortgage, not what it should be, then your SoA balances perfectly! Your SoA should reflect what you are actually paying at the time of BR, not what you might be paying at a later date.

You do not need an SoA for life before BR, the forms you fill in are for all living expenses once you've been declared moving forward, they're not interested in how you struggle to live now, but how you are going to be living once you are BR, which is why none of your debts or other bills you won't be paying after BR go on the SoA.

HTH

dollparts

Peachy, you may have taken off the 20 years I have aged since last week with your help!

However <ducking now> Why, when I completed online SoA they asked for all debts? Is that just to get an accurate reflection of status currently? I won't take offence if you tell me to get lost and look at the IS forms I need to complete. I had a quick look over them late last night-fear and confusion had me running for the hills.

peachyprice

Ach, the online SoA calculator is a generic one that's used for budgetting and debt reduction too, there was no need to fill in the debts bit.

The SoA on the BR forms is very very short, and doesn't require debt information at all in that section. It only has half a dozen or so lines for the standard outgoings like rent, food, utilities etc., then a little box at the bottom where you have to cram everything else in.

The SoA calculator is a useful tool in that it lists everything so you don't foget something you are allowed to claim for, but bears no resemblance whatsoever to the IS one!!!!!

dollparts

In that case, I will post revised SoA if someone could have a look for me please? I still have to tidy up the few points made earlier in thr thread and will be sorting that out today. In the meantime I would really appreciate some feedback.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 886.41
Partners monthly income after tax....... 0
Benefits................................ 689.16
Other income............................ 0
Total monthly income.................... 1575.57
Monthly Expense Details
Mortgage................................ 350
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 75.9
Council tax............................. 97
Electricity............................. 65
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 35
TV Licence.............................. 11.95
Satellite/Cable TV...................... 21.5
Internet Services....................... 15
Groceries etc. ......................... 303
Clothing................................ 15
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 122.65
Car maintenance (including MOT)......... 21
Car parking............................. 6
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 57.5
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 46.39
Life assurance ......................... 13.64
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1463.53

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 148500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 170000...(350)......6
Total secured & HP debts...... 170000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3843......76........18
credit card....................1735......106.......19
catalogue......................580.......50........29.9
overdraft......................732.......0.........0
catalogue......................200.......5.........29.8
catalogue......................205.......12........29.9
catalogue......................983.......40........29.9
catalogue......................3132......180.......0
Total unsecured debts..........11410.....469.......-

Monthly Budget Summary
Total monthly income.................... 1,575.57
Expenses (including HP & secured debts). 1,463.53
Available for debt repayments........... 112.04
Monthly UNsecured debt repayments....... 469
Amount short for making debt repayments. -356.96
Personal Balance Sheet Summary
Total assets (things you own)........... 148,500
Total HP & Secured debt................. -170,000
Total Unsecured debt.................... -11,410
Net Assets.............................. -32,910

tigerfeet2006

dollparts wrote: »

In that case, I will post revised SoA if someone could have a look for me please? I still have to tidy up the few points made earlier in thr thread and will be sorting that out today. In the meantime I would really appreciate some feedback.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 886.41
Partners monthly income after tax....... 0
Benefits................................ 689.16
Other income............................ 0
Total monthly income.................... 1575.57
Monthly Expense Details
Mortgage................................ 350
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 75.9
Council tax............................. 97
Electricity............................. 65
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 35 You will only be allowed £50-60 max on phones, rest will have to come from surplus. Lump them together on the form.
TV Licence.............................. 11.95
Satellite/Cable TV...................... 21.5 Not allowed on SoA must come from surplus
Internet Services....................... 15 Ditto unless essential for work or exams.
Groceries etc. ......................... 303
Clothing................................ 15 you can up this to at least £80-100
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 122.65
Car maintenance (including MOT)......... 21
Car parking............................. 6
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 57.5 what are these?
Medical (prescriptions, dentist etc).... 12 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 46.39
Life assurance ......................... 13.64
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12 most OR's won't allow
Haircuts................................ 10 £15
Entertainment........................... 0
Holiday................................. 0 £30
Emergency fund.......................... 30 most OR's won't allow
Total monthly expenses.................. 1463.53

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 148500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 170000...(350)......6
Total secured & HP debts...... 170000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3843......76........18
credit card....................1735......106.......19
catalogue......................580.......50........29.9
overdraft......................732.......0.........0
catalogue......................200.......5.........29.8
catalogue......................205.......12........29.9
catalogue......................983.......40........29.9
catalogue......................3132......180.......0
Total unsecured debts..........11410.....469.......-

Monthly Budget Summary
Total monthly income.................... 1,575.57
Expenses (including HP & secured debts). 1,463.53
Available for debt repayments........... 112.04
Monthly UNsecured debt repayments....... 469
Amount short for making debt repayments. -356.96
Personal Balance Sheet Summary
Total assets (things you own)........... 148,500
Total HP & Secured debt................. -170,000
Total Unsecured debt.................... -11,410
Net Assets.............................. -32,910

Have a play with those figures. You can loose the Sky, excess on phones and internet into clothes.

dollparts

I'm on the case tiger, will post back when I'm all done. Thanks a million.

dollparts

dollparts wrote: »

Thanks for that Tim, I will go over the business expenses again. Must admit I hadn't included petrol and phone either, just lumped them all in the SOA. Blimey I hate maths at the best of times. Much appreciated though. Am very grateful.

Ok I have adjusted my SoA and have adjusted some of my outgoings by apportioning the correct %s to business expenses.

I am still showing a significant -I/E however. You nice people must be fed up with me but please could I have some feedback if you can please?

Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 873.21
Partners monthly income after tax....... 0
Benefits................................ 609.18
Other income............................ 80 CHB
Total monthly income.................... 1562.39
Monthly Expense Details
Mortgage................................ 350
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 75.9
Council tax............................. 97
Electricity............................. 65
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 11.95
Satellite/Cable TV...................... 21.5
Internet Services....................... 5
Groceries etc. ......................... 350 daughter is on specialist diet due to medical condition
Clothing................................ 15
Petrol/diesel........................... 40
Road tax................................ 18
Car Insurance........................... 36.15again, hiked due to car theft claim
Car maintenance (including MOT)......... 14.7
Car parking............................. 6
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 57.5 hospital visits and dance class-yes I know it's not allowed, I have to break it to her before the new term starts.
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 46.39hike due to break in claim
Life assurance ......................... 13.64
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1342.73

Assets
Cash.................................... 0
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 148500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 170000...(350)......6
Total secured & HP debts...... 170000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................3843......76........18
credit card....................1735......106.......19
catalogue......................580.......50........29.9
overdraft......................732.......0.........0
catalogue......................200.......5.........29.8
catalogue......................205.......12........29.9
catalogue......................983.......40........29.9
catalogue......................3132......180.......0
Total unsecured debts..........11410.....469.......-

Monthly Budget Summary
Total monthly income.................... 1,562.39
Expenses (including HP & secured debts). 1,342.73
Available for debt repayments........... 219.66
Monthly UNsecured debt repayments....... 469
Amount short for making debt repayments. -249.34
Personal Balance Sheet Summary
Total assets (things you own)........... 148,500
Total HP & Secured debt................. -170,000
Total Unsecured debt.................... -11,410
Net Assets.............................. -32,910

dollparts

just to re-cap-house is on market so mortgage wont be being paid post BR or of course they may repo ot first.

Will be entitled to LHA so that amount could almost disappear completely give or take £50 if I have to top up rent.

btw, how hard is it to rent when you are on benefits? I have spoken to a few LA and they are all conditioned to think I'm some Vicky Pollard clone that is going to trash their investment, start pimping the local teens and sell crack outside the nearest 'yoof' club

dollparts

somebody?.......anybody?.....