Likelihood of IPA?

YamahaR6

Well I've done my final statement of affairs and it leaves me with a £217 surplus. Can I assume from this that I'll be paying that to the OR for 3 years?

tigerfeet2006

Put up your SoA on here first and let us check it over. This is the template we use

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

This is the IPA calculation table from an earlier post by Phil

YamahaR6

This is pretty much my final SOA including my partners contributions.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1229
Partners monthly income after tax....... 649
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1878
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 40
Mobile phone............................ 25
TV Licence.............................. 11.38
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 16
Car Insurance........................... 28
Car maintenance (including MOT)......... 24
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 16.85
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1670.23

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 1200

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
mortgage shortfall.............20000.....0.........0
barclays.......................1200......0.........0
lloydstsb......................750.......0.........0
capital one....................450.......0.........0
edf energy.....................1100......0.........0
halifax........................2300......0.........0
hbos...........................7000......0.........0
Total unsecured debts..........32800.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,878
Expenses (including HP & secured debts). 1,670.23
Available for debt repayments........... 207.77
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 207.77
Personal Balance Sheet Summary
Total assets (things you own)........... 1,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -32,800
Net Assets.............................. -31,600
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

tigerfeet2006

Am I right in assuming that it is just you goin BR?

YamahaR6 wrote: »

This is pretty much my final SOA including my partners contributions.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1229
Partners monthly income after tax....... 649 Is this your OH's full wage?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1878
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 40 £60 max for phones. Put them together under LL.
Mobile phone............................ 25
TV Licence.............................. 11.38 £12
Satellite/Cable TV...................... 0
Internet Services....................... 10 Unless needed for work will have to come from your surplus.
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 16
Car Insurance........................... 28
Car maintenance (including MOT)......... 24
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 16.85 £20
Pet insurance/vet bills................. 10 £20 as I expect there are bills you pay to the vet that the insurance doesn't cover.
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1670.23

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 1200

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
mortgage shortfall.............20000.....0.........0
barclays.......................1200......0.........0
lloydstsb......................750.......0.........0
capital one....................450.......0.........0
edf energy.....................1100......0.........0
halifax........................2300......0.........0
hbos...........................7000......0.........0
Total unsecured debts..........32800.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,878
Expenses (including HP & secured debts). 1,670.23
Available for debt repayments........... 207.77
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 207.77
Personal Balance Sheet Summary
Total assets (things you own)........... 1,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -32,800
Net Assets.............................. -31,600
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Is your car insurance fully comp? should be if you are going BR. Get breakdown cover as well. Is your home contents insurance with accidental damage, also a good idea if going BR. Do you pay proffesional/union fees? Do you wear suits for work? Dry cleaning £10.

YamahaR6

This isn't his full salary, just his 50% contribution to the household bills. I believe he's on about £1500 total but obviously he has his own debts/stuff to pay for.

I do pay union fees of £11 which I've included on the forms. I don't wear suits though. In terms of insurance policies ie car, pet etc do I need to give copies to the OR? I'll have to dig them out if that's the case! And medical etc will he need a copy of my repeat prescriptions? I also wear glasses and I'm supposed to go for tests every year but don't go cos I've never got the spare cash, I've put a figure in there for opticians to try and budget for it after BR, is this acceptible or again will he want evidence that that's what I've been paying? If he does then I can't give it cos I've not been but want to start going again once my debts are sorted!

So many questions sorry