My Soa Please Comment.

Skintboy37

Hello heres my first go at soa looks ok to me but want your comments.

Just a few questions,

1,Do you really have to fill in the interest rate?
2,Do you have to put the exact amounts of debts?
3,do you only get the court fee lowered if on jsa i am on housing benifits.
4,I have worked it out on average earning over 3 months as self employed running my own firm(sole trader).
Many thanks and welcome thoughts. cheers.

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 500
Partners monthly income after tax....... 0
Benefits................................ 323
Other income............................ 0
Total monthly income.................... 823
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 264
Management charge (leasehold property).. 0
Council tax............................. 59
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 25
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 16
Car Insurance........................... 15
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 800

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Mint...........................3050......154.......0
Cap One .......................5200......387.......0
Odraft.........................3000......45........0
Mbna...........................9100......625.......0
BarclaysLoan...................8000......380.......0
Goldfish.......................8700......335.......0
Barclaycard 2..................5700......332.......0
Barclaycard 1..................5800......337.......0
Total unsecured debts..........48550.....2595......-

Monthly Budget Summary
Total monthly income.................... 823
Expenses (including HP & secured debts). 800
Available for debt repayments........... 23
Monthly UNsecured debt repayments....... 2,595
Amount short for making debt repayments. -2,572
Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -48,550
Net Assets.............................. -47,650

dalip

Skintboy37 wrote: »

Hello heres my first go at soa looks ok to me but want your comments.

Just a few questions,

1,Do you really have to fill in the interest rate?for what
2,Do you have to put the exact amounts of debts?no a rough idea is ok
3,do you only get the court fee lowered if on jsa i am on housing benifits.low income sometimes qualifies for reduced fees
4,I have worked it out on average earning over 3 months as self employed running my own firm(sole trader).thats fine
Many thanks and welcome thoughts. cheers.

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 500
Partners monthly income after tax....... 0
Benefits................................ 323
Other income............................ 0
Total monthly income.................... 823
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 264is this before or after housing benefit? If h/b is included above(in income section) then you would need to put the full amount here
Management charge (leasehold property).. 0
Council tax............................. 59Again as above
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 25
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10add a not that you need this for your business,otherwise they will not allow
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 16
Car Insurance........................... 15
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 800

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Mint...........................3050......154.......0
Cap One .......................5200......387.......0
Odraft.........................3000......45........0
Mbna...........................9100......625.......0
BarclaysLoan...................8000......380.......0
Goldfish.......................8700......335.......0
Barclaycard 2..................5700......332.......0
Barclaycard 1..................5800......337.......0
Total unsecured debts..........48550.....2595......-

Monthly Budget Summary
Total monthly income.................... 823
Expenses (including HP & secured debts). 800
Available for debt repayments........... 23
Monthly UNsecured debt repayments....... 2,595
Amount short for making debt repayments. -2,572
Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -48,550
Net Assets.............................. -47,650

Ok made a couple of notes. Looks ok to me but would need you to clarify the h/b query.Dx

fiveyearplan

Skintboy37 wrote: »

Hello heres my first go at soa looks ok to me but want your comments.

Just a few questions,

1,Do you really have to fill in the interest rate? No
2,Do you have to put the exact amounts of debts? Close estimate will be fine
3,do you only get the court fee lowered if on jsa i am on housing benifits.
4,I have worked it out on average earning over 3 months as self employed running my own firm(sole trader).
Many thanks and welcome thoughts. cheers.

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 500
Partners monthly income after tax....... 0
Benefits................................ 323
Other income............................ 0
Total monthly income.................... 823
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 264
Management charge (leasehold property).. 0
Council tax............................. 59
Electricity............................. 20 this seems really low - did you estimate?
Gas..................................... 20 ditto
Oil..................................... 0
Water rates............................. 14
Telephone (land line)................... 25
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 16
Car Insurance........................... 15
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £10
Entertainment........................... 0
Holiday................................. 0 £20
Emergency fund.......................... 0
Total monthly expenses.................. 800

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Mint...........................3050......154.......0
Cap One .......................5200......387.......0
Odraft.........................3000......45........0
Mbna...........................9100......625.......0
BarclaysLoan...................8000......380.......0
Goldfish.......................8700......335.......0
Barclaycard 2..................5700......332.......0
Barclaycard 1..................5800......337.......0
Total unsecured debts..........48550.....2595......-

Monthly Budget Summary
Total monthly income.................... 823
Expenses (including HP & secured debts). 800
Available for debt repayments........... 23
Monthly UNsecured debt repayments....... 2,595
Amount short for making debt repayments. -2,572
Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total HP & Secured debt................. -0
Total Unsecured debt.................... -48,550
Net Assets.............................. -47,650

I have made a couple of comments.

Skintboy37

i was led to believe if you didnt have a +£ amount left they wont allow you to go br thus 24 left would be ok?
Also the housing benefit and ctax benefits i have listed as incomings so do i have to list them again as they are auto deducted?(one poster advised this) ?

please your comments.
Thanks.

tigerfeet2006

£24 left is fine. FYP is concerned that your utilities are very low and you are going to get into debt again. Are they really this low?

If you have put the HB and CT benefit under benefits income then you put them on your SoA at the lower amount

Skintboy37

can you give me a example ? on hb ctax benefits for instance if rent and ctax are added in benefits wot goes in the other bit ? if it was full benefit would u put the same or 0? many thanks .

tigerfeet2006

For example if your rent is £500 and you recieve £300 in HB then you put £200 under rent and £300 under benefits. If you recieve full benefit to cover your rent then put that at nil and the full amount under benefit.

Skintboy37

thanks tigerfeet .

peachyprice

tigerfeet2006 wrote: »

For example if your rent is £500 and you recieve £300 in HB then you put £200 under rent and £300 under benefits. If you recieve full benefit to cover your rent then put that at nil and the full amount under benefit.

Sorry to disagree Tiger:o
But you still need to put your whole rent on your SoA, if you put £0 for rent and include HB in your income you'll end up with too much surplus.

You can only put £0 for rent if you don't include HB in your income.

HTH

Skintboy37

so was the way i did it correct? am confused now .

peachyprice

Yes, you did it right, the only question is, is £264 what your rent actually is, or is this the bit you pay after HB?