SOA's

wayforward_2

I have done our joint SOA (previously posted on here so ok with figs etc) but am trying to split it for each of us. Am i right in thinking the surplus that i arrived at on the joint SOA is the same as the surplus on each of our individual one's?

Am worried that OR will look and think we have £500 EACH rather than between us!

tigerfeet2006

Put up the individual SoA's and some one will check them over for you.

wayforward_2

Grrr - have it in excel spreadsheet and it won't post on here!

tigerfeet2006

Put both your SoA's up, yours and your OH's.

You need to press the format to MSE button.

wayforward_2

This is mine
Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 1765
Benefits................................ 132
Other income............................ 1105 - rental from bungalow
Total monthly income.................... 4502

Monthly Expense Details
Mortgage................................ 1920
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 176
Electricity............................. 44
Gas..................................... 107
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 60
Mobile phone............................ 40 - childrens
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 5 - school required
Groceries etc. ......................... 600
Clothing................................ 120
Petrol/diesel........................... 150
Road tax................................ 16
Car Insurance........................... 47
Car maintenance (including MOT)......... 50
Car parking............................. 12
Other travel............................ 60 - children's train
Childcare/nursery....................... 0
Other child related expenses............ 160 - activites & lunches
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20
Buildings insurance..................... 22
Contents insurance...................... 35
Life assurance ......................... 14
Other insurance......................... 33 - Gas Homecare
Presents (birthday, christmas etc)...... 20 - leaving in for a try
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 20 - leaving in for a try
Total monthly expenses.................. 3926


Monthly Budget Summary
Total monthly income.................... 4,502
Expenses (including HP & secured debts). 3,926
Available for debt repayments........... 576
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 576


Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

wayforward_2

This is OH

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 1364
Benefits................................ 132
Other income............................ 1105
Total monthly income.................... 4701

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1920
Management charge (leasehold property).. 0
Council tax............................. 176
Electricity............................. 44
Gas..................................... 107
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 60
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 600
Clothing................................ 120
Petrol/diesel........................... 50
Road tax................................ 16
Car Insurance........................... 47
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 385
Childcare/nursery....................... 0
Other child related expenses............ 160
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20
Buildings insurance..................... 22
Contents insurance...................... 35
Life assurance ......................... 0
Other insurance......................... 33
Presents (birthday, christmas etc)...... 20
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 20
Total monthly expenses.................. 4125

Monthly Budget Summary
Total monthly income.................... 4,701
Expenses (including HP & secured debts). 4,125
Available for debt repayments........... 576
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 576


Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

debtinfo

Hi wayforward, the thing that shouts out to me immeadiatly is the rent from the bungalow. Presuming that this is a property you let out then as soon as you both go bankrupt you will not be able to collect the rent anymore. Is it a buy to let mortgage or a residential

wayforward_2

It's a residential mortgage - why wouldn't we be able to collect the rent anymore? I have asked for them to change the standing order to our new co-op accounts. Also if necessary i can have the rent paid into and the mortgage paid from my parents account - they are currently paying the extra £130 subsidy on the place and will do for the foreseeable future. I have written a paragraph for the OR stating our case for keeping the bungalow - currently it is in £30k negative equity (good buy huh?) and will only reduce the dividend to creditors if we are forced to sell it.

debtinfo

Hi sorry to be the bearer of bad news but when you are made bankrupt you will not be able to collect the rent as your beneficial interest transres to the OR. THis means that it is the OR's Assets and so he/she will collect the rent on it and will not pay the mortgage. As you can imagine the Mortgage company will not be happy about this and they can legally apoint a LPA(Law of Property Act) Receiver who can collect it for them directly from the tenant. This is what the OR actualy wants as the OR does not want to be a landlord with all the responsibilities that come with that. HOWEVER if it is not a Buy To Let Mortgage then a LPA receiver cannt be appointed and the OR will continue to collect the rent until it is repossessed or you buy back the interest by which time their will be lots of mortgage arrears

wayforward_2

thank you for that - am a little confused as there was a poster on here (can't remember who) who was allowed to keep her rental property because the rent formed part of her income! As it is residential i assumed it would be the same as our property we live in and the BI would be offfered for £1 (there is no equity). I guess it's a wait and see!

peachyprice

The OR is not obliged to offer you the BI on any property that isn't your main residence. Some do, but strictly speaking they shouldn't.