FINALLY - my SOA - help please!

CJOR

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................ 499.85
Partners monthly income after tax....... 0
Benefits................................ 925.11
Other income............................ 0
Total monthly income.................... 1424.96
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 274.54
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 40
Gas..................................... 0
Oil..................................... 60
Water rates............................. 48.4
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 22
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 75
Petrol/diesel........................... 120
Road tax................................ 16
Car Insurance........................... 23.37
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1392.31

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
(Unnamed debt).................55000.....0.........0
Total unsecured debts..........55000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,424.96
Expenses (including HP & secured debts). 1,392.31
Available for debt repayments........... 32.65
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 32.65
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -55,000
Net Assets.............................. -54,700
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

CJOR

Just to add my husbands ESA has stopped so haven't put anything in for him as he aint getting anything ......

fiveyearplan

CJOR wrote: »

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................ 499.85
Partners monthly income after tax....... 0
Benefits................................ 925.11 what are these made up of?
Other income............................ 0
Total monthly income.................... 1424.96
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 274.54
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 40 seems low - is this based on estimates or actual costs?
Gas..................................... 0
Oil..................................... 60
Water rates............................. 48.4 this seems a bit high, does it include arrears?
Telephone (land line)................... 40
Mobile phone............................ 20
TV Licence.............................. 22 12 can't include arrears of pre-payments
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 500 could probably increase to £600
Clothing................................ 75
Petrol/diesel........................... 120
Road tax................................ 16
Car Insurance........................... 23.37
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...................... 0 £20 should really get this and make sure it includes accidental damage.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1392.31

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
(Unnamed debt).................55000.....0.........0
Total unsecured debts..........55000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,424.96
Expenses (including HP & secured debts). 1,392.31
Available for debt repayments........... 32.65
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 32.65
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -55,000
Net Assets.............................. -54,700
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Do you need your car for work? What is the value of the car?

Money_maker

The OS board will help cut over 50% off your grocery bill. We are a family of 5 and spend half that amount.

£75 for clothes seems really high also?

HTH

CJOR

Car - is just at the moment used for running around and going to town to shop/food shop etc - hubby is looking for work now so will need it when he does get a job.... car is worth according to some website £300.

Electricity is actual costs as we have a key.

Water Rates is what they have said our dd to be we moved here in May 09.

Benefits are made up of:

Tax Credits £496.29
WTC £284.96
Child Benefit £143.86 - with all of these I multiplied the weekly rate by 52 and divided by 12 .... is this the right way to do this???

Thanks! x

fiveyearplan

Money_maker wrote: »

The OS board will help cut over 50% off your grocery bill. We are a family of 5 and spend half that amount.

HTH

This is an SOA for bankruptcy purposes. All expenses need to be maximised in order to put some leeway into their budget. Once BR they will have no credit to fall back on and BR budgets don't allow any saving for emergencies.

Money_maker

OOps, didn't check the board. Apologies OP, looks like I'm going in the wrong direction!

CJOR

no probs what is the os board anyway ??

Money_maker

Old Style Moneysaving. Sorry to get the wrong end of the stick.

tigerfeet2006

Child expenses: £5 per child per week activities, school trips etc. £2 primary school, £3 secondary school per day for dinners

£20 medical.

The Moneysaving Oldstyle board is great. Once you've gone BR and things have settled down follow some of there philosophies and start saving some money so you have a fund for emergancies. Also have a look at the challanges on the DFW board.

As for the car, you are going to have to prove the car is essential to you and as your OH is not working you may have a fight to keep it.

fiveyearplan

Money_maker wrote: »

OOps, didn't check the board. Apologies OP, looks like I'm going in the wrong direction!

Although they can put down the maximum on the SOA they can always try to economise and not spend the entire amount so your suggestion was a valid one and a help to save money.