Working out income for SOA

Jaks

I am getting a little confused as to what to put down for income on my dads SOA.

My parents live together and this is the current income coming in:

DLA (Both higher rate care and mobility - Mum
Pension Credit - Mum
Carer's Allowance - Dad
Private work pension (payment of £141 a month) - Dad
Housing Benefit - Dad
Council Tax Benefit - Mum & Dad.

Mum - Not going bankrupt
Dad - Going bankrupt

I know that I have to add the income that is in my dads name on the SOA, but I doubt that I have to add the DLA as it is for my mum, but I am unsure what to do about the council tax benefit and pension credit as in the pension credit includes some money because mum is living with a partner.

All the info about the pension credit is on another thread title SOA.

I am also aware that I have to put mums contribution to the household bills on dads soa, thats where I am getting confused as the pension credit also covers dad (he is only covered because he is living with mum and does not get state pension yet as he is not 65)

miss_spooky

Jaks wrote: »

I am getting a little confused as to what to put down for income on my dads SOA.

My parents live together and this is the current income coming in:

DLA (Both higher rate care and mobility - Mum No
Pension Credit - Mum No
Carer's Allowance - Dad Yes
Private work pension (payment of £141 a month) - Dad Yes
Housing Benefit - Dad Yes
Council Tax Benefit - Mum & Dad. Yes

Mum - Not going bankrupt
Dad - Going bankrupt

I know that I have to add the income that is in my dads name on the SOA, but I doubt that I have to add the DLA as it is for my mum, but I am unsure what to do about the council tax benefit and pension credit as in the pension credit includes some money because mum is living with a partner. When you do the council tax, put down the full monthly amount that is due, then counteract this payment with the Council Tax Benefit. Does the Council Tax Benefit cover the whole amount?

All the info about the pension credit is on another thread title SOA.

I am also aware that I have to put mums contribution to the household bills on dads soa, thats where I am getting confused as the pension credit also covers dad (he is only covered because he is living with mum and does not get state pension yet as he is not 65) You will only need to put her contribution from her Pension Credits as the DLA is for her care needs.

Do a SOA for your father and do it as you see it now, then post it here & we can have a look and help you finalise it. All household exp is put in full then include your dads personal bits - dry cleaning, perscriptions etc.

http://www.makesenseofcards.com/soacalc.html

When completed, press the MSE button to format it for here. A new window will open, copy & past into yr thread.

Jaks

Thanks for your reply. most helpful. I will do I new SOA for my dad and post it later.

fiveyearplan

Its also best to keep these things to one thread for better advice.

Jaks

I will keep things to this thread from now on, it will be easier for me to keep track.

New SOA -

Monthly Income Details
Monthly income after tax................ 141.48
Partners monthly income after tax....... 350.00 - Mums contribution
Benefits................................ 626.22 - Counil Tax benefit of £75.82, Housing benefit of £338.00, Carer's Allowance £212.40
Other income............................ 0
Total monthly income.................... 1117.70

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 358
Management charge (leasehold property).. 0
Council tax............................. 76
Electricity............................. 80
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 35
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 0

Total monthly expenses.................. 1113.00
Amount left ........................ 4.70

debtinfo

The only thing i would quible with is the life assurance, but i dont think he is in any danger of getting an IPA

Jaks

At the moment he hasn't got any life insurance, the direct debit bounced some time a few months ago and it was cancelled.

I can't see him getting an Ipa as there is not enough surpless left, even if they cut £100 of the food bill he still needs to set up life insurance and at his age it won't be cheap? So that may bring him under the £100 mark if needs be.

But saying that nearly all his income is state benefits, the only income that isn't is his works pension, my mums contribution comes from state benefits (Pension Credit).

PasturesNew

Jaks wrote: »

Total monthly income.................... 1117.70

Monthly Expense Details
Rent.................................... 358
Council tax............................. 76
Electricity............................. 80
Water rates............................. 30
Telephone (land line)................... 35
Mobile phone............................ 10
TV Licence.............................. 12
Groceries etc. ......................... 400
Clothing................................ 40
Other travel............................ 20
Medical (prescriptions, dentist etc).... 10
Contents insurance...................... 7
Haircuts................................ 10
Holiday................................. 25

Total monthly expenses.................. 1113.00
Amount left ........................ 4.70

£400 for groceries for two people seems very high. They could easily shave £200 off that bill. That is £6.66 per person per day every day.

That's the most obvious place to be able to make immediate savings.

Jaks

Thanks for the reply, but are you aware that this is a SOA for post bankruptcy and not a SOA for debt free wanna be, I was advised by another member to put it as £400.

Also both of my parents are diabetic and special dietry needs, one is insulin dependant.

If you are aware that this is a SOA for bankruptcy then I appologise.

fiveyearplan

You could also shave a bit off of your mum's contribution, did you put her whole income down? She will have her own expenses to pay out of her income.

Jaks

No I did not put her whole income down, if I shave anything of mums contribution then my dad will have a negative figure on his surpless. I have tried to balance the books so to speak.

My dads surpless is £4.70.

I could put the shopping down as £300 and shave £100 of my mums contribution.