SOA - comments appreciated

wheredmymoneygo

How accurate is this for a family of 4, two adults and 2 young children (2.5 years and 10 weeks old) - nappies and formula milk is so expensive, it gets to the middle of the month and i cant even afford food for my wife and I - very humbling indeed.


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................ 1467
Partners monthly income after tax....... 584
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2171
Monthly Expense Details
Mortgage................................ 520 Interest only, cant afford capital
Secured/HP loan repayments.............. 183
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 70
Gas..................................... 40
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 30 includes broadband
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 cant afford anymore than this
Clothing................................ 20 cant afford anymore than this
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 0 cant afford
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 cant afford
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 30
Life assurance ......................... 30 mortgage requirement
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0 cant afford
Emergency fund.......................... 0
Total monthly expenses.................. 1539

Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 118500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 99500....(520)......0
Hire Purchase (HP) debt ...... 2570.....(183)......0
Total secured & HP debts...... 102070....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................12500.....260.......0
natwest loan...................13800.....184.......0
natwest od.....................5000......0.........0
mothercare.....................650.......32........0
mbna...........................75........25........0
studio.........................357.......37........0
argos..........................700.......35........0
next...........................703.......65........0
freemans.......................1100......91.52.....0
abbey od 2.....................500.......0.........0
northern rock loan.............24500.....184.......0
Total unsecured debts..........59885.....913.52....-

Monthly Budget Summary
Total monthly income.................... 2,171
Expenses (including HP & secured debts). 1,437
Available for debt repayments........... 734
Monthly UNsecured debt repayments....... 913.52
Amount short for making debt repayments. -179.52
Personal Balance Sheet Summary
Total assets (things you own)........... 118,500
Total HP & Secured debt................. -102,070
Total Unsecured debt.................... -59,885
Net Assets.............................. -43,455

fredfedup

Hi,
Have just declared bankruptcy last week, and it was not at all scary! The event was very simple, and I wish me and hub and not got ourselves so frantic. That over with you need to increase your figures drastically, you are not leaving yourself any money to live on! The OR will take any surplus you have over £99 pounds to pay into an IPA. We are a family of four( one hubby, 2 small kids ) put your food up to £500 and clothes £80-£100. You have a car, so I am presuming you must have a mot. Put something down! Keep reading on here loads of fascinating useful info that will get you and your family through this. Sure someone else will be along soon to point the way. Good Luck. Also you are allowed to put something for hols, up to £80.

fiveyearplan

wheredmymoneygo wrote: »

How accurate is this for a family of 4, two adults and 2 young children (2.5 years and 10 weeks old) - nappies and formula milk is so expensive, it gets to the middle of the month and i cant even afford food for my wife and I - very humbling indeed.


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................ 1467
Partners monthly income after tax....... 584
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2171
Monthly Expense Details
Mortgage................................ 520 Interest only, cant afford capital
Secured/HP loan repayments.............. 183
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 70
Gas..................................... 40 is this enough to cover cold winter months? £60 minimum
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 30 includes broadband (leave word broadband out!)
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 cant afford anymore than this £600 this figure includes formula milk, nappies, cleaning products and food etc
Clothing................................ 20 cant afford anymore than this £60
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 0 cant afford 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 15 cant afford
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 30
Life assurance ......................... 30 mortgage requirement
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 20
Entertainment........................... 0
Holiday................................. 0 cant afford 40
Emergency fund.......................... 0
Total monthly expenses.................. 1539

Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 118500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 99500....(520)......0
Hire Purchase (HP) debt ...... 2570.....(183)......0
Total secured & HP debts...... 102070....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................12500.....260.......0
natwest loan...................13800.....184.......0
natwest od.....................5000......0.........0
mothercare.....................650.......32........0
mbna...........................75........25........0
studio.........................357.......37........0
argos..........................700.......35........0
next...........................703.......65........0
freemans.......................1100......91.52.....0
abbey od 2.....................500.......0.........0
northern rock loan.............24500.....184.......0
Total unsecured debts..........59885.....913.52....-

Monthly Budget Summary
Total monthly income.................... 2,171
Expenses (including HP & secured debts). 1,437
Available for debt repayments........... 734
Monthly UNsecured debt repayments....... 913.52
Amount short for making debt repayments. -179.52
Personal Balance Sheet Summary
Total assets (things you own)........... 118,500
Total HP & Secured debt................. -102,070
Total Unsecured debt.................... -59,885
Net Assets.............................. -43,455

Hi WDMMG and welcome! As fred said above, you need to increase your figures. The way you have them now looks as if you have a surplus of £600 which means you would receive about a £400 per month IPA. Now make the changes above and re-post in this thread so we can see what other changes need to be made.

All the things you say you cannot afford are basic items which you need to put something down for. This might be a good time to keep a spending diary to see what you do actually spend money on - it all adds up very quickly - but for the purposes of this SOA we need to maximise your expenses to leave room for any little emergencies that might come up (like washing machine breaking etc).

If you let the OR know you can't budget for MOT, car maintenance etc he may think you cannot afford car and take it from you! Put down all your expenses and be confident of them. As Fred also says, the BR bit is easy but the lead up to it is the most worrying thing so please ask as many questions as you need to. Thats what we're here for - you will get through this. Is it only you going BR or both of you?

fredfedup

Bumping you along.

Let someone else have a look!

miss_spooky

I would agree with FYP, do it again but leave out the debt at the bottom as these will not be included.

Are you both going BR? We will need to know this to help with any payments if only one of you is going br.

Put in car mtce etc. Your Post BR SOA will be what you have to live on AFTER all your debts have gone. The figures are pretty generous to ensure that you don't end up in debt again.

wheredmymoneygo

Right, i am just working on my new SOA, leaving off debts as people have suggested. However, what do i do about the unsecured part of my Northern Crock Together mortgage? Should i include this anywhere (e.g. in the secured mortgage section)

In answer to miss spooky, we are looking at us BOTH going BR, since the major debts that are crippling us are joint loans, but we also each have large individual debts.

One final thing, before i work on my SOA, i would like to say a huge thank you to all of you for the ongoing assistance, especially fredfedup for the additional info. I owe you all a drink :beer:

kerrypn

The unsecured loan from the delightful Northern Shock should be included in the unsecured creditors and will therefore be included in the BR.

wheredmymoneygo

This is the new SOA, with changes made:

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................ 1467
Partners monthly income after tax....... 584
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 2171
Monthly Expense Details
Mortgage................................ 570
Secured/HP loan repayments.............. 183
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 80
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 35
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 80
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 25
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 30
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 2037

Assets
Cash.................................... 0
House value (Gross)..................... 115000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 118500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 99500....(570)......0
Hire Purchase (HP) debt ...... 2570.....(183)......0
Total secured & HP debts...... 102070....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,171
Expenses (including HP & secured debts). 2,037
Available for debt repayments........... 134
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 134
Personal Balance Sheet Summary
Total assets (things you own)........... 118,500
Total HP & Secured debt................. -102,070
Total Unsecured debt.................... -0
Net Assets.............................. 16,430
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

It doesn't include any unsecured debt.

We are only paying interest only on the mortgage. Should we revert back to cap + int to show the true cost of the mortgage?

What would be different i were to do the SOA for my wife, or would the figures be identical with just the income swapped round?

miss_spooky

Hi ya,

Ok with your SOA's as you are both going BR then you will need to do two SOA's.

We'll start with yours then you can just put in the changes for your Oh's.

Firstly you put your full salary, then your OH contribution NOT their full salary / income. Inc in her contribution your child tax credits as it's probably a joint claim.

Then you put the full household expenditure inc the bits for children, then YOUR additional bits - dry cleaning etc.

Then do the same for your wifes - your contribution NOT your full salary - usually around 50%.

If you just switch over the figures as they stand, it loks like you will both have a surplus of £132 total £262 which in reality you haven't. That's why it's best to do individual ones.

This has got to be the most time consuming bit about the whole BR process - it takes some getting your head round it all.

Good luck.x

wheredmymoneygo

suffering maud this is difficult. my OH contribution is difficult to quantify since we just put both of our incomes in the same bank account. I will assume 50% as you suggested.

PS - So I can list dry cleaning? What section would that go in? or is it included with clothing?

miss_spooky

It can go down as other expenses. What I did was have a copy of both SOA in an excel spreadsheet then adjusted them accordingly. Better to do when kids are in bed...lol.