SOA - Pleas Advise

Tom46

That is fine if non essential nursery is not allowed, I just was not sure if the allowance is for childcare in general or only essential. Then it just needs to come out of surplus and will be still manageable. Will take it off the SOA.

Thanks

dottydora

Tom46 wrote: »

That is fine if non essential nursery is not allowed, I just was not sure if the allowance is for childcare in general or only essential. Then it just needs to come out of surplus and will be still manageable. Will take it off the SOA.

Thanks

Looks ok to me.

Fly_Baby

TDMum wrote: »

Sorry to go off topic slightly but school meals are extortionate now. My step son has to pay £1.70 PER DAY for his and that's primary. I remember it was 70p when I was at school.

Mine's is £1.90 per day (infant school).

Tom46

This is my final SOA. I have left off my wife’s car expenses and I just deducted them from her income, still not sure what would be the right thing to do.

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 680
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1880
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 10
Satellite/Cable TV...................... 0

Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 120
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 1805

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................2200......20........19.95
credit card....................2500......60........15
credit card....................1400......30........14.9
catalogue......................400.......40....... .26.49
catalogue......................550.......100...... .26.49
personal loan..................4900......130.......20
credtid card...................3550......35........16.9
credit card....................4000......100.......10.9
credit card....................1500......30........0
credti card....................500.......10........27.9
Total unsecured debts..........21500

Monthly Budget Summary
Total monthly income.................... 1880
Expenses (including HP & secured debts). 1805
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 555
Amount short for making debt repayments. -480

Would anybody have any more advice for my final SOA.
Thank you,
Tom

OrkneyStar

rag31 wrote: »

Don't believe all the hype that a 2 year old 'needs' to socialise with other children in a nursery - they don't and if at all possible, I would avoid it!

If you think he would enjoy spending time with other children your wife could take him to some mums and tots groups or swimming or whatever, far cheaper and he would have the security of being with his mum - which is all most 2 year olds want.

HTH
Becky

Exactly, a paid nursery is only needed if your wife is working. Otherwise it should be mums and toddlers groups, which don't cost a lot (perhaps 50p to £2 a go depending on what area!).

fiveyearplan

Tom46 wrote: »

This is my final SOA. I have left off my wife’s car expenses and I just deducted them from her income, still not sure what would be the right thing to do.

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 680
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1880
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 10 12
Satellite/Cable TV...................... 0

Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 120
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 1805

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................2200......20........19.95
credit card....................2500......60........15
credit card....................1400......30........14.9
catalogue......................400.......40....... .26.49
catalogue......................550.......100...... .26.49
personal loan..................4900......130.......20
credtid card...................3550......35........16.9
credit card....................4000......100.......10.9
credit card....................1500......30........0
credti card....................500.......10........27.9
Total unsecured debts..........21500

Monthly Budget Summary
Total monthly income.................... 1880
Expenses (including HP & secured debts). 1805
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 555
Amount short for making debt repayments. -480

Would anybody have any more advice for my final SOA.
Thank you,
Tom

I think you are leaving it quite tight in case some things are lowered. I'm thinking holiday and maybe clothing could be lowered by OR (they may not be but if they are then it leaves you over the magical £99 surplus. How old are your children? Could you increase other child related expenses? How do you pay to travel to work?

Tom46

fiveyearplan wrote: »

I think you are leaving it quite tight in case some things are lowered. I'm thinking holiday and maybe clothing could be lowered by OR (they may not be but if they are then it leaves you over the magical £99 surplus. How old are your children? Could you increase other child related expenses? How do you pay to travel to work?

Yes, it is bit tight. Children are 2 and 9. For travel to work I ma using my wife’s car, as I am self employed then the car expenses get deducted from my income.

Tom46

I have been looking but I can not find any guidelines regarding partners income for SOA. It is very hard to distinguish which of the partners expenses is going under household budget and should be listed on SOA and what expenses are classified as partners personal expenses and should get deducted from partners income.

It would be nice if there was an OR to answer the question in this forum.

tech2_2

This is my final SOA. I have left off my wife’s car expenses and I just deducted them from her income, still not sure what would be the right thing to do.

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 680
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1880
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 625
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 50
Gas..................................... 50 Its winter and the use of gas has been very high look see and could go to £70
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 10 12 £13!
Satellite/Cable TV...................... 0

Internet Services....................... 0 do you need this for work or home work £10-15
Groceries etc. ......................... 600 Maybe but dont take pee maybe lower to £550
Clothing................................ 120 Do you have to buy school uniforms? £150
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0 So what happens when your sife is not around? do you walk every where? do the kids catch a bus to school?
Childcare/nursery....................... 0
Other child related expenses............ 20 ? you are allowed £5/child/week for activities
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20 make sure accidntal cover in this Tesco via compare is good
Life assurance ......................... 0 What would happen if one of you is killed, diagnosed with critical illness or disabled? think for after you are BR
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 1805

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................2200......20........19.95
credit card....................2500......60........15
credit card....................1400......30........14.9
catalogue......................400.......40....... .26.49
catalogue......................550.......100...... .26.49
personal loan..................4900......130.......20
credtid card...................3550......35........16.9
credit card....................4000......100.......10.9
credit card....................1500......30........0
credti card....................500.......10........27.9
Total unsecured debts..........21500

Monthly Budget Summary
Total monthly income.................... 1880
Expenses (including HP & secured debts). 1805
Available for debt repayments........... 75
Monthly UNsecured debt repayments....... 555
Amount short for making debt repayments. -480

Would anybody have any more advice for my final SOA.
Thank you,
Tom
I think you are leaving it quite tight in case some things are lowered. I'm thinking holiday and maybe clothing could be lowered by OR (they may not be but if they are then it leaves you over the magical

Hope another pair of eyes has helped you! just one more thought has you have no nursery fees I take it kids at school full time? if so you can claim for school dinners I think it is £2 for primary and £3 for secondary. Once you have a look I think you can end up with no surplus which means NO IPA. cant advise on the company car but if you put up what you deducted I will have a look and advise if i can!

I am not aware you can have a private arrangement for a car loan! as this is regarded as a creditor, someone else on here will advise you on this I am sure.

Tech2

dojoman

You are allowed a surplus of £99 before an IPA comes in to play, and they only have a surplus of £75.