SOA - can you take a look please

sfjnet

Hi

I have downloaded the SOA from makesenseofcards.com and added comments where it may not be clear. Could you please take a look and let me know if you think my figures make sense? Many thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3 - we have one child (6) who lives with us full time, and 2 from a previous marriage (14 & 16) who live with us 3 days per week
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1971
Partners monthly income after tax....... 200 - my wife is self-employed and really doesn't bring in much at all after paying the expenses for her business (really hit by the recession) so this is just a guess of what she will actually spend per month on petrol, groceries, etc
Benefits................................ 131 - child benefit (£86) and child tax credit (£45)
Other income............................ 0
Total monthly income.................... 2302

Monthly Expense Details
Mortgage................................ 620 - we are on a variable rate and of course the BofE rate is at an all time low. I am a bit worried of how much this may increase if/when BofE decide to raise the base rate
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 165
Electricity............................. 75 - currently gas and elec are £65 each by DD but the latest bill shows we are in deficit against actual price of services used so I have added extra to anticipate increase in DD
Gas..................................... 75
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60 - I know that OR doesnt like individual budget lines for mobile, internet, Sky, etc. My actual charges are around £65 (landline £16, broadband £10, mobile £23 and Sky £18). I have put £60 here as I think I have heard this is the max they will pay
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 80
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 16
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 60 - I take the bus to work
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 11
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 68
Other insurance......................... 0
Presents (birthday, christmas etc)...... - not allowed I believe
Haircuts................................ 25
Entertainment........................... 0 - not allowed I believe
Holiday................................. 75
Emergency fund.......................... 0 - not allowed I believe
School dinners/trips.................... 35
Maintenance............................. 100 - I pay £50 each for my 2 daughters
Total monthly expenses.................. 2120

Assets
Cash.................................... 0
House value (Gross)..................... 175000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 176500

Secured & HP Debts Description....................Debt......Monthly...APR
Mortgage...................... 174995...(620)......4.24
Total secured & HP debts...... 174995
Unsecured Debts - APR on all cards etc is a guess as I dont have figures to hand
Description....................Debt......Monthly...APR
BOS Visa.......................1000......30........15
Capital 1 Visa.................4449......134.......15
Egg Visa.......................2495......75........15
Smile overdraft................800.......800.......10
Smile loan.....................997.......59........8
Tesco loan.....................6666......113.......8
Northern Rock loan.............8850......109.......8
Virgin Visa....................6274......189.......15
Tesco Mastercard...............700.......21........15
Total unsecured debts..........32231.....1530......-

Monthly Budget Summary
Total monthly income.................... 2,302
Expenses (including HP & secured debts). 2,120
Available for debt repayments........... 182
Monthly UNsecured debt repayments....... 1,530
Amount short for making debt repayments. -1,328

Personal Balance Sheet Summary
Total assets (things you own)........... 176,500
Total HP & Secured debt................. -174,995
Total Unsecured debt.................... -32,231
Net Assets.............................. -30,726

ashellis

HI there,

I am sure that someone will clarify the life insurance for you, but i do not think they will allow that.

I put £580 for food and there are 2 adults and a 5yr old, and 7 month old, so up this amount.

You can also have £5 per week per older child for an activity each week.

Holidays £80, mine got accepted at that for us 4.

Clothing, up this to £150 for all of you as this covers school uniforms etc.
School dinners I put £45 per week, for each child this is allowed.
Haircuts £5 p.p.
Dentist etc i put £20 pm as have you seen the price of a dentist nowadays lol !!
If your wife has to pay as well, then up it a little bit and explain in your statement why it is higher etc.

Sure others will be along to help as well, but seems ok to me.
x

sfjnet

Another bump (hope this is allowed) as I would really appreciate comments from those who have lived through the OR inquisition!!!!:o

IF

Hello sfjnet, you bump away. Sometimes the odd post does go unanswered unfortunately x

peachyprice

sfjnet wrote: »

Hi

I have downloaded the SOA from makesenseofcards.com and added comments where it may not be clear. Could you please take a look and let me know if you think my figures make sense? Many thanks

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3 -
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1971
Partners monthly income after tax....... 200 -
Benefits................................ 131 -
Other income............................ 0
Total monthly income.................... 2302

Monthly Expense Details
Mortgage................................ 620 -
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 165
Electricity............................. 75
Gas..................................... 75
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 450 £500 at least
Clothing................................ 80 £100
Petrol/diesel........................... 80 see below
Road tax................................ 18
Car Insurance........................... 16
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 60 - I take the bus to work
Childcare/nursery....................... 0
Other child related expenses............ 0 £35 school dinners + £5 per child per week activities eg. swimming, dancing etc
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 11
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 68 OR may have an interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... - not allowed I believe
Haircuts................................ 25
Entertainment........................... 0 - not allowed I believe
Holiday................................. 75
Emergency fund.......................... 0 - not allowed I believe
School dinners/trips.................... 35
Maintenance............................. 100 - I pay £50 each for my 2 daughters
Total monthly expenses.................. 2120

Hi sfj,


One question re the car, who's the owner?

If it's just you going BR and your OH is the owner and you do not use it for work the car expenses can't go on your SoA.

If you are the owner and do not use it for work the OR may take the car.

Hope that helps some

debtinfo

Hi sfjnet, i generally dont comment on SOA's as they are very individual and the best advice i can give is to put down what you actually need to spend. the only time i do comment is where there is a catagory that is likely not to be allowed at all, in this case i do not believe that the life assurance would be allowed as this is optional rather than a necessity, none of your figures look wau out, just a quick perusal over your statements to see if there are any things that you have missed off or are different in reality to what you put

David_F

Hi sfjnet,

Thanks for the PM, have replied but not sure if it has been sent so please let me know if it arrived OK.

emos4607

Hi

We are preparing to go BR on monday - just got a query on the life assurance as our SOA will show about 45 p/m for joint cover but having life cover is a condition of the mortgage so would this be allowed?

Thanks