Revised SOA for BR please take a look

yorkshiredee

I know I have posted my Soa before but I had a thought that my tax credits and child benefit were paid 13 times a year and not 12 so I have ammended them accordingly and averaged them out for a monthly amount.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2 ages 4 and 9
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 828.2
Partners monthly income after tax....... 0
Benefits................................ 1358.26 tax credits and child allowance
Other income............................ 292 maintainace from ex husband
Total monthly income.................... 2478.46
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 159.9
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 92 this is the single person rate I am in band c
Electricity............................. 65 On a strange meter that a lot of utility companies dont have a tarrif for
Gas..................................... 60
Oil..................................... 0
Water rates............................. 37 on a water meter so paid every month
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 375 This is everything from packed lunches at school/work, food, cleaning, cosmetics, wash powder, toiletries the whole lot.
Clothing................................ 60 I know I have upped it but I have to be smart at work, and although some months this would be cheaper other months when children have growth spurts, need new shoes, rugby/football boots, new school uniform this amount is a drop in the ocean!
Petrol/diesel........................... 130 this is before Darling opens his box!
Road tax................................ 12 see above!
Car Insurance........................... 75 I dont have any no claims discount and had medical restriction from DVLA
Car maintenance (including MOT)......... 20 Again I have upped this as for a service, MOT and tyres etc think it £15 was not enough. cost me £207 last week for a new starter motor.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 586 This is averaged over the year and the figures used for my tax credits. it is very dependant on school holidays, July August a killer Sept and March not as expensive.
Other child related expenses............ 20 This is swimming lessons for the kids. I am a non swimmer and feel rather strongly that this is a must. It is at the cheapest rate my local council pool offers for people in reciept of benefits/working tax credits.
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 26 I know my dog is a luxury and I am looking at finding a cheaper policy as my sister thinks I am being robbed!!
Buildings insurance..................... 0
Contents insurance...................... 13 Again taking on board that this may be on the expensive side and looking into a new policy.
Life assurance ......................... 0
Other insurance......................... 9 RAC cover which was invaluable when stuck at Asda's petrol pumps when my starter motoe broke!!
Presents (birthday, christmas etc)...... 0 cut this out but worry over not providing my children with a lovely Christmas
Haircuts................................ 20 I actually pay £25 a month every month on pay day for all 3 of us to have our hair cut, it is done by a hairdresser friend in her kitchen! A far cry from my £68 a month when I was married and I now shave to eliminate waxing bills and I no longer have nail extensions ( oh the glamour!!)
Entertainment........................... 0
Holiday................................. 60 This is cheeky I know but only going by a suggestion from another forum member!
Emergency fund.......................... 50I I didnt include a contingency in my last SOA purely an oversight on my behalf. this was the amount allowed in my IVA allowances.
Total monthly expenses.................. 2430.9

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4770.....(159.9)....0
Total secured & HP debts...... 4770......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,478.46
Expenses (including HP & secured debts). 2,450.9
Available for debt repayments........... 27.56
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 27.56
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -4,770
Total Unsecured debt.................... -0
Net Assets.............................. -770
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


My car is my biggest worry as I would be unable to work without it. I spoke to Renault Finace and they would need the OR to write to them that it would be exempt. Then they would look at it on a case by case basis as BR is agianst their T&C. In my favour the man said is the fact that my account is up to date, never had a late or missed payment.

I am not trying to shirk my debts just to make a fresh start with a comfortable life as possiable.

Thanks in advance for all opions and replies it means a lot that people take the time when I am at my lowest darkest place.

Dee

dojoman

yorkshiredee wrote: »

I know I have posted my Soa before but I had a thought that my tax credits and child benefit were paid 13 times a year and not 12 so I have ammended them accordingly and averaged them out for a monthly amount.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2 ages 4 and 9
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 828.2
Partners monthly income after tax....... 0
Benefits................................ 1358.26 tax credits and child allowance
Other income............................ 292 maintainace from ex husband
Total monthly income.................... 2478.46
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 159.9 (IS THIS FOR THE CAR)
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 92 this is the single person rate I am in band c
Electricity............................. 65 On a strange meter that a lot of utility companies dont have a tarrif for
Gas..................................... 60
Oil..................................... 0
Water rates............................. 37 on a water meter so paid every month
Telephone (land line)................... 30 (UP TO £60 TO INCLUDE YOUR MOBILE)
Mobile phone............................ 30
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 375 This is everything from packed lunches at school/work, food, cleaning, cosmetics, wash powder, toiletries the whole lot.
Clothing................................ 60 I know I have upped it but I have to be smart at work, and although some months this would be cheaper other months when children have growth spurts, need new shoes, rugby/football boots, new school uniform this amount is a drop in the ocean!
Petrol/diesel........................... 130 this is before Darling opens his box!
Road tax................................ 12 see above!
Car Insurance........................... 75 I dont have any no claims discount and had medical restriction from DVLA
Car maintenance (including MOT)......... 20 Again I have upped this as for a service, MOT and tyres etc think it £15 was not enough. cost me £207 last week for a new starter motor.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 586 This is averaged over the year and the figures used for my tax credits. it is very dependant on school holidays, July August a killer Sept and March not as expensive.
Other child related expenses............ 20 This is swimming lessons for the kids. I am a non swimmer and feel rather strongly that this is a must. It is at the cheapest rate my local council pool offers for people in reciept of benefits/working tax credits.
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 26 I know my dog is a luxury and I am looking at finding a cheaper policy as my sister thinks I am being robbed!!
Buildings insurance..................... 0
Contents insurance...................... 13 Again taking on board that this may be on the expensive side and looking into a new policy.
Life assurance ......................... 0
Other insurance......................... 9 RAC cover which was invaluable when stuck at Asda's petrol pumps when my starter motoe broke!!
Presents (birthday, christmas etc)...... 0 cut this out but worry over not providing my children with a lovely Christmas
Haircuts................................ 20 I actually pay £25 a month every month on pay day for all 3 of us to have our hair cut, it is done by a hairdresser friend in her kitchen! A far cry from my £68 a month when I was married and I now shave to eliminate waxing bills and I no longer have nail extensions ( oh the glamour!!)
Entertainment........................... 0
Holiday................................. 60 This is cheeky I know but only going by a suggestion from another forum member!
Emergency fund.......................... 50I I didnt include a contingency in my last SOA purely an oversight on my behalf. this was the amount allowed in my IVA allowances. (NOT ALLOWED IN BR)
Total monthly expenses.................. 2430.9

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4770.....(159.9)....0
Total secured & HP debts...... 4770......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,478.46
Expenses (including HP & secured debts). 2,450.9
Available for debt repayments........... 27.56
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 27.56
Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -4,770
Total Unsecured debt.................... -0
Net Assets.............................. -770
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.


My car is my biggest worry as I would be unable to work without it. I spoke to Renault Finace and they would need the OR to write to them that it would be exempt. Then they would look at it on a case by case basis as BR is agianst their T&C. In my favour the man said is the fact that my account is up to date, never had a late or missed payment.

I am not trying to shirk my debts just to make a fresh start with a comfortable life as possiable.

Thanks in advance for all opions and replies it means a lot that people take the time when I am at my lowest darkest place.

Dee

Hope this helps a little?

yorkshiredee

Thank you,

Yes the HP is my car. I will go into the BR fully informed and a lot more informed than I was going for IVA!!

dojoman

As far as I am aware even if the OR was to let you keep your car they would not allow your payments to come out of your SOA, it would have to come out of any surplus, if there was any. Hopefully someone else will be along to either confirm that or correct me:o

Keep asking as many questions as you need there will always be someone around to help/advise you.

fredfedup

As Dojoman says, emergency fund is not allowed. Hence me saying earlier to up other things. In BR if you have £99 or over surplus you would be expected to pay into an IPA ( a bit like an IVA ) eg £100 surplus you pay £50! Which then only leaves you £50 excess for the month. under £99 you get to keep it all. Looking at what you pay already you are not likely to get an IPA. But you need to make sure you are getting the allowances you are entitled to, as you will have NO credit to fall back on.

Just wanted to add, with a bit of planning your kids will still have a great Christmas and you will have paid for it all, with no credit. Kids are amazingly adaptable, and understand a lot more than we give them credit for. We had an amazing Christmas, our kids did not get a fraction of what they normally get. But what they did get had a lot of thought, and it was truly magical.

Sunnylooloo

fredfedup wrote: »

Just wanted to add, with a bit of planning your kids will still have a great Christmas and you will have paid for it all, with no credit. Kids are amazingly adaptable, and understand a lot more than we give them credit for. We had an amazing Christmas, our kids did not get a fraction of what they normally get. But what they did get had a lot of thought, and it was truly magical.

That is so lovely and yes you are so right, Children adapt very quickly and I also think your time is worth more than any gift :A

yorkshiredee

Oh I am having a mare now, Can someone confirm whether or not I would be able to put my HP payment on my SOA. When speaking to various people this has never been mentioned.

My car is the main reason that I have not gone BR before as I really do need it.

Sunnylooloo

Dee I'll give you a bump up about your car so someone can help

sizzler

:)you can list it on your SOA but it will not be allowed and will come out os surplus.

The OR might be really nice and understand but any unsecured debt which you have which does not go into your BR is at your responsibility and you will have to find it in order to keep it.

Sorry cant say it any simpler.

Best of luck

PS rest lloks great apart from as stated emergency fund not allowed. I dont know why they put it on the form.

Sizzler:)

dojoman

sizzler wrote: »

:)you can list it on your SOA but it will not be allowed and will come out os surplus.

The OR might be really nice and understand but any unsecured debt which you have which does not go into your BR is at your responsibility and you will have to find it in order to keep it.

Sorry cant say it any simpler.

Best of luck

PS rest lloks great apart from as stated emergency fund not allowed. I dont know why they put it on the form.

Sizzler:)

I thought all unsecured debt would have to go in to your BR or you would be favouring a creditor?

yorkshiredee

HP is not an unsecured debt...it is secured so would that make any differance?