Help with SOA

alice43

My SOA, any suggestions greatly appreciated!



Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 560
Benefits................................ 173
Other income............................ 620
Total monthly income.................... 2553

Monthly Expense Details
Mortgage................................ 759
Secured/HP loan repayments.............. 396
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 96
Gas..................................... 0
Oil..................................... 100
Water rates............................. 0
Telephone (land line)................... 40
Mobile phone............................ 90
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 26
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 117
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 25
Entertainment........................... 20
Holiday................................. 75
Emergency fund.......................... 20
School dinners.......................... 60
Total monthly expenses.................. 2971


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 207000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 183179...(759)......0
Secured Debt.................. 48349....(356)......0
Hire Purchase (HP) debt ...... 1100.....(40).......0
Total secured & HP debts...... 232628....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2305......54........0
MINT...........................9144......200.......0
A&L............................2100......0.........0
HALIFAX........................2000......0.........0
Total unsecured debts..........15549.....254.......-


Monthly Budget Summary
Total monthly income.................... 2,553
Expenses (including HP & secured debts). 2,971
Available for debt repayments........... -418
Monthly UNsecured debt repayments....... 254
Amount short for making debt repayments. -672

Personal Balance Sheet Summary
Total assets (things you own)........... 207,000
Total HP & Secured debt................. -232,628
Total Unsecured debt.................... -15,549
Net Assets.............................. -41,177

confused76

alice43 wrote: »

My SOA, any suggestions greatly appreciated!



Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 560
Benefits................................ 173
Other income............................ 620
Total monthly income.................... 2553

Monthly Expense Details
Mortgage................................ 759
Secured/HP loan repayments.............. 396
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 96 seems high?
Gas..................................... 0
Oil..................................... 100 seems high?
Water rates............................. 0
Telephone (land line)................... 40
Mobile phone............................ 90
TV Licence.............................. 12
Satellite/Cable TV...................... 50 not allowed
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 26
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 117 the OR will take an interest in this - not allowed
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 not allowed
Haircuts................................ 25
Entertainment........................... 20 not allowed
Holiday................................. 75
Emergency fund.......................... 20 not allowed
School dinners.......................... 60
Total monthly expenses.................. 2971


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 207000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 183179...(759)......0
Secured Debt.................. 48349....(356)......0
Hire Purchase (HP) debt ...... 1100.....(40).......0
Total secured & HP debts...... 232628....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................2305......54........0
MINT...........................9144......200.......0
A&L............................2100......0.........0
HALIFAX........................2000......0.........0
Total unsecured debts..........15549.....254.......-


Monthly Budget Summary
Total monthly income.................... 2,553
Expenses (including HP & secured debts). 2,971
Available for debt repayments........... -418
Monthly UNsecured debt repayments....... 254
Amount short for making debt repayments. -672

Personal Balance Sheet Summary
Total assets (things you own)........... 207,000
Total HP & Secured debt................. -232,628
Total Unsecured debt.................... -15,549
Net Assets.............................. -41,177

a few suggestions to get you started. the ones i have marked 'not allowed' could be paid out of any surplus if there is any

i'm not sure what happens with life assurance, hopefully someone else will also comment

hope this helps

IF

Hi Alice, I'm afraid I'm not very good with SOA, I like everyone to have more! Just bumping for you...................bump

IF

Just bumping Alice, see if anyone has been in a similar position x

dojoman

I think you will have to re do your SOA, according to this one you will have a deficit of over £400 is that right? We would need a breakdown of your costs after BR.

HelpingHand

Bump!

I would like to add that, as someone who has to rely on oil for heating, the amount in for it doesn't look at all high to me!

skylight

alice43 wrote: »

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2 Do you both work??

Monthly Income Details
Monthly income after tax................ 1200 Are you both going BR?
Partners monthly income after tax....... 560 And is this SOA for both of you? Are these actual incomes or is one a contribution??
Benefits................................ 173
Other income............................ 620 What is this made up of?
Total monthly income.................... 2553

Monthly Expense Details
Mortgage................................ 759 Are you hoping to keep the house after BR?
Secured/HP loan repayments.............. 396
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 96 This is terribly high for a family of just 4. Are you on a good tariff? Is this an actual spend and you have bills to prove this? If so, then leave it.
Gas..................................... 0
Oil..................................... 100 Likewise, do you have proof of bills?
Water rates............................. 0 Do you not pay any water at all?
Telephone (land line)................... 40
Mobile phone............................ 90 This is terribly high. Its not likely to be allowed, especially as you already have £40 for a landline. £40 combo is usually sufficient.
TV Licence.............................. 12
Satellite/Cable TV...................... 50 Will not be allowed at all. You can keep it and pay for it out of your surplus though, but I would look at reducing your sky package.
Internet Services....................... 0 If you have school aged children add £10 a month for this.
Groceries etc. ......................... 500 I would put £550 - £600. Its only £1.50 per meal, per person, per day; so not unreasonable when you break it down. I know it includes cleaning stuffs etc.
Clothing................................ 100
Petrol/diesel........................... 200 For 2 cars?? Likewise with all the following car.
Road tax................................ 26
Car Insurance........................... 50
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 117 Is this mortgage linked? You should be able to get this cheaper. If its not mortgage linked then you will have to purchase the BI from the OR for them. It may be cheaper to allow them to lapse and get new quotes.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Not permitted.
Haircuts................................ 25
Entertainment........................... 20 Not really permitted.
Holiday................................. 75
Emergency fund.......................... 20 Not allowed either.
School dinners.......................... 60 This should be included in your household groceries and another £60 added to £600 is far too much for a family of 4. Can they take packed lunches? Far more econonmical for you.
Total monthly expenses.................. 2971

The big question is, are you looking at keeping the property? The mortgage and the secured loan will have to be paid back if you are, and unless you make some serious cut backs, there is no way you will be able to afford it.

alice43

Skylight ,
Yes we both work, OH works shifts and is a part time fire fighter so he always needs a car available.
We both plan to go BR and SOA combined and these are the actual incomes. OH told he being made redundant 7 weeks ago though now has been offered another position within company but at half the wage.
Other income £500.....i look after a friends child while he works shifts (includes overnight stays).£120 my OH on sick leave from fire service this money due to stop end of May as he been off a year then.
We have found a rental property which we hope to move into end april £600/mnth.
Electricity, we in N.Ireland so only one provider, this is what they have worked out my DD to be for next year!
Dont pay water ...yet! And oil correct.
We have 4 mobile phones in house, 3 contracts £25 each and 1 PAYG £15.
Sky we will reduce or cancel, are we not allowed anything for this?
Internet included in landline charge.
Life assurance is mortgage linked.
School dinners , if i add £60 onto groceries? and make total £600

Thanks for your input!:)