Help with SOA

beardc02

Thanks Tigerfeet. Yes, we're getting out our flat as it's a 1 bed studio flat and we have an 11 month old baby so desparately need more room so will surrender mortgage/property and rent somewhere. I am being told different things about renting b4 or after Br so not sure at moment as am saving up for br fees and rent deposit. Think we will move out once have the fees saved and get somewhere b4 we go br? My only concern is that if we do this is there a chance that the court will not approve our br and then we'll be stuck with our flat and debts and a rented place?! - confused!!!!!

tigerfeet2006

beardc02 wrote: »

Thanks Tigerfeet. Yes, we're getting out our flat as it's a 1 bed studio flat and we have an 11 month old baby so desparately need more room so will surrender mortgage/property and rent somewhere. I am being told different things about renting b4 or after Br so not sure at moment as am saving up for br fees and rent deposit. Think we will move out once have the fees saved and get somewhere b4 we go br? This is probably the best thing to do. My only concern is that if we do this is there a chance that the court will not approve our br and then we'll be stuck with our flat and debts and a rented place?! - Why wouldn't they approve your BR? There is a lot of room for manovre on it. If you have a surplus above £99 then you will just pay into an IPA. It is not a problem confused!!!!!

OK with that in mind this SOA is not applicable until you move so I wouldn't worry about doing it yet. But I will show you some of the figures you should be looking at.

beardc02 wrote: »

Hiya, can someone please tell me if my SOA looks ok or if I have filled bits out wrong?

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 765
Partners monthly income after tax....... 899
Benefits................................ 160
Other income............................ 0
Total monthly income.................... 1824

Monthly Expense Details
Mortgage................................ 610 I have just checked a 2 bed house for rent in our area and this is about right, obviously it will be different slightly for you.
Secured/HP loan repayments.............. 169 this will go into the BR eventually so don't put it on your SOA
Rent.................................... 0
Management charge (leasehold property).. 60 ditto
Council tax............................. 100
Electricity............................. 80 £50
Gas..................................... 0 £50 at a guess
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 12 £60
Mobile phone............................ 50 put under phone
TV Licence.............................. 13
Satellite/Cable TV...................... 16 not allowed on your SOA I am afraid. It will have to come from your surplus.
Internet Services....................... 10 Ditto unless needed for work or study
Groceries etc. ......................... 430 £480
Clothing................................ 60 £100
Petrol/diesel........................... 100
Road tax................................ 19
Car Insurance........................... 20
Car maintenance (including MOT)......... 35
Car parking............................. 12
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 £20
Medical (prescriptions, dentist etc).... 0 £30
Pet insurance/vet bills................. 0 do you have any pets?
Buildings insurance..................... 0
Contents insurance...................... 10 does this include accidental damage?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 0
Total monthly expenses.................. 1906

Assets
Cash.................................... 0
House value (Gross)..................... 103000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 104500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 103000...(610)......5.9
Secured Debt.................. 11000....(132)......0
Hire Purchase (HP) debt ...... 900......(37).......0
Total secured & HP debts...... 114900....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
credit card....................6800......92........0
credit card....................3600......108.......0
credit card....................620.......11........0
catalogue......................115.......5........ .0
credit card....................2450......50........0
Total unsecured debts..........13585.....266.......

Monthly Budget Summary
Total monthly income.................... 1,824
Expenses (including HP & secured debts). 1,906
Available for debt repayments........... -82
Monthly UNsecured debt repayments....... 266
Amount short for making debt repayments. -348

Personal Balance Sheet Summary
Total assets (things you own)........... 104,500
Total HP & Secured debt................. -114,900
Total Unsecured debt.................... -13,585
Net Assets.............................. -23,985

My husband is self employed as well as working full time. He has a seperate bank account for which he pays for a his driving instructor car and car insurance from this each month (car is £200 and insurance is £30). I haven't listed this above as not sure if it needs to be seperate or not? This is business expenses. He would take his gross income and minus any business expenses t find out his income. If he does have any money left after all expenses then it will need to be on your SOA.

He doesn't really have a turnover at present as just money he makes at present pays for the car and insurance so company currently at a loss or just ticking over. Any advice if I should include this and how, or if it just goes on his SOA? Make a note of the business on the forms probably in section 13.

The only other thing which I have forgotten to put on there is my exercise group I go to which I suppose is classed as entertainment for £20 per month, is this cheeky putting it on there I mean we can barely afford it so I shouldn't do it to be honest?! No it can't go on your SOA I am afraid.

Thanks in advance,

If you are going BR then you stop paying the mortgage, secured loan and management charge and save it for your fees, deposit, rent and moving costs.

Be aware when you move out of the house to tell the council and they will give you 6 months free of paying the council tax and then will normally charge 50% until the house has been repo'd.

Does your DH wear suits or smart clothes for work? If so put £10 dry cleaning. Does he pay union fees or have any professional mags? then add these.

beardc02

Thanks tigerfeet this was sooooo helpful, and I didn't think about having to do another one once I move! If the council knock 50% of my council tax for 6 months then surely the OR would think I've got less outgoings wouldn't they and this would go against me?

tigerfeet2006

The 50% CT is for the house you are moving from, you will be paying full CT in your new home. The CT for the old house will have to come from your surplus income if it is not repo'd after the 6 months.