SOA help?

confused76

hi there seems to be a massive difference between income/outgoings...does your partner work? what is the secured loan?

neilscot44

confused76 wrote: »

hi there seems to be a massive difference between income/outgoings...does your partner work? what is the secured loan?

Hi well the secured loan is the HP on the car, which i know when i go BR they will take it back, as a breach in terms & conditions even although the car is worth £2k more than whats to pay on it.
Partner is looking for job but because of my college loan and small bursary it means i "earn" £7 to much so he gets nothing..
Just housing benefit and council tax benifit.. crazy i know.
So basically until he gets a job the two of us are expected to live on my income!

In reality we dont put money aside each month for holidays or clothes, presents etc..

tech2_2

neilscot44 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2 ONE OF THESE TO GO! GO YOU BOTHE NED FOR YOUR JOB?
Monthly Income Details
Monthly income after tax................ 436
Partners monthly income after tax....... 0
Benefits................................ 520 WHAT ARE THESE FOR
Other income............................ 0
Total monthly income.................... 956
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 149.8 WHAT FOR?
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 26
Electricity............................. 89 OUCH!! WHY SO HIGH?
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0 SO YOU DONT USE ANY WATER THEN?
Telephone (land line)................... 36
Mobile phone............................ 20 DROP THIS AND LOOSE IT IN TELEPHONE
TV Licence.............................. 12
Satellite/Cable TV...................... 20 CAN'T HAVE THIS
Internet Services....................... 0 REQUIRE THIS FOR STUDY OR WORK?
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 33
Car Insurance........................... 45.87 ROUND UP
Car maintenance (including MOT)......... 40
Car parking............................. 3 FOR WHAT? THAT ONLY GETS ME PARKING FOR 3 HRS ????
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 NO CONTENTS INSURANCE??
Life assurance ......................... 0 VERY BAD NOT HAVING THIS!!!
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10DROP THIS
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 20 DROP THIS
Total monthly expenses.................. 1304.67

Assets
Cash.................................... 200 DONT INCLUD THIS....
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 200

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2500.....(149.8)....0
Total secured & HP debts...... 2500......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................7087.3....1.........0
Lloyds TSB.....................8899.69...0.........0
Total unsecured debts..........15986.99..1.........-
HOW MUCH ARE YOU PAYING TO THE ABOVE EACH MONTH? YOU NEED £2000 TO PAY TO THE COURT TO GO BR????
Monthly Budget Summary
Total monthly income.................... 956
Expenses (including HP & secured debts). 1,304.67
Available for debt repayments........... -348.67
Monthly UNsecured debt repayments....... 1
Amount short for making debt repayments. -349.67
Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -2,500
Total Unsecured debt.................... -15,986.99
Net Assets.............................. -18,286.99

HAVE A LOOK AND ANSWER AND ADJUST, THEN ADJUST THE FORM AND PUT IT UP AGAIN!! REMEMBER THE MORE INFO TYOU GIVE US THE MORE WE CAN HELP!!!

TECH2
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.



Ahhh thats much better, Thanks Philnic...... WAS A BIG HELP TO ME....:T
Hmm still looks bad reading lol

Anything i should be adjusting???

..............................................

bacil_uk

Slightly of topic ... does SOA need to display situation before BR or how you want it during BR ? like in some places you say lose it, but then it doesn't display current situation correctly ... eg. You have contract for cable tv hence you paying it, i know its not allowed as expense in BR but you still can pay it from your surplus so it needs to be there if it is to be exact snapshot of your finances

neilscot44

Originally Posted by neilscot44
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2 ONE OF THESE TO GO! GO YOU BOTHE NED FOR YOUR JOB? (both will go when BR)
Monthly Income Details
Monthly income after tax................ 436
Partners monthly income after tax....... 0
Benefits................................ 520 WHAT ARE THESE FOR (housing benefit & coucil tax relief)
Other income............................ 0
Total monthly income.................... 956
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 149.8 WHAT FOR? (my car which will go when BR)
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 26
Electricity............................. 89 OUCH!! WHY SO HIGH? (its monthly debit which should balance out over the year)
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0 SO YOU DONT USE ANY WATER THEN? (in scotland its included in the coucil tax)
Telephone (land line)................... 36
Mobile phone............................ 20 DROP THIS AND LOOSE IT IN TELEPHONE (ok)
TV Licence.............................. 12
Satellite/Cable TV...................... 20 CAN'T HAVE THIS (ok)
Internet Services....................... 0 REQUIRE THIS FOR STUDY OR WORK? (its included in the phone landline)
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 33
Car Insurance........................... 45.87 ROUND UP (ok but this will go when i go BR until i get another car)
Car maintenance (including MOT)......... 40
Car parking............................. 3 FOR WHAT? THAT ONLY GETS ME PARKING FOR 3 HRS ?(lol the rare time i need to pay for pk)
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 NO CONTENTS INSURANCE?? (can't afford it)
Life assurance ......................... 0 VERY BAD NOT HAVING THIS!!! (can't afford it)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10DROP THIS (ok)
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 20 DROP THIS (ok)
Total monthly expenses.................. 1304.67

Assets
Cash.................................... 200 DONT INCLUD THIS.... (ok)
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 200

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2500.....(149.8)....0 (been paying it in full each month but will stop now)
Total secured & HP debts...... 2500......-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Egg............................7087.3....1........ .0 (paying £1 token gesture)
Lloyds TSB.....................8899.69...0.........0 (paying £1 token gesture)
Total unsecured debts..........15986.99..1.........-
HOW MUCH ARE YOU PAYING TO THE ABOVE EACH MONTH? YOU NEED £2000 TO PAY TO THE COURT TO GO BR???? (going LILA its £100 each)
Monthly Budget Summary
Total monthly income.................... 956
Expenses (including HP & secured debts). 1,304.67
Available for debt repayments........... -348.67
Monthly UNsecured debt repayments....... 1
Amount short for making debt repayments. -349.67
Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -2,500
Total Unsecured debt.................... -15,986.99
Net Assets.............................. -18,286.99

HAVE A LOOK AND ANSWER AND ADJUST, THEN ADJUST THE FORM AND PUT IT UP AGAIN!! REMEMBER THE MORE INFO TYOU GIVE US THE MORE WE CAN HELP!!!

TECH2
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.



Ahhh thats much better, Thanks Philnic...... WAS A BIG HELP TO ME....:T
Hmm still looks bad reading lol

Anything i should be adjusting???



Thank you tech2 for the tips.. ive answered your questions for now see what you think.

seeya23

tech2 wrote: »

..............................................YOU NEED £2000 TO PAY TO THE COURT TO GO BR????

i was thinking it was around £600

tigerfeet2006

bacil_uk wrote: »

Slightly of topic ... does SOA need to display situation before BR or how you want it during BR ? like in some places you say lose it, but then it doesn't display current situation correctly ... eg. You have contract for cable tv hence you paying it, i know its not allowed as expense in BR but you still can pay it from your surplus so it needs to be there if it is to be exact snapshot of your finances

It should reflect your situation after you go BR. You do not show anything that you will pay from surplus.

Neilscott do your SoA again reflecting what your situation will be after LILA.

Seeya, yes it is £600 per person in the UK, unless you are on benefits or a low income and you can get remission just on the £150 court fee.

neilscot44

tigerfeet2006 wrote: »

It should reflect your situation after you go BR. You do not show anything that you will pay from surplus.

Neilscott do your SoA again reflecting what your situation will be after LILA.

Seeya, yes it is £600 per person in the UK, unless you are on benefits or a low income and you can get remission just on the £150 court fee.

Ahhh thanks Tigerfeet I was basing it on what i am at the moment.
Will re-do it as to what it should look like once ive gone BR

tech2_2

neilscot44 wrote: »

Ahhh thanks Tigerfeet I was basing it on what i am at the moment.
Will re-do it as to what it should look like once ive gone BR

You want neccessarly loose the car!

Go to http://www.parkers.co.uk/cars/used-prices/

and see what its worth and do you need it for yor job etc! bare in mind that with no car you public transport cost will go up and you may from time to time need a taxi!!! Check what the cost of your bus route would be and what a monthly travel card would cost you!

Tehc2

Sorry about the £2k thought it had gone up for the £500 ish we paid!

neilscot44

Hi Tech2

My car is on HP, it is worth about £2k more than i owe on it £2,600 but its a breach of the hp agreement if i go BR. might phone then and see what they say

tech2 wrote: »

You want neccessarly loose the car!

Go to http://www.parkers.co.uk/cars/used-prices/

and see what its worth and do you need it for yor job etc! bare in mind that with no car you public transport cost will go up and you may from time to time need a taxi!!! Check what the cost of your bus route would be and what a monthly travel card would cost you!

Tehc2

Sorry about the £2k thought it had gone up for the £500 ish we paid!