SOA help?

broxiebear1

br fees are £100 PER PERSON IN SCOTLAND www.aib.gov.uk check this out
broxie

tech2_2

neilscot44 wrote: »

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

Dont call them! wait and see what I said about the parkers then review it! we kept our car and it will be down to the OR to make the final decsion!!!!

Dont tell anyone or call any creditor until you have gone BR!!

Tech2

neilscot44

tech2 wrote: »

Dont call them! wait and see what I said about the parkers then review it! we kept our car and it will be down to the OR to make the final decsion!!!!

Dont tell anyone or call any creditor until you have gone BR!!

Tech2

Ok thanks Tech2 I will do that..

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.................... 1
Monthly Income Details
Monthly income after tax................ 436
Partners monthly income after tax....... 0
Benefits................................ 520 (housing benefit & council tax benifit)
Other income............................ 0
Total monthly income.................... 956
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 26
Electricity............................. 89
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0 (inc in council tax)
Telephone (land line)................... 56
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 25
Petrol/diesel........................... 60
Road tax................................ 33
Car Insurance........................... 46
Car maintenance (including MOT)......... 40
Car parking............................. 0
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 (can't afford)
Life assurance ......................... 0 (can't afford)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 25
Emergency fund.......................... 0
Total monthly expenses.................. 1132

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 950
Other assets............................ 0
Total Assets............................ 950

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 956
Expenses (including HP & secured debts). 1,132
Available for debt repayments........... -176
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -176
Personal Balance Sheet Summary
Total assets (things you own)........... 950
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 950
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

So this is what it would be during/after BR with no debts?

HappyMJ

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.................... 1
Monthly Income Details
Monthly income after tax................ 436
Partners monthly income after tax....... 0
Benefits................................ 520 (housing benefit & council tax benifit)
Other income............................ 0
Total monthly income.................... 956

You are still earning less than a benefit claimant. Job Seekers Allowance for a couple is £445 per month and if you are working you can keep £10 p/w benefit before it is taken away so you should be earning at least £490 per month. Does you partner contribute anything towards the bills? Do you get any other benefits? Working Tax Credits?

You need to spend less than you are earning either by increasing earnings or decreasing expenses. As your income is so low it doesn't really matter what figures you put down as no IPO will be made anyway.

neilscot44

Hi Happy.
Our WTX ended this month. Because i am now a student and between my saas loan and small bursary my income is £109 per week, which means my OH has to live off my income. We are apparently £7 over the limit for Job Seekers allowance. I think its also something to do with the type of NI we paid while self employed. Ofcourse in reality we are not putting money aside for holidays, clothes etc.. We can scrape by at the moment, well once we go BR and the debts go. Hopefully OH will get a job in the near future.
We have no other income but the cupboards are well stocked. Guess i better start selling stuff on ebay lol.. I think i am getting to the stage i am past caring. Paid taxes and NI all our life and never been unemployed for more than a year total our whole lives. Maybe we are to honest. Ofcourse if we both became alcoholics for example we would not have to work at all and both get benefits etc.. its crazy.

HappyMJ

neilscot44 wrote: »

Hi Happy.
Our WTX ended this month. Because i am now a student and between my saas loan and small bursary my income is £109 per week, which means my OH has to live off my income. We are apparently £7 over the limit for Job Seekers allowance. I think its also something to do with the type of NI we paid while self employed. Ofcourse in reality we are not putting money aside for holidays, clothes etc.. We can scrape by at the moment, well once we go BR and the debts go. Hopefully OH will get a job in the near future.
We have no other income but the cupboards are well stocked. Guess i better start selling stuff on ebay lol.. I think i am getting to the stage i am past caring. Paid taxes and NI all our life and never been unemployed for more than a year total our whole lives. Maybe we are to honest. Ofcourse if we both became alcoholics for example we would not have to work at all and both get benefits etc.. its crazy.

Your OH should still be sigining on anyway so at least NI credits are made anyway.

Not necessarily alcoholics. You said in a previous thread that you suffer from something that stopped you from being able to get rid of the car and walk to the college or at least get the bus every day. Have you considered claiming ESA?

I'm just a bit worried for you as government says that a couple needs that £102.75 per week plus rent and council tax just to survive and you have the additional expense of a car to pay for.

If you aren't saving for this holiday or buying clothes then don't include it. It'll just save questions when your expenses are higher than your income the figures need to be the same or show a small surplus.

neilscot44

Yes OH is signing on as you say for the NI credits.
Ive had ME for 8 years, managable most of the time. I don't think I would get ESA as i am classed as being at college full time. Although it would do no harm to look into it to see if there was anything i could get help with.
ye ok i will redo the SAO again lol.
The way ive done the SAO takes into account we will loose both cars, and my mother is happy to help me out with a cheap car so i can still do college. When OH gets a job and needs a car can always get another cheap run around.

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.................... 1
Monthly Income Details
Monthly income after tax................ 436
Partners monthly income after tax....... 0
Benefits................................ 520 (houseing benefit and council tax benefit)
Other income............................ 0
Total monthly income.................... 956
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 26
Electricity............................. 89
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0 (incl in C tax)
Telephone (land line)................... 56
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 180
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 33
Car Insurance........................... 46
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1047

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 956
Expenses (including HP & secured debts). 1,047
Available for debt repayments........... -91
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -91
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.



OK revised SAO.

HappyMJ

It's closer still need to find £91 per month. Are you sure that road tax is £396 per year? Your car's maintenance bill is quite high considering your fuel bill is only £60 per month. And Electricity...£89 is quite high. If it includes arrears they'll be written off in BR so no need to include them.