What amounts are acceptable in an SOA?

Broken_by_the_Bank

Hi

Does anyone know what amounts can be entered in for the SOA for a family of 2 adults and 2 kids under 5?

I keep checking all the threads and the amounts seem to vary from person to person.

Is there a guideline anywhere?

Ta!!!

immoral_angeluk

There are official 'trigger figures', but money advisers aren't allowed to give them out. However I'm fairly certain someone on here will have them.

tigerfeet2006

Put down what you actually spend then post it up on here and some one will check it over for you.

http://www.makesenseofcards.co.uk/soacalc.html

Broken_by_the_Bank

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................ 1795
Partners monthly income after tax....... 1003
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 2974
Monthly Expense Details
Mortgage................................ 623
Secured/HP loan repayments.............. 500
Rent.................................... 0
Management charge (leasehold property).. 2
Council tax............................. 139
Electricity............................. 82
Gas..................................... 82
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 35
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 580
Clothing................................ 80
Petrol/diesel........................... 200
Road tax................................ 36
Car Insurance........................... 80
Car maintenance (including MOT)......... 24
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 44
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 29
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 2
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Pet Care................................ 35
Total monthly expenses.................. 2820

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(623)......0
Secured Debt.................. 0........(400)......0
Hire Purchase (HP) debt ...... 0........(100)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,974
Expenses (including HP & secured debts). 2,820
Available for debt repayments........... 154
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 154

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

tigerfeet2006

Are you both going BR? Or just one of you?

Are you going to try and keep the house?

Broken_by_the_Bank

Hi Tigerfeet

Yes both and yes to the house if possible.

Thanks.

tigerfeet2006

Ok then you need to do 2 SoA's, one for each of you.

Yours will have your joint household bills, your personal bills like your travel costs. Your full income and your OH's contribution to the joint household bills.

She does the same on hers.

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1795
Partners monthly income after tax....... 1003
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 2974
Monthly Expense Details
Mortgage................................ 623 ON BOTH
Secured/HP loan repayments.............. 500 ON BOTH

Rent.................................... 0
Management charge (leasehold property).. 2
Council tax............................. 139 ON BOTH
Electricity............................. 82 ON BOTH does this include arrears?
Gas..................................... 82 ON BOTH does this include arrears?
Oil..................................... 0
Water rates............................. 55 ON BOTH
Telephone (land line)................... 35 ON BOTH max £60
Mobile phone............................ 0
TV Licence.............................. 12 ON BOTH
Satellite/Cable TV...................... 0
Internet Services....................... 10 only allowed for school study or work
Groceries etc. ......................... 580 ON BOTH
Clothing................................ 80 ON BOTH £120
Petrol/diesel........................... 200 put your own down on your SoA
Road tax................................ 36 ditto
Car Insurance........................... 80 ditto
Car maintenance (including MOT)......... 24 ditto £30 each
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 44
Other child related expenses............ 20 £5 per child per week activities. school dinners £2 per day primary, £3 secondary
Medical (prescriptions, dentist etc).... 30 put your own down on your own SoA £20
Pet insurance/vet bills................. 0 £20
Buildings insurance..................... 29 does this include contents insurance with accidental damage.
Contents insurance...................... 0
Life assurance ......................... 10 the OR will be interested in this.
Other insurance......................... 2 what is this
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Pet Care................................ 35 put under pet insurance and food comes from groceries.
Total monthly expenses.................. 2820

Do you wear suits to work? £10 drycleaning. Do you pay any professional fees? Make sure car insurance is fully comp. Does your insurance include breakdown cover? If not get some £10.

How much is a house of comparible size to yours to rent in your area?

Broken_by_the_Bank

Hi could somebody have a look at my SOA please? My partners is also below!

Thanks....

ME
Monthly Income Details
Monthly income after tax................ 1795
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1795

Monthly Expense Details
Mortgage................................ 312
Secured/HP loan repayments.............. 300
Rent.................................... 0
Management charge (leasehold property).. 2 Split between both
Council tax............................. 70 Ditto
Electricity............................. 41 Ditto
Gas..................................... 41 Ditto
Oil..................................... 0
Water rates............................. 28 Ditto
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 6 Ditto
Satellite/Cable TV...................... 0
Internet Services....................... 10 Have school kids
Groceries etc. ......................... 340
Clothing................................ 80 For me & kids
Petrol/diesel........................... 120 Car used for work
Road tax................................ 18
Car Insurance........................... 50 Includes Breakdown
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 22 Split between both
Other child related expenses............ 40 Extra activities + school demands
Medical (prescriptions, dentist etc).... 45
Pet insurance/vet bills................. 20 Food now in with Groceries
Buildings insurance..................... 15 Includes AD
Contents insurance...................... 14 Includes AD
Life assurance ......................... 0
Other insurance......................... 2 For Water pipes/drainage
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 1726

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

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(312)......0
Secured Debt.................. 0........(200)......0
Hire Purchase (HP) debt ...... 0........(100)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,795
Expenses (including HP & secured debts). 1,725
Available for debt repayments........... 69
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 69

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

.........................................................................................
Partner
Monthly Income Details
Monthly income after tax................ 1003
Partners monthly income after tax....... 0
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 1179

Monthly Expense Details
Mortgage................................ 312
Secured/HP loan repayments.............. 200
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 41
Gas..................................... 41
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 40
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 22
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
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.................. 1178

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(312)......0
Secured Debt.................. 0........(200)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,179
Expenses (including HP & secured debts). 1,178
Available for debt repayments........... 1
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0


Thank you so much !!!!!!! This is a nightmare.

tigerfeet2006

Put the joint haousehold bills in FULL on both SoA's. Then your individual expenses. Put your own income in FULL on your SoA and put your OH's CONTRIBUTION to the joint household bills on your your SoA.

On her SoA you do the same but with her Full income and your contribution.

Broken_by_the_Bank

This has taken me 3 attempts to get this far, thanks for any help given!!!


ME
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................ 1795
Partners monthly income after tax....... 960
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2755

Monthly Expense Details
Mortgage................................ 624
Secured/HP loan repayments.............. 500
Rent.................................... 0
Management charge (leasehold property).. 2
Council tax............................. 140
Electricity............................. 82
Gas..................................... 82
Oil..................................... 0
Water rates............................. 56
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 580
Clothing................................ 80
Petrol/diesel........................... 120
Road tax................................ 18
Car Insurance........................... 40
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 44
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 45
Pet insurance/vet bills................. 20
Buildings insurance..................... 15
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 2
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 2686

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(624)......0
Secured Debt.................. 0........(400)......0
Hire Purchase (HP) debt ...... 0........(100)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,755
Expenses (including HP & secured debts). 2,686
Available for debt repayments........... 69
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 69
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0


........................................................................................
Partner
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................ 1003
Partners monthly income after tax....... 1060
Benefits................................ 176
Other income............................ 0
Total monthly income.................... 2239

Monthly Expense Details
Mortgage................................ 624
Secured/HP loan repayments.............. 400
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 140
Electricity............................. 82
Gas..................................... 82
Oil..................................... 0
Water rates............................. 56
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 580
Clothing................................ 40
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 44
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
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.................. 2238

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(624)......0
Secured Debt.................. 0........(400)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,239
Expenses (including HP & secured debts). 2,238
Available for debt repayments........... 1
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0

Thank you !

kepar

The problem I see with your SOA is your secured loan. We had the same problem, we had a mortgage and secured loan and we were in negative equity. The OR looked at the total in our case about £1100 and decided that was a lot more than the average rent in the area. He then only allocated the average rent and said the rest had to come out of any excess. I hope your OR is more accepting , but please be aware that he might not accept those figures.