Soa help?

emos4607

Hi,

Just having to do to our SOA for an IPO, would anyone be able to have a look and tell me if its ok?. Thanks in advance.



Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2 (one is owned valued £1000, the other is a motability car)
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 1294
Benefits................................ 207 (Child Benefit and DLA)
Other income............................ 0
Total monthly income.................... 3301

Monthly Expense Details[/b]
Mortgage................................ 900
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 69
Gas..................................... 54
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 15 (daughters homework)
Groceries etc. ......................... 550
Clothing................................ 120
Petrol/diesel........................... 300 (Both myself and husband commute for work)
Road tax................................ 16
Car Insurance........................... 29
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 200
Other child related expenses............ 90 (pocket + dinner money)
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 20 - is this allowed?
Buildings insurance..................... 0
Contents insurance...................... 22 (Buildings and contents combined)
Life assurance ......................... 25 (for both of us, already dealt with by OR)
Other insurance......................... 36 (Homecare Breakdown?)
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 2879

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 131000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 134000...(900)......5.54
Total secured & HP debts...... 134000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 3,301
Expenses (including HP & secured debts). 2,879
Available for debt repayments........... 422
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 422
Personal Balance Sheet Summary
Total assets (things you own)........... 131,000
Total HP & Secured debt................. -134,000
Total Unsecured debt.................... -0
Net Assets.............................. -3,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]

emos4607

please help:)

confused76

was the £90 other child related expenses allowed last time?

kepar

Can I ask why you are doing another SOA. What allowances did the OR agree to the first time?

What help do you need, the figures you are quoting seem acceptable, and you are left with a large surplus. So an IPO/IPA would be expected.

mistiforme

Your DLA is not included as part of your income so you can take that of as it meant to be used for additional care needs


Misti

JCS1

child pocket money is not classed as an allowable expense.

dojoman

mistiforme wrote: »

Your DLA is not included as part of your income so you can take that of as it meant to be used for additional care needs


Misti

DLA is included as part of your income.

emos4607

We did a Soa when we went Br in march but my OH has been unemployed until now but has just started a new job.

We've been living on just my wages until now so absolute breadline really and the OR hasn't been at all interested.... until now!.

The child related expenses are things like school trips, dinner money etc......i thought this was allowed.

Expecting a hefty IPO but better than not being able to live at all

emos4607

so, does it look ok?

dojoman

Are you both BR?

Emmylou_2

DLA is included as income, but you put down the same amount as expenditure.

With mine I put

DLA Income £x+y

and then in the other section, I put:

Disability related outgoings - Care £x
Disability related outgoings - Mobility £y

with x and y obviously being the amount I receive, and this was accepted by the OR.