SOA help please

lissaannet

Does this look acceptable? need to get this right b4 our dday on friday
would really appreciate any help with this as me and oh, clearly under strain, are just arguing over it rrrrr

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................ 2157
Partners monthly income after tax....... 1272
Benefits................................ 130
Other income............................ 0
Total monthly income.................... 3559

Monthly Expense Details
Mortgage.................................650
Secured/HP loan repayments.............. 338
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 45
Gas..................................... 60
Oil..................................... 0
Water rates............................. 40
Telephone(land/mobile/internet)......... 105
TV Licence.............................. 13
Satellite/Cable TV...................... 0

Groceries etc. ......................... 500
Clothing................................ 80
Petrol/diesel........................... 400
Road tax................................ 34
Car Insurance........................... 80
Car maintenance (including MOT)......... 55
Car parking............................. 0
Union fees 18
Other travel............................ 0
Childcare/nursery.......................480
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings.Contents insurance...... 23
Life assurance ......................... 23
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 40
Entertainment........................... 0 Misc.................................... 40
Critical illness cover.................. 50
Meals at work .......................... 15
Kids pocket money....................... 0

Total monthly expenses................. 3260
Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 2900
Other assets............................ 0
Total Assets............................ 137900

Mortgage …..............................108,740
Secured loan …..........................32,336

Total secured loans.....................141,076

Monthly Budget Summary
Total monthly income.................... 3559
Expenses (including HP & secured debts). 3260
Available for debt repayments........... 299
Monthly UNsecured debt repayments....... 921
Amount short for making debt repayments. 622

Personal Balance Sheet Summary
Total assets (things you own)........... 142,900
Total HP & Secured debt................. 141,076
Total Unsecured debt...................47,866.63

philnicandamy

lissaannet wrote: »

Does this look acceptable? need to get this right b4 our dday on friday
would really appreciate any help with this as me and oh, clearly under strain, are just arguing over it rrrrr

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................ 2157
Partners monthly income after tax....... 1272
Benefits................................ 130
Other income............................ 0
Total monthly income.................... 3559

Monthly Expense Details
Mortgage.................................650
Secured/HP loan repayments.............. 338
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 45
Gas..................................... 60
Oil..................................... 0
Water rates............................. 40
Telephone(land/mobile/internet)......... 105 VERY high...the receiver usually will only allow around £60 or so...be prepared to prove if you can
TV Licence.............................. 13
Satellite/Cable TV...................... 0

Groceries etc. ......................... 500
Clothing................................ 80
Petrol/diesel........................... 400
Road tax................................ 34
Car Insurance........................... 80
Car maintenance (including MOT)......... 55
Car parking............................. 0
Union fees 18
Other travel............................ 0
Childcare/nursery.......................480
Other child related expenses............ 40 whats this?
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0 £25
Buildings.Contents insurance...... 23 does this have accidental damage cover?
Life assurance ......................... 23 receiver WILL take an interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 40
Entertainment........................... 0 Misc.................................... 40 ??
Critical illness cover.................. 50 may not allow..so high
Meals at work .......................... 15 may have to come from housekeeping
Kids pocket money....................... 0

Total monthly expenses................. 3260
Assets
Cash.................................... 0
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 2900
Other assets............................ 0
Total Assets............................ 137900

Mortgage …..............................108,740
Secured loan …..........................32,336

Total secured loans.....................141,076

Monthly Budget Summary
Total monthly income.................... 3559
Expenses (including HP & secured debts). 3260
Available for debt repayments........... 299
Monthly UNsecured debt repayments....... 921
Amount short for making debt repayments. 622

Personal Balance Sheet Summary
Total assets (things you own)........... 142,900
Total HP & Secured debt................. 141,076
Total Unsecured debt...................47,866.63

Just a few thoughts

HappyMJ

Critical illness cover.................. 50 may not allow..

This is allowed. Is the premium correct? £50 per month is quite high considering you also have life assurance of £23 per month. It's usually one or the other as critical illness includes life insurance cover as well.

philnicandamy

some OR's will allow...some still seem to refuse be prepared to explain as some receivers seem to be confusing it with something else

HappyMJ

philnicandamy wrote: »

some OR's will allow...some still seem to refuse be prepared to explain as some receivers seem to be confusing it with something else

OK fair enough...put it down as life insurance with a critical illness add-on but don't mention the add-on unless queried.

lissaannet

Thanks,

other child related expenses we pay to my mum for one day a week
childcare, going to change to 520 childcare on the form

also realise this phone is very high, but includes mobiles and internet (OH needs these for work)

will try to keep critical illness, but realise this may not be allowed

and misc, for school trips, etc that crop up unexpectedly... not sure if this will be allowed...

thanks for help

HappyMJ

lissaannet wrote: »

Thanks,

other child related expenses we pay to my mum for one day a week
childcare, going to change to 520 childcare on the form

also realise this phone is very high, but includes mobiles and internet (OH needs these for work)

will try to keep critical illness, but realise this may not be allowed

thanks for help

Fine for the childcare bit.

They don't allow much more than £60. If he requires a phone for work then work can pay for it? If it's a business expense then it should be reimbursed by the company he works for. So if his work contract states he must have a contract phone with so many minutes included then he can reduce his income by that same amount. You might need the employer to be helpful on that one or he'll lose the contract and have no phone for work.

If you want to keep it at £105 that's fine but you will need to break it down and prove with statements/bills/invoices and preferably a letter from work stating that a contract mobile is essential. Maybe try BT Landline £15 - Call charges £15 - Broadband £20 - PAYG mobile 1 £15 - PAYG mobile 2 £15... Use your own figures and if you can prove you need it higher than that then good luck.