Statement of Affairs - Advice Needed

misstraddy

Hi I attach my statement of affairs. Can someone please check and advise. Everything is in my name and I am now BR and have to meet the OR next week. I know it is showing a shortfall, but my husband salarys varies so have just put down an average for the time being. He is not BR, and as you can see, he more than contributes towards our monthly outgoings. I have roughly applied a third of the mortgage, council tax, insurances, food, etc to myself, with my husband paying the remainder including the HP which I believe is actually lease purchase, hence no value on the cars which are in negative equity anyhow. How do you think I will get on regards an IPA? Please don't say we can't have sky, as he pays for it. I am so confused with all of this:(

Please advise.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 890
Partners monthly income after tax....... 3000
Benefits................................ 185
Other income............................ 0
Total monthly income.................... 4075
Monthly Expense Details
Mortgage................................ 1309
Secured/HP loan repayments.............. 705
Rent.................................... 0
Management charge (leasehold property).. 10
Council tax............................. 190
Electricity............................. 90
Gas..................................... 50
Oil..................................... 0
Water rates............................. 92
Telephone (land line)................... 35
Mobile phone............................ 0
TV Licence.............................. 14.55
Satellite/Cable TV...................... 71
Internet Services....................... 0
Groceries etc. ......................... 700
Clothing................................ 100
Petrol/diesel........................... 500
Road tax................................ 15
Car Insurance........................... 70
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 4
Buildings insurance..................... 39
Contents insurance...................... 0
Life assurance ......................... 42.79
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 58
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 4295.34

Assets
Cash.................................... 0
House value (Gross)..................... 370000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 370000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 370549...(1309).....4.24
Hire Purchase (HP) debt ...... 38000....(705)......0
Total secured & HP debts...... 408549....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 4,075
Expenses (including HP & secured debts). 4,295.34
Available for debt repayments........... -220.34
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -220.34
Personal Balance Sheet Summary
Total assets (things you own)........... 370,000
Total HP & Secured debt................. -408,549
Total Unsecured debt.................... -0
Net Assets.............................. -38,549
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

JasX

A few amounts there are fairly excessive and the grocery bill could even be challenged as obscene. I suspece there'll be a fairly biig challenge there particularly on:

Satellite/Cable TV...................... 71
Groceries etc. ......................... 700 (Try £200-250)
Clothing................................ 100
Petrol/diesel........................... 500 (all necessary driving?)
Presents (birthday, christmas etc)...... 100
Haircuts................................ 58

also likely to be complications of what is in who's name debt wise....

confused76

hi there
i think that as it is just you going br, your SOA should contain your wages plus your partners contribution to the household expenses, not their full wage. therefore, the expenses should be the joint household ones, plus your own personal expenses (car etc) and not your partners.

does this make sense? have a go and repost. there isn't a presents allowance by the way, and satellite would have to come out of your partners personal expenses so don't list it

kepar

Apart from the mortgage and secured loan what other debt do you have in your name only?

now

misstraddy wrote: »

Hi I attach my statement of affairs. Can someone please check and advise. Everything is in my name and I am now BR and have to meet the OR next week. I know it is showing a shortfall, but my husband salarys varies so have just put down an average for the time being. He is not BR, and as you can see, he more than contributes towards our monthly outgoings. I have roughly applied a third of the mortgage, council tax, insurances, food, etc to myself, with my husband paying the remainder including the HP which I believe is actually lease purchase, hence no value on the cars which are in negative equity anyhow. How do you think I will get on regards an IPA? Please don't say we can't have sky, as he pays for it. I am so confused with all of this:(

Please advise.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 890
Partners monthly income after tax....... 3000
Benefits................................ 185
Other income............................ 0
Total monthly income.................... 4075
Monthly Expense Details
Mortgage................................ 1309
Secured/HP loan repayments.............. 705
Rent.................................... 0
Management charge (leasehold property).. 10
Council tax............................. 190
Electricity............................. 90
Gas..................................... 50 70
Oil..................................... 0
Water rates............................. 92
Telephone (land line)................... 35
Mobile phone............................ 0
TV Licence.............................. 14.55
Satellite/Cable TV...................... 71 not allowed
Internet Services....................... 0
Groceries etc. ......................... 700 £500
Clothing................................ 100
Petrol/diesel........................... 500 seems to high
Road tax................................ 15
Car Insurance........................... 70
Car maintenance (including MOT)......... 30 include mot
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40 not sure
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 4
Buildings insurance..................... 39
Contents insurance...................... 0
Life assurance ......................... 42.79
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100 not allowed
Haircuts................................ 58 £10 each
Entertainment........................... 0
Holiday................................. 0 £50
Emergency fund.......................... 20 not allowed
Total monthly expenses.................. 4295.34

Assets
Cash.................................... 0
House value (Gross)..................... 370000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 370000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 370549...(1309).....4.24
Hire Purchase (HP) debt ...... 38000....(705)......0
Total secured & HP debts...... 408549....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 4,075
Expenses (including HP & secured debts). 4,295.34
Available for debt repayments........... -220.34
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -220.34
Personal Balance Sheet Summary
Total assets (things you own)........... 370,000
Total HP & Secured debt................. -408,549
Total Unsecured debt.................... -0
Net Assets.............................. -38,549
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Try to make sure you take advice on this I have only posted what I think will be OK but one of the others might know better.

tigerfeet2006

Now, under new rules an allowance for emergancy fund is allowed.

now

tigerfeet2006 wrote: »

Now, under new rules an allowance for emergancy fund is allowed.

Yep things are a little harder these days

misstraddy

now wrote: »

Try to make sure you take advice on this I have only posted what I think will be OK but one of the others might know better.

Thanks for all your replies, but the fuel is so high as my husband travels 120 miles a day to get to work and back. My son has to get the bus to school, and as he is post 16, the council only subsidise the bus fare and not provide it for free. It works out to be £2 a day return, which would cost me a lot more if I was to take him to school myself and collect him, which I cannot do as I am at work. As stated earlier, my husband pays for SKY, so I do not see why we will not be allowed it. My girls need their hair cutting every 8 weeks which costs £25 a time, as does my sons hair which costs £10 a time, not taking into account mine. I think I will repost with my husbands contribution to the essential household bills as suggested by Confused. At the end of the day he is subsidising the household as it is.

misstraddy

OK, so I have now produced a new SOA with my husbands contribution to the household expenses. Anything like SKY, his fuel and the car lease payments I have omitted, as they are paid for by him. Extras like clothes, except mine, presents, holidays, etc I have also omitted as again, my husbands pays for. Hope that this is now ok.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 890
Partners monthly income after tax....... 1750
Benefits................................ 185
Other income............................ 0
Total monthly income.................... 2825
Monthly Expense Details
Mortgage................................ 1309
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 10
Council tax............................. 190
Electricity............................. 90
Gas..................................... 50
Oil..................................... 0
Water rates............................. 92
Telephone (land line)................... 30
Mobile phone............................ 0
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 650
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 3
Car Insurance........................... 28
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 38
Contents insurance...................... 0
Life assurance ......................... 43
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 2822

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...................... 370549...(1309).....0
Total secured & HP debts...... 370549....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,825
Expenses (including HP & secured debts). 2,822
Available for debt repayments........... 3
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 3
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -370,549
Total Unsecured debt.................... -0
Net Assets.............................. -370,549
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

kepar

I don't understand, according to your SOA you do not have a deficit, that is why I asked what other debts you have. According to this you are not insolvent.

misstraddy

kepar wrote: »

I don't understand, according to your SOA you do not have a deficit, that is why I asked what other debts you have. According to this you are not insolvent.

I have not included any of my debts (including the lease purchase cars) as I am now BR. This SOA has been prepared for the OR.