Realistic figures for SOA - help

Determined

Hi all

I posted a SOA a few days ago, but don't think I really had realistic figures in there and was also confused as to what to put as household expenses.

Quick recap - it's purely me who is deciding to go bankrupt, my partner is fine.

What is a realistic housekeeping allowance for 2 adults and 4 children?

Do I put only the costs for my car i.e. roadtax, petrol, etc or do I put it for both mine and my partner. I'm unclear as to where the line is drawn on joint expenses....

If someone could advise I can get a realistic SOA up here and then hopefully you can advise further!

Thanks
D

HappyMJ

Determined wrote: »

Hi all

I posted a SOA a few days ago, but don't think I really had realistic figures in there and was also confused as to what to put as household expenses.

Quick recap - it's purely me who is deciding to go bankrupt, my partner is fine.

What is a realistic housekeeping allowance for 2 adults and 4 children?

Do I put only the costs for my car i.e. roadtax, petrol, etc or do I put it for both mine and my partner. I'm unclear as to where the line is drawn on joint expenses....

If someone could advise I can get a realistic SOA up here and then hopefully you can advise further!

Thanks
D

I wouldn't worry too much your income is £550 and you are expected to contribute £550 to the household expenses. It's as simple as that. Your last SOA was quite good. Make sure it balances with no excess or no negative number and no luxuries whatsoever. i.e no sky and you'll be OK.

Get this line to say £0

Amount short for making debt repayments. -152

mum2one

just a thought, but I looked at a soa with a view to a debt management plan for a friend, and went through cccs (who are recommended on the site) and this link might help as you work through putting your own figures and household in then when you've gone through a couple of the steps it gets to the SOA and gives you what they would recommend as a maximum figure.

Obviously the aim wwould be to have that as a guide and then if you could reduce it yourself brilliant,

I'm always popping in and out of the site during day, night etc, if you want to reput up your SOA I can have a look, I'm not financially tied to anyone, just another mse-er as they say. xx

https://debtremedy.cccs.co.uk/start.aspx?hp=400

Determined

Thanks guys I'll re do it in a sec and see what you think - I did use the CCCS calculator and that's what prompted my question as it said £267 was enough for groceries etc for a family of my size!! Maybe I did something wrong lol.....

xx

HappyMJ

Determined wrote: »

Thanks guys I'll re do it in a sec and see what you think - I did use the CCCS calculator and that's what prompted my question as it said £267 was enough for groceries etc for a family of my size!! Maybe I did something wrong lol.....

xx

Change the figure to £999 and a pop up will appear saying we recommend you change this to between X and X. Then change it to the higher figure.

Determined

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 550
Partners monthly income after tax....... 1890 This is based on 70% of his income which I calculated as his proportion toward joint household expenses - is this right?
Benefits................................ 178
Other income............................ 300 - child maintenance
Total monthly income.................... 2918

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1250
Management charge (leasehold property).. 0
Council tax............................. 179
Electricity............................. 55
Gas..................................... 85
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 27
Mobile phone............................ 22
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 600
Clothing................................ 50
Petrol/diesel........................... 200 - only my car not OHs
Road tax................................ 17.5 - this should have been £21
Car Insurance........................... 37
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 70
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 80
Emergency fund.......................... 40
Total monthly expenses.................. 2860.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700 - this is only my car not OHs
Other assets............................ 0
Total Assets............................ 700

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 2,918
Expenses (including HP & secured debts). 2,860.5
Available for debt repayments........... 57.5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 57.5

Personal Balance Sheet Summary
Total assets (things you own)........... 700
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 700

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Determined

HappyMJ wrote: »

Change the figure to £999 and a pop up will appear saying we recommend you change this to between X and X. Then change it to the higher figure.

How interesting!!!! It shot up to £652!!!!

xx

HappyMJ

Determined wrote: »

How interesting!!!! It shot up to £652!!!!

xx

Wow!! Well that's the figure you can use. And when you submit it and it's been suggested to you before to combine internet, phone, mobile phone and sky all into 1 figure and put it all under Telephone. For your family it can be around £60. All you need to do is play about with the figures to get zero surplus. Then the OR will reduce some figures and hopefully if nothing is too high then you won't have a £100 excess. I wouldn't have anything for emergency fund maybe £10 per person but not £40 every OR seems different in what they accept. But then for holidays you can put £20 per person per month so £120 instead of £80. Don't forget the surplus/short figure. It's got to be zero.

edit: silly me I can't add up Emergency/sundries can be £60.... £10*6

tigerfeet2006

HappyMJ there are new rules, the OR will look at an IPA on any surplus over £20. They seem to also be allowing an emergancy fund now of £10 per person.

HappyMJ

tigerfeet2006 wrote: »

HappyMJ there are new rules, the OR will look at an IPA on any surplus over £20. They seem to also be allowing an emergancy fund now of £10 per person.

Yep just got in ahead of you...£10 per person not per household... They have a surplus of £57.50 got to get that down to zero.

Determined

Thanks everyone - been distracted by work for the last few hours - I'll have another go at the SOA tomorrow, but by the sounds of it I'm on the right track.

Question though, does the OR not get suspicious of SOAs that have an exact surplus of 0? Or is that just my suspicious mind lol??