SOA for review please :)

fergusor

Hi guys,

Can you give me some ideas about my SOA please... wasn't sure what info should be on here so here is all of it. I'm not sure of the apr's for the cards so left it all blank.

Can you let me know if my monthly budgets are what you would expect to see.

It's scary when I see it like this

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 775
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2675
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 490
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 14
Mobile phone............................ 48
TV Licence.............................. 7
Satellite/Cable TV...................... 18
Internet Services....................... 0
Groceries etc. ......................... 260
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 280
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 30
Emergency fund.......................... 20
Total monthly expenses.................. 1458

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................6900......175.......0
Credit card....................4585......138.......0
overdraft......................920.......46........0
Car finance....................8213......411.......0
Phone..........................273.......14........0
loan...........................56038.....530.......0
Credit Card....................2303......70........0
Overdraft......................9276......464.......0
Credit Card....................10515.....316.......0
Credit Card....................4917......148.......0
Mortgage shortfall.............9000......470.......0
Total unsecured debts..........112940....2782......-

Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,458
Available for debt repayments........... 442
Monthly UNsecured debt repayments....... 2,782
Amount short for making debt repayments. -2,340
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -112,940
Net Assets.............................. -112,940
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Ineedaname

fergusor wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0 what is your partner's contribution to the household expnditure?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 490
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 14
Mobile phone............................ 48 a little high, do you need this for work?
TV Licence.............................. 7 13
Satellite/Cable TV...................... 18 not allowed
Internet Services....................... 0
Groceries etc. ......................... 260 360
Clothing................................ 30 90
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 280 will need to justify this
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 16
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 not allowed
Haircuts................................ 10
Entertainment........................... 15 not allowed
Holiday................................. 30
Emergency fund.......................... 20
Total monthly expenses.................. 1458

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................6900......175.......0
Credit card....................4585......138.......0
overdraft......................920.......46........0
Car finance....................8213......411.......0
Phone..........................273.......14........0
loan...........................56038.....530.......0
Credit Card....................2303......70........0
Overdraft......................9276......464.......0
Credit Card....................10515.....316.......0
Credit Card....................4917......148.......0
Mortgage shortfall.............9000......470.......0
Total unsecured debts..........112940....2782......-

Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,458
Available for debt repayments........... 442
Monthly UNsecured debt repayments....... 2,782
Amount short for making debt repayments. -2,340
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -112,940
Net Assets.............................. -112,940
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Based on two adults expenses, not sure on guidance for haircuts, holiday and emergency fund, someone else will advise.

fergusor

I don't want to add the second persons income into this as he's not involved. We split things down the middle when it comes to the house so this is my share of everything.

What is the budget for the phone?
Is the grocery adjustment just for me?
And clothing I presume is also just for me?
The travel is £208 a month for a season ticket between home and work and a bus pass between home and the station.

JCS1

You need to show household expenses and also your partner's contribution to the household (not their salary, so their income less personal expenses).

fergusor

JCS1 wrote: »

You need to show household expenses and also your partner's contribution to the household (not their salary, so their income less personal expenses).

I don't understand why his income has to be included if he's not involved in the br. He's does not want to get involved in this (completely understandable).

I can put his contribution in, we pay half of all the household bills but he's going to be paying for the car, insurance etc.

Can someone please explain why he needs to be involved, I fear if the OR wants to include his finances in this he'll want to leave

Ineedaname

He is not involved but the OR needs to see your entire household expenses and you can't show that without showing your partner's contribution to the expenditure.

You don't need to show what he pays for the car etc. as that's his personal expenses and none of the OR's business, just include what he contributes to the shared household costs.

The adjusted figures are for two people as stated below the SOA in my post.

As I said on the other thread, if you are going to continue to get a lift to work from your partner I think you would be better off being honest and putting an amount down for petrol. Then you can explain to the OR that this is far less than if you used public transport and should be allowed.

JCS1

On the BR forms, you need to include their contribution to household expenses, not their salary. So take his salary and deduct any personal expense such as the cars on HP, etc, and then put that amount.

OR needs to ensure that everyone contributes fairly to the household. Or you could in theory have your salary covering all household bills, leaving no surplus, and therefore no IPA.

fergusor

But he earns a lot more than me, would they then expect him to pay more? We split everything right down the middle when it comes to the house, I wouldn't want him being penalised and having to pay more, that just wouldn't be fair.

JCS1

fergusor wrote: »

But he earns a lot more than me, would they then expect him to pay more? We split everything right down the middle when it comes to the house, I wouldn't want him being penalised and having to pay more, that just wouldn't be fair.

They would him to contribute fairly. So if he earns 60% of joint income, they would expect him to cover 60% of the expenses. Is it fair that he earns a lot more yet household bills are split 50:50?

fergusor

OK I've included his contribution to the bills... rent, rates, food, tv licence etc, only the household bills.

For the food bill we do a montly shop together to get things like cleaners etc then buy our own meals and lunches at work.

Obviously his clothing, mobile, car and other personal things have not been included, neither has his expendable income.

Does this alter anything?

fergusor

JCS1 wrote: »

They would him to contribute fairly. So if he earns 60% of joint income, they would expect him to cover 60% of the expenses. Is it fair that he earns a lot more yet household bills are split 50:50?

I understamd what you're saying but he has a lot more outgoings than me... he has a credit card he has to pay, a mortgage to pay, kids to look after, that sort of thing.

I've always split things down the middle when it comes to bills, with my last partner I did the same and I earned more than him.

Would it be better if I did an SOA just for myself and didn't include him as another adult in the household? If I was just sharing a house with a friend they wouldn't be expected to contribute more would they?

Thanks for your help with this guys, sorry if I'm causing anyone any grief. I'm really starting to worry about this as the time gets closer to bite the bullet and deal with it.

I'd really appreciate your thoughts on my SOA just from my point of view... please