SOA for review please :)

JCS1

fergusor wrote: »

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 Low, is this figure correct?
Telephone (land line)................... 14
Mobile phone............................ 48
TV Licence.............................. 7 £13 for the household
Satellite/Cable TV...................... 18 Not allowed in BR, suggest that this is your OH's expense
Internet Services....................... 0
Groceries etc. ......................... 260 £350-380 for the two of you
Clothing................................ 30 £40-60 for the two of you
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 Not allowed
Haircuts................................ 10 £10 per adult
Entertainment........................... 15 Not allowed
Holiday................................. 30 £40-50 for the 2 of you
Emergency fund.......................... 20 £10 each, so ok
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.

Hard to tell with some figures being for one person and some for two, I've added comments.

Ineedaname

If you stick to figures for two people, you will need to put his clothing allowance in as well as his food allowance or it just won't look right and balance. The only other way around that is to leave out those amounts and deduct them from his income contribution too. But you'll need to make a note of what you've done on the last page of the 6.28 form, to explain the discrepancy, i.e. why some figures are for 2 people and some are for 1.

As you are in a relationship then the OR will expect to see the entire household costs and who contributes what towards this. If you want to stick to 50:50 then you can make a note of why on the last page of the 6.28 form, saying what you said above about allowing for your partner's personal expenditure.

dojoman

When I did my wifes and mine, all the household expenses were duplicated on the SOA then each personal expense was put on the individual ones, try not to over think it I know I did. Don`t forget the examiners are seeing these forms day in and day out and therefore will know whether the figures are about right or not. I didn`t complicate our forms by adding notes on the end of them, if the examiner needs to ask you anything they will do so at the interview you have with them.