No money?

LTP123

You're right but I know we will need to put something down for our SOA. We will still have mobile phones though and probably broadband we will put down allowances for everything so if I did that it would show we are about £400 short. Our mortgage will go down next year considerably too.

We are interest only so we will go on the standard variable rate which we think we shave a couple of hundred off. May be wishful thinking!

iamana1ias

LTP123 wrote: »

You're right but I know we will need to put something down for our SOA. We will still have mobile phones though and probably broadband we will put down allowances for everything so if I did that it would show we are about £400 short. Our mortgage will go down next year considerably too.

We are interest only so we will go on the standard variable rate which we think we shave a couple of hundred off. May be wishful thinking!

You'd be better off renting if you're on interest only (it's the same thing really).

If you're having phones and broadband, put them on your SOA! (Can't see how you could spend £170 a month on those!)

LTP123

No I'm not saying I am! There are other things that we have missed off. My OP was regarding what the OR will say if we have a minus. You are right about renting but at least this way you don't run th possibility of haveing to move evry year or so.

SouthCoast

LTP123 wrote: »

No I'm not saying I am! There are other things that we have missed off. My OP was regarding what the OR will say if we have a minus. You are right about renting but at least this way you don't run th possibility of haveing to move evry year or so.

Post a realistic SOA and ask yourself how you are going to live on a day to day basis when you have no access to credit.

Ineedaname

LTP123 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1150
Benefits................................ 246
Other income............................ 0
Total monthly income.................... 1396
Monthly Expense Details
Mortgage................................ 673
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 48
Gas..................................... 64
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 14 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 360
Clothing................................ 80
Petrol/diesel........................... 100
Road tax................................ 185 16
Car Insurance........................... 72 £864 per year, that's high, what car do you have?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 nothing?
Pet insurance/vet bills................. 0
Buildings insurance..................... 14
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10 25
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1795

You're doing well on groceries, I'm impressed with that.

Your car insurance seems high to me, but then I haven't had a car for about 7 years and it may be reasonable. Just wondering if you have a large engine car and could down size to save some money?

Do you have any equity in your property? Is there a desperate need to keep hold of it as you truly don't seem to be able to afford to stay there.

Have you checked you are receiving all the benefits you are entitled to? Housing Benefit (some help can be available even for your own home), Council Tax Benefit, JSA/ESA etc. Child and/or Working Tax Credits...

MonkeyMad

LTP123 wrote: »

No I'm not saying I am! There are other things that we have missed off. My OP was regarding what the OR will say if we have a minus. You are right about renting but at least this way you don't run th possibility of haveing to move evry year or so.

Not sure I understand your question. In simple terms I would expect that if you don't earn enough to pay the essential bills, you sell everything you can to pay off the bulk of debt and cut back everything else don't you, even if that makes life difficult for you (do you NEED a car)?

Presumably he check the amounts you claim against reasonable levels and will tell you you don't earn enough to cover you outgoings (which is why you would consider BR?) and that some of your outgoings will have to be trimmed back as it will be impossible for you to be spending more than your income with no credit lines. I don't see any other answer unless you want a large minus which you can later re-jig post arrangement to give a plus?