BR or Not BR... this is the question?

mel12

Just found the guidelines here.

lala9

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1588
Partners monthly income after tax....... 0
Benefits................................ 287
Other income............................ 81
Total monthly income.................... 1956
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 350
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 8
Car Insurance........................... 21
Car maintenance (including MOT)......... 40
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 190
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 15
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 25
Entertainment........................... 25
Holiday................................. 70
Emergency fund.......................... 20
Total monthly expenses.................. 1734

Assets
Cash.................................... 0
House value (Gross)..................... 92500
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 92850

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(325)......0
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................6535......190.......21.66
Barclaycard....................6144......95........16.9
Marks and Spencer CC...........2236......60........19.16
Cahoot Overdraft...............750.......10........0
Very...........................200.......10........0
Tesco CC.......................1112......27........18.32
AA CC..........................3154......75........17.48
Total unsecured debts..........20131.....467.......-

Monthly Budget Summary
Total monthly income.................... 1,956
Expenses (including HP & secured debts). 1,734
Available for debt repayments........... 222
Monthly UNsecured debt repayments....... 467
Amount short for making debt repayments. -245
Personal Balance Sheet Summary
Total assets (things you own)........... 92,850
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -20,131
Net Assets.............................. -16,281
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi all, I'm posting my SOA again after a few tweeks, as suggesting by you kind folk. Just wondered if someone could take a look and advise what I may expect in the way of an IPA. Does the IPA start on the date of your BR? Sorry to keep asking silly questions, I'm just trying to get things straight in my muddled head and know where I am heading.

dojoman

lala9 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1588
Partners monthly income after tax....... 0
Benefits................................ 287
Other income............................ 81
Total monthly income.................... 1956
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 88
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 30 £60 INCLUDING MOBILES
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 18 NOT ALLOWED UNLESS FOR WORK/STUDY
Groceries etc. ......................... 350
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 8
Car Insurance........................... 21
Car maintenance (including MOT)......... 40
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 190
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 15
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 NOT ALLOWED
Haircuts................................ 25 £20
Entertainment........................... 25 NOT ALLOWED
Holiday................................. 70
Emergency fund.......................... 20 £30
Total monthly expenses.................. 1734

Assets
Cash.................................... 0
House value (Gross)..................... 92500
Shares and bonds........................ 0
Car(s).................................. 350
Other assets............................ 0
Total Assets............................ 92850

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89000....(325)......0
Total secured & HP debts...... 89000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................6535......190.......21.66
Barclaycard....................6144......95........16.9
Marks and Spencer CC...........2236......60........19.16
Cahoot Overdraft...............750.......10........0
Very...........................200.......10........0
Tesco CC.......................1112......27........18.32
AA CC..........................3154......75........17.48
Total unsecured debts..........20131.....467.......-

Monthly Budget Summary
Total monthly income.................... 1,956
Expenses (including HP & secured debts). 1,734
Available for debt repayments........... 222
Monthly UNsecured debt repayments....... 467
Amount short for making debt repayments. -245
Personal Balance Sheet Summary
Total assets (things you own)........... 92,850
Total HP & Secured debt................. -89,000
Total Unsecured debt.................... -20,131
Net Assets.............................. -16,281
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi all, I'm posting my SOA again after a few tweeks, as suggesting by you kind folk. Just wondered if someone could take a look and advise what I may expect in the way of an IPA. Does the IPA start on the date of your BR? Sorry to keep asking silly questions, I'm just trying to get things straight in my muddled head and know where I am heading.

Hope this helps? The IPA is not set up on the date of your BR. You will have an interview, usually by phone with an examiner from the OR`s office, they will then look at your SOA and decide if an IPA is applicable. You then have to agree to the figure they suggest, if you do they will then set it up, this could take a month or two, in the meantime any surplus money you have is yours.

lala9

dojoman wrote: »

Hope this helps? The IPA is not set up on the date of your BR. You will have an interview, usually by phone with an examiner from the OR`s office, they will then look at your SOA and decide if an IPA is applicable. You then have to agree to the figure they suggest, if you do they will then set it up, this could take a month or two, in the meantime any surplus money you have is yours.

Many thanks.

dancingfairy

It would appear that you have 222 a month 'spare' after living costs - approximately. I was under the impression that the OR took everything apart from 20 a month of this? Perhaps one of the experts would clarify?
df

Ineedaname

I'm still not 100% on how the new surplus works. Sure it was said a few weeks back that if you have up to £20 surplus you get to keep it, but if you have more then you lose the lot, you don't even get to keep the £20 per month.

dojoman

Yep, they do take the lot if you have more than £20 surplus.

Ineedaname

Much appreciated Dojo.

lala9

So judging by my figures then, my IPA would be in the region of £200, is that right?

kepar

That is correct. Those figures you have may move slightly, most allowances aren't fixed they only have a maximum. Each OR seems to work to their own agenda, but with your figures it will be around the £200 a month mark.