Feedback on our SOA please...

arrowarra

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1425
Partners monthly income after tax....... 0
Benefits................................ 262
Other income............................ 0
Total monthly income.................... 1687
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 35
Gas..................................... 50
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 46
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 420
Clothing................................ 40
Petrol/diesel........................... 140
Road tax................................ 13
Car Insurance........................... 61
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 35
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 20
(Unnamed monthly expense)............... 0
Pet..................................... 10
Total monthly expenses.................. 1618

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Northern Rock..................28000.....106.......0
Barclay Loan...................4500......141.......0
Barclay Card...................5500......132.......0
Nationwide CC..................1400......35........0
Nationwide CC..................6000......167.......0
Total unsecured debts..........45400.....581.......-

Monthly Budget Summary
Total monthly income.................... 1,687
Expenses (including HP & secured debts). 1,618
Available for debt repayments........... 69
Monthly UNsecured debt repayments....... 581
Amount short for making debt repayments. -512
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,400
Net Assets.............................. -43,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Falze

i'm slightly out of the loop on SOA's at the moment.

I'll just bump you up so someone will see you eaiser.

Take Care

tigerfeet2006

arrowarra wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1425
Partners monthly income after tax....... 0
Benefits................................ 262
Other income............................ 0
Total monthly income.................... 1687
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 35
Gas..................................... 50
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 46
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 35 only allowed if essential for work or school. This is very expensive can you not get it cheaper
Groceries etc. ......................... 420 £500
Clothing................................ 40
Petrol/diesel........................... 140
Road tax................................ 13
Car Insurance........................... 61
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 15 £40=£5 per week per child for activities.
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0 £20
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 35 what is this?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 20
(Unnamed monthly expense)............... 0
Pet..................................... 10 Put this under pet insurance/vet bills £20
Total monthly expenses.................. 1618

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Northern Rock..................28000.....106.......0
Barclay Loan...................4500......141.......0
Barclay Card...................5500......132.......0
Nationwide CC..................1400......35........0
Nationwide CC..................6000......167.......0
Total unsecured debts..........45400.....581.......-

Monthly Budget Summary
Total monthly income.................... 1,687
Expenses (including HP & secured debts). 1,618
Available for debt repayments........... 69
Monthly UNsecured debt repayments....... 581
Amount short for making debt repayments. -512
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -45,400
Net Assets.............................. -43,900
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

That will give you some idea of what the OR will be looking at. A few figures are a bit low at the moment but internet is high and what is the other insurance?

arrowarra

To clarify. The internet is part of virgin tv/internet/landline at £30pm internet needed for work and also kids school work. The other insurance is life cover & PC insurance in case of accidental damage breakdown etc. I see you have put £500 for groceries is this really an acceptable figure? The kids activities probably do need putting up and good point re the pets!

What is the general idea to give an accurate representation of current spending or max up the figures. £500 seems a lot for groceries but maybe thats because we have been scraping by for so long! I guess increasing the figures gives us a bit more flexibility in case of emergencies etc.

iamana1ias

You won't be allowed cable tv.

Ineedaname

So you have an internet/TV/landline deal that costs you £81 pcm, based on your landline plus internet figures on your SOA. That's very high, have you premium TV packages? Surely with a combined deal like that you have free landline calls?

Might be worth looking around for a better deal, personally I have TV separate and a combined internet/landline deal which is very cheap. I couldn't pay less putting all 3 together.

arrowarra

Ineedaname wrote: »

So you have an internet/TV/landline deal that costs you £81 pcm, based on your landline plus internet figures on your SOA. That's very high, have you premium TV packages? Surely with a combined deal like that you have free landline calls?

Might be worth looking around for a better deal, personally I have TV separate and a combined internet/landline deal which is very cheap. I couldn't pay less putting all 3 together.

I dont think I have made myself clear. We have combine internet and landline with virgin (this includes free freeview TV) and costs £30 pm. In addition we have 2 orange mobile contracts which cost us £45 pm in total.

Ineedaname

I'm with you now. You've got £46, not £45 in landline which I guess is for your mobiles. That's at the top end of allowance for landline so you should be OK there.

But £30 for internet, even with a provable need for schoolwork, might not be allowed as that's very high as an allowance. So you might find the OR reduces that and you have to find the balance from elsewhere, perhaps from the increased grocery allowance you don't think you'll need.

The OR won't check that you spend exactly what you've put as allowances so the above should be workable.

tigerfeet2006

The official figure for Groceries is £488 but I have seen a lot of OR's just let £500 pass. If the OR does reduce it fair enough but if you don't ask you don't get. If you decide to put less yourself don't put it exactly at £488.

Put £60 down for phones and reduce the internet by £15.

Life cover, the OR will have an interest in as an asset.

The PC insurance I don't think will be allowed as an expense on your SoA but you will be able to pay it if you find it from other money.

The clothes allowance you can up to accomodate this as it is far to low (allowance is around £140 for 4 but obviously you don't put this exact figure.)

You need to get your surplus below £20

arrowarra

Thanks for all the feedback so far, it is really useful.

If we put £60 for phones down will that not put us over the limit as Ineedaname indicated that £46 was at the top limit. When people say that you are 'not allowed' things like cable TV or Internet does this mean that you are not allowed a budget for it but if you are willing to sacrafice some other money (ie groceries) to pay for it then thats fine. Or if you do this and the OR goes through your bank account after BR and sees that you are still paying for these services will you be in trouble with the OR?

We will reduce the Insurances with regards to PC Insurance.

Regarding Life Insurance - these are critical Illness policies for both my wife and I and if we are not diagnosed with a citical or terminal illness during the life of the policy then there is no payout. My wife is considering cancelling her policies in order to free up some extra money but how would this look to the OR? It's not an attempt to fiddle the OR out of any noney - we would hope that we never have to use them! But it would give us an extra £10 - £15 a month. Any suggestions or advice on this? As we are slightly confused by the rules regarding these types of policies.

Ineedaname

I'd go with Tigerfeet's figure for landline, I think I may have remembered the figure wrong so ignore my 'upper limit'.

Allowances are average household expenses across England. The OR is unlikely to scrutinise your bank statements to see what you actually spend. So, yes, you can juggle it according to your needs.

I had a life insurance policy which I cancelled before going BR. The OR would have seen the DD on my bank statements but never asked about it. I think quite a few BRs cancel policies and then start a new one up after OR's interview.

I also have a critical illness/disabling injuries policy which the OR has an interest in. If I have an accident and break my leg whilst the OR holds the interest, then any payout for that broken leg goes to the OR, obviously if I die then the OR gets first dibs on the death payout too. I'm waiting for the letter offering me to buy back the interest...