Yet another SOA!!

tommo2007

Hi guys, I know you look at alot of these, sorry about that.

I was declared bankrupt December 2010 and found temporary employment in March 2011 - contacted the OR and was told they will not take into account my temporary employment.

I have now been offered a permanent position at said company :T

This obviously means that the OR becomes interested once job is accepted etc.

Can you have a look at my SOA and tell me if it looks about right? It is exactly what I am paying out at the moment pretty much, so any help/advice is appreciated.

For reference, I am single living at home with my parents (rent is my board). Am looking to move in with my partner soon, at which point the £500 I pay in board will become payments towards bills and rent.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1046
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1046
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 11
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 14
Car Insurance........................... 36
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 901

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,046
Expenses (including HP & secured debts). 901
Available for debt repayments........... 145
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 145
Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,300
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Thanks for any help, you're all great :beer:

Ineedaname

tommo2007 wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1046
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1046
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 11
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60 very low, try £120 instead
Clothing................................ 30
Petrol/diesel........................... 160
Road tax................................ 14
Car Insurance........................... 36
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 dentist check ups, eye test biannually, unexpected illness prescriptions...
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 40 not allowed
Holiday................................. 20
Emergency fund.......................... 0 10
Total monthly expenses.................. 901

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 1300

You're eating very cheaply, I reckon you could double this just to cover food as obviously your parents buy household cleaning stuff etc.

Find out how much a 6 monthly dental check up would be on the NHS, add a biannual eye test and average for a monthly figure. Include a few quid in case you need to pay for a prescription here and there.

tigerfeet2006

tommo2007 wrote: »

Hi guys, I know you look at alot of these, sorry about that.

I was declared bankrupt December 2010 and found temporary employment in March 2011 - contacted the OR and was told they will not take into account my temporary employment.

I have now been offered a permanent position at said company :T

This obviously means that the OR becomes interested once job is accepted etc.

Can you have a look at my SOA and tell me if it looks about right? It is exactly what I am paying out at the moment pretty much, so any help/advice is appreciated.

For reference, I am single living at home with my parents (rent is my board). Am looking to move in with my partner soon, at which point the £500 I pay in board will become payments towards bills and rent.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1046
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1046
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 11
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60 £180
Clothing................................ 30 £40
Petrol/diesel........................... 160
Road tax................................ 14
Car Insurance........................... 36
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 40 Not allowed
Holiday................................. 20 £30
Emergency fund.......................... 0 £10
Total monthly expenses.................. 901

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 1,046
Expenses (including HP & secured debts). 901
Available for debt repayments........... 145
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 145
Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,300
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Thanks for any help, you're all great :beer:

Hope that helps. I think that will fairly much balance out.

ETA: cONGRATS ON THE JOB.

tommo2007

Thanks guys

Just one question though, groceries I left so low as alot of it is covered within my board payment so I really only buy lunch for work from the supermarket myself?

tigerfeet2006

Yeah! but the allowance is around £200 so you need to maximise everything you can beacause you never know when you may have an emergancy to cover. Board usually covers rent and utilities, CT etc. not food and toiletries.

tommo2007

tigerfeet2006 wrote: »

Yeah! but the allowance is around £200 so you need to maximise everything you can beacause you never know when you may have an emergancy to cover.

Thank you, you're a legend :T

Ineedaname

I forgot toiletries, in which case I agree with Tigerfeet's figure.

kepar

Is £500 what you pay your parents, seems high.

I am going to get in trouble with a few now, in that do your parents declare this income. Some will argue you are living at home, but that seems excessive to me especially as others are telling you to claim £200+ in groceries as well.

tigerfeet2006

It won't be £200 on groceries as he hasn't got that amount.

Tommo, what is the going rate for a shared house in your area? Just done a quick check for our area and it is £95 to £120pw a week. Where my friend lives it is £60-£90pw and where my SIL lives it is £175+pw

Ineedaname

Kepar, parents are not renting a room out to a stranger on a commercial basis so I believe they do not need to declare it for tax purposes, I guess that's what you're hinting at. They are just taking a contribution towards the bills from a family member.

I agree that £500 does seem high as it's within the family, however, in the current economic climate it doesn't surprise me and I'm sure many families have a similar arrangement in order to make ends meet.

kepar

But as its family, could the OR assess his income as a percentage of household income as what would be done with a partner etc?