SOA Advice

DoubleTrouble_2

(Just posted this on the wrong forum... try again!)

Big thanks to everyone for their advise so far on my various posts.
Just wondered if anyone could have a quick look at my SOA

Am I right in thinking that as we have £68 surplus a month this would be used for an IPA?

Not sure I understand that part of it..... many thanks


Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned..................... 2
Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 0
Benefits........................................ 120
Other income.................................. 0
Total monthly income..................... 2220
Monthly Expense Details
Mortgage........................................ 0
Secured/HP loan repayments.............. 0
Rent............................................ 800
Management charge (leasehold property).. 15
Council tax.................................... 148
Electricity...................................... 45
Gas............................................... 80
Water rates.................................... 26
Telephone (land line)........................ 27
Mobile phone................................... 20
TV Licence..................................... 13
Satellite/Cable TV............................. 0
Internet Services............................. 15
Groceries etc. ............................... 320
Clothing........................................ 50
Petrol/diesel.................................... 90
Road tax........................................ 40 (for 2cars)
Car Insurance........................... 100 (for 2cars)
Car maintenance (including MOT)......... 25
Car parking..................................... 30
Other travel..................................... 0
Childcare/nursery.............................. 0
Other child related expenses............... 40
Medical (prescriptions, dentist etc)...... 10
Pet insurance/vet bills...................... 20
Buildings insurance............................. 0
Contents insurance........................... 26
Life assurance ................................ 72
Other insurance................................ 0
Presents (birthday, christmas etc)...... 20
Haircuts......................................... 15
Entertainment................................. 20
Holiday........................................... 0
Emergency fund............................... 0
pension........................................... 35
Dining room furniture......................... 50 (a loan not in OH name)
Total monthly expenses..................... 2152
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

Personal Loan.....................13000
credit card ........................2700
credit card.........................5200
credit card.........................7500
Total unsecured debts..........28400

Monthly Budget Summary
Total monthly income........................... 2,220
Expenses (including HP & secured debts). 2,152
Available for debt repayments.................... 68
Monthly UNsecured debt repayments......... 595
Amount short for making debt repayments. -527
Personal Balance Sheet Summary
Total assets (things you own)................ 2,000
Total HP & Secured debt........................... -0
Total Unsecured debt......................... -28,400
Net Assets....................................... -26,400

Ineedaname

Just a quick question before anyone comments on your SOA. Are you both going BR? An SOA is for the individual and should only include the BR's personal expenses (car, medical, hair etc) if only one person is going BR.

If you're both going BR then there are different opinions on how to fill out each SOA. Some say fill them both out the same, all income, all expenses. Others (including me) think you should fill them out as individuals as there's no such thing as a joint BR. The latter should mean you are assessed individually for IPAs, one may not have any surplus whilst the other might.

DoubleTrouble_2

No, just OH planning to go BR....

I am reading through the papers he will need to complete at the moment and it is a little confusing as to whether put down one or two expenses! we have 2 cars but only put down one lot of expenses for it - ?? :think:

Ineedaname

He has one car, you pay for the other one out of your pocket, unless he pays for it in which case he will need to include it in his SOA as expenses out of his income.

You may need to justify why you should keep both cars though as the OR will be seeking any opportunity to recover assets or reduce your OHs expenses.

DoubleTrouble_2

He pays for both.

We do need both cars - he travels around the country for work and I need mine for my voluntary business & getting our child to school etc.

kepar

As your other half is paying for the running of both cars,I feel you may have trouble convincing the OR that you need both. You are not allowed the internet or mobile phones.
You say that the loan is not in your OH's name, if it is in yours , how did you get it without any income?

DoubleTrouble_2

Not allowed the internet? or mobiles??? Really?!?!?!?!

DoubleTrouble_2

I separated the internet out of the telephone costs purely for this excersie - but it is normally about £35 (all combined, telephone and internet)

The mobile is only a pay as you go job and not a contract.

I have my own business so I need my car for that and I need the internet - hmmm bit puzzled now!

Ineedaname

Mobiles and internet access are generally not viewed as 'essential' spending. However, if you can prove you need them for work that should be OK.

Once again though, if the mobile is yours it shouldn't be on your OH's SOA. If internet is needed for children's homework then your OH may be allowed it. However, as you use your car for your own business needs then the OR will probably state you should be paying for it and taking expenses for it out of the business. So although you should be able to keep it, your OH may not be allowed the expenses for it out of his income.

I didn't spot the loan earlier, if it's not his then it shouldn't be included in his SOA. ALL his debts will go into the BR, your debts are nothing to do with it. Any joint debts will fall to you to pay off.

Entertainment and Presents are not allowed either, put the figures into Holiday and Emergency fund instead.

kepar

If you have your own business what is your income?

DoubleTrouble_2

I do not generate enough money to have an income.. which is why I did not put it on the SOA.

I am getting ever so confused with the car thing now tho!

My understanding is that they will prob let OH keep his vehicle cos he travels around thecountry but mine will probably be sold even though I need it for my work and school run?

I would be happy to buy a cheaper car if necessary but obviously will probably end up costing a lot more cos it will prob go wrong more often ... vicious circle.