About to take the step

tigerfeet2006

Yep! say you earn £1k and month and she £500 then the OR will obviously expect you to pay double what she does towards the bills.

When you come to do your SoA then pop it up and you will get lots of advice on how to do the division.

Ineedaname

I posted this yesterday for another member, hope it helps.

riche36

When filling out my SOA i do fill in all of our incomings and outgoings for me and my partner don't i? I will then have all our outgoings that i can split at a percentage to suite the differance in our wage.
So here is our plan:-
1 The missis is going to clear the debt in the joint accout and i will remove just my name.
2 Move all our direct debits and outgoings into that account.
3 leave our pay going into our own banks accounts as it does now.
4 Each pay our set amount into the account to cover the outgoings.

So when i go BR it will be easier for them to see what money i have left to remove from me for 36months

Our finances have been in a mess for a long time now so this is going to help us clear everything up.

riche36

I have filled out a statement of affairs below does anyone have any comments that we would recieve from the OR if i were to submit it.?

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income2,690Monthly expenses (incl. HP & secured loans)2,241Available for debt repayments449UNsecured debt repayments931Amount short for making debt repayments-482

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)7,200Total Secured & HP Debt-7,200Total Unsecured Debt-34,466Net Assets-34,466
Household Information

Number of adults in household2Number of children in household1Number of cars owned2
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1650Partners monthly income960Benefits80Other income0Total monthly income2690

ExpensesAmount(£)Mortgage0Secured/HP loan payments225Rent550Management charge (leasehold property)0Council tax132Electricity50Gas90Oil0Water Rates40Telephone (land line)0Mobile phone70TV Licence10Satellite/Cable TV29Internet services0Groceries etc.300Clothing25Petrol/diesel300Road tax25Car Insurance39Car maintenance (including MOT)30Car Parking10Other travel17Childcare/nursery96Other child related expenses50Medical (prescriptions, dentists, opticians etc.)10Pet Insurance/Vet bills13Buildings Insurance0Contents Insurance8Life Assurance0Other Insurance0Presents (birthday, christmas etc.)20Haircuts50Entertainment25Holiday25Emergency Fund2Total monthly expenses2241

Ineedaname

Hi there, that's very difficult ot read thorugh. Can you used this SOA and format it for MSE before copying and pasting?

riche36

sorry about that here it is below

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.................... 2
Monthly Income Details
Monthly income after tax................ 1650
Partners monthly income after tax....... 960
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 2690
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 132
Electricity............................. 50
Gas..................................... 90
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 70
TV Licence.............................. 15
Satellite/Cable TV...................... 29
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 25
Petrol/diesel........................... 320
Road tax................................ 20
Car Insurance........................... 45
Car maintenance (including MOT)......... 25
Car parking............................. 15
Other travel............................ 16
Childcare/nursery....................... 96
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 9
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 40
Entertainment........................... 25
Holiday................................. 25
Emergency fund.......................... 25
Total monthly expenses.................. 2070

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7200
Other assets............................ 0
Total Assets............................ 7200

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................3178......120.......0
halifax........................6151......175.......0
egg............................4144......150.......0
argos..........................759.......75........0
next...........................275.......50........0
car finance....................7200......225.......0
loan...........................19397.....366.......0
Total unsecured debts..........41104.....1161......-

Monthly Budget Summary
Total monthly income.................... 2,690
Expenses (including HP & secured debts). 2,070
Available for debt repayments........... 620
Monthly UNsecured debt repayments....... 1,161
Amount short for making debt repayments. -541
Personal Balance Sheet Summary
Total assets (things you own)........... 7,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -41,104
Net Assets.............................. -33,904
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

imustbedreamin

your mobile phone seems a bit high mate. may not allow that.

present fund is also not allowed and neither is an emergency fund if i recall correctly.:)

riche36

imustbedreamin wrote: »

your mobile phone seems a bit high mate. may not allow that.

present fund is also not allowed and neither is an emergency fund if i recall correctly.:)

Those figures are for both me and my partner my phone is £30 and hers is £40

imustbedreamin

ahhh ok that makes sense.:)

riche36

When i fill the statement of affairs in for the OR do i do as abouve or just fill in one for myself?