SOA Assistance Required

lala9

I went through this process a few months ago but since then my circumstances have change slightly. Could you kind people take the time to have a look at my SOA and advise me if it looks acceptable and what kind of IPA I should expect to pay for 3 years. Very confused with it all so would appreciate any help whatsoever. Many thanks.

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................ 1604
Partners monthly income after tax....... 0
Benefits................................ 304
Other income............................ 81
Total monthly income.................... 1989

Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 25
Gas..................................... 35
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 11
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 350
Clothing................................ 120
Petrol/diesel........................... 190
Road tax................................ 8
Car Insurance........................... 25
Car maintenance (including MOT)......... 40
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 190
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 15
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 70
Emergency fund.......................... 50
Total monthly expenses.................. 1740


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 120800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 121500...(325)......1.6
Total secured & HP debts...... 121500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
virgin cc......................7100......230.......18
barclaycard....................6315......95........14
m&s cc.........................2135......55........19.16
Very...........................250.......20........0
tesco cc.......................1171......27........18.32
aa cc..........................3127......90........17.47
Total unsecured debts..........20098.....517.......-


Monthly Budget Summary
Total monthly income.................... 1,989
Expenses (including HP & secured debts). 1,740
Available for debt repayments........... 249
Monthly UNsecured debt repayments....... 517
Amount short for making debt repayments. -268

Personal Balance Sheet Summary
Total assets (things you own)........... 120,800
Total HP & Secured debt................. -121,500
Total Unsecured debt.................... -20,098
Net Assets.............................. -20,798

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

McKneff

£350 a month on groceries :eek:is horrendously high, this could be halved if there are only 3 of you,

£120 for clothing, nobody needs to spend that much on clothing a month surely. I'd probably spend that much in a year.

sazaboo

whats changed for you?

kepar

Sorry, but can you explain what has changed. The OR must have agreed a lot of this already i.e the car.

So if you could elaborate what has changed , we will be able to give better advice.

lala9

I only meant that my income had changed slightly that's all. No one has seen this yet so not an OR either. If groceries seem high then I will revisit my figures. I'm just trying to get an idea of how the future is going to be.

lala9

Sorry folks I don't think I've been very clear, I'm not bankrupt yet, when I say I went through the process I meant posted my SOA on here a few months ago.

mistiforme

I don't think £350 is unreasonable for groceries for 3 My OR allowed me £260 per month and it is just me

£450 would be nearer the mark IMHO

Misti

tigerfeet2006

McKneff wrote: »

£350 a month on groceries :eek:is horrendously high, this could be halved if there are only 3 of you,

£120 for clothing, nobody needs to spend that much on clothing a month surely. I'd probably spend that much in a year.

This is a SoA for BR not for DFW so is a completely different entity.

tigerfeet2006

£400/425 for housekeepin
Gas and electricity, is it really that low? Will it take you through winter? Have you had proper readings done recently?
Is Internet essential for work or study?
Clothing leave as is but it may be cut
How old are dc? Are they at school?
Pet ins/vets £20
Does car ins include breakdown cover?
Does home ins include accidental damage?
Presents not allowed.
Emergency £30.

Your IPA will be any surplus after your allowances have been agreed by the OR.

lala9

tigerfeet2006 wrote: »

£400/425 for housekeepin
Gas and electricity, is it really that low? Will it take you through winter? Have you had proper readings done recently?
Is Internet essential for work or study?
Clothing leave as is but it may be cut
How old are dc? Are they at school?
Pet ins/vets £20
Does car ins include breakdown cover?
Does home ins include accidental damage?
Presents not allowed.
Emergency £30.

Your IPA will be any surplus after your allowances have been agreed by the OR.

Thanks Tigerfeet your posts are always helpful. Do you think the OR will accept £400 to £425 for groceries, mind you he/she can always cut it.

My twin daughters are 9 so yes at school. I'm never to sure what to add for activities for them etc.

Car does include breakdown cover from August onwards when I renew my policy.

No accidential damage however.

What do you consider reasonable for holidays?

My gas and electric is bang on, I am always in credit. But then I spend alot of time at my partners house.

tigerfeet2006

Well the actual allowance is a gadget over three hundred but over the last six months or so I have seen anything from that up to four two five accepted. Food has gone up a lot and as you say he could always reduce it if he so feels inclined. You don't ask you don't get.

Put down five pounds per child per week activities. Two pounds per day per child for school dinners.

Brilliant on breakdown. Might be worth getting accidental damage as well. Could you afford to buy a new laptop if a twin spilt squash on it?

Holiday is fine.

Cool on the utilities.