Please help with my SOA

pinkreadingcat

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 100
Partners monthly income after tax....... 0
Benefits................................ 2296
Other income............................ 220
Total monthly income.................... 2616
Monthly Expense Details
Mortgage................................ 590
Secured/HP loan repayments.............. 0
Rent.................................... 819
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 45
Gas..................................... 65
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 11
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 25
Internet Services....................... 26
Groceries etc. ......................... 450
Clothing................................ 70
Petrol/diesel........................... 130
Road tax................................ 18
Car Insurance........................... 127
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 60
Childcare/nursery....................... 242
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 25
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 35
Entertainment........................... 40
Holiday................................. 80
Emergency fund.......................... 30
(Unnamed monthly expense)............... 0
pocket money............................ 40
Total monthly expenses.................. 3172

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 156500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 154265...(590)......5
Total secured & HP debts...... 154265....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................4800......80........0
Loan...........................10500.....229.......0
Credit Card 2..................2500......60........0
Next catalogue.................680.......60........0
Overdraft (joint)..............3000......60........0
Total unsecured debts..........21480.....489.......-

Monthly Budget Summary
Total monthly income.................... 2,616
Expenses (including HP & secured debts). 3,172
Available for debt repayments........... -556
Monthly UNsecured debt repayments....... 489
Amount short for making debt repayments. -1,045
Personal Balance Sheet Summary
Total assets (things you own)........... 156,500
Total HP & Secured debt................. -154,265
Total Unsecured debt.................... -21,480
Net Assets.............................. -19,245

philnicandamy

pinkreadingcat wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 100
Partners monthly income after tax....... 0
Benefits................................ 2296
Other income............................ 220
Total monthly income.................... 2616
Monthly Expense Details
Mortgage................................ 590
Secured/HP loan repayments.............. 0
Rent.................................... 819
Management charge (leasehold property).. 0
Council tax............................. 0 none?
Electricity............................. 45 seems low will this cover winter months?
Gas..................................... 65 Ditto above
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 11
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 25 NOT allowed
Internet Services....................... 26 only allowed for school/work needs
Groceries etc. ......................... 450
Clothing................................ 70
Petrol/diesel........................... 130
Road tax................................ 18
Car Insurance........................... 127 this seems high?
Car maintenance (including MOT)......... 15
Car parking............................. 10
Other travel............................ 60 whats this?
Childcare/nursery....................... 242
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20 £25
Buildings insurance..................... 0
Contents insurance...................... 25 has this accidental damage cover as well??
Life assurance ......................... 13 receiver will take an interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70 Not allowed usually
Haircuts................................ 35
Entertainment........................... 40 NOT a chance
Holiday................................. 80
Emergency fund.......................... 30
(Unnamed monthly expense)............... 0
pocket money............................ 40 may not allow some do some dont
Total monthly expenses.................. 3172

Assets
Cash.................................... 0
House value (Gross)..................... 155000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 156500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 154265...(590)......5
Total secured & HP debts...... 154265....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................4800......80........0
Loan...........................10500.....229.......0
Credit Card 2..................2500......60........0
Next catalogue.................680.......60........0
Overdraft (joint)..............3000......60........0
Total unsecured debts..........21480.....489.......-

Monthly Budget Summary
Total monthly income.................... 2,616
Expenses (including HP & secured debts). 3,172
Available for debt repayments........... -556
Monthly UNsecured debt repayments....... 489
Amount short for making debt repayments. -1,045
Personal Balance Sheet Summary
Total assets (things you own)........... 156,500
Total HP & Secured debt................. -154,265
Total Unsecured debt.................... -21,480
Net Assets.............................. -19,245

Just a few things to start you off

dojoman

Why are you paying rent and a mortgage?

pinkreadingcat

I get full council tax benefit so don't pay council tax.

Car insurance is high, but I did shop around and it's the best I could get. I was named driver on my husband's so this is the first year I have had car insurance myself.

Other travel is my eldest's bus pass to college (50 a month) plus occasional train/public transport travel that we do.

Presents not allowed? Oh.

Life insurance doesn't have any surrender value or anything but I am not bothered whether or not I have it really.

Thanks for your help!

kepar

Can I ask what do you need the car for?

bradleigh1977

you get over 2 GRAND a month in benefits? I'm not having a dig at you or anything, as if the government want to give out that money then your right to take it, but you wonder why people dont bother working!!

Again this is not a dig at you but you get much more on benefits than i do and i work 6 or 7 days a week, and 10 to 12 hours a day.

When i went BR i put down sky and presents and it was accepted, so you can only try.

pinkreadingcat

That includes housing benefit and help towards childcare costs too. Plus, I have 4 kids so that's for 5 of us, but yeah - get where you are coming from. Plus, I have my kids at home with me 24/7 and am self employed but let's not get into who works the longest hours ;-) (please accept that in the spirit it's meant - not having a dig either!!!)

I need the car because I am living rurally, with very limited and way more expensive than a car buses (it would cost me £200 a month for a family bus pass for buses that stop at 6pm and don't run on a Sunday) and also I'm self employed and need to get myself and my kit to my jobs which are usually at random places in the countryside.

I also meant to ask - are you allowed anything in the SOA for kids clubs at all? My kids do trampolining and gymnastics and although it's not much, it adds up because there are so many of them plus one of them has to do it as part of physio.

kepar

You only earn £100 a month, with all those benefits is it worth it?

You claim the bus will cost you £200, but you spend £300 running the car.

pinkpig08

I thought it was compulsory to have buildings insurance if you had a mortgage?

pinkreadingcat

dojoman wrote: »

Why are you paying rent and a mortgage?

Sorry dojoman, for some reason I didn't see this post.

I am living in rented, get housing benefit. My old house has been on the market for a few months, no equity, can't get my name taken off the mortgage as bank refusing. Sorry, I posted about my situation in another post and forgot that ppl wouldn't have necessarily read both!

I would move into the old house if I could afford it, but don't want to be living at the mercy of ex-husband anyway who jointly owns it.

rising_from_the_ashes

I'm afraid I also don't understand why you're paying a mortgage and rent?