BR SOA advice please

WantToBeFree

Ok I have done my BR SOA, have included my maintenance payments. Am I using my OR allowances to their best and what do you think will happen to my surplus given that my main income is from benefits. Oh and have I missed anything out?!

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................ 0
Partners monthly income after tax....... 0
Benefits................................ 1408
Other income............................ 350
Total monthly income.................... 1758
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 30
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 43 (This includes internet)
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 38
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 30
Total monthly expenses.................. 1645

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

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

Monthly Budget Summary
Total monthly income.................... 1,758
Expenses (including HP & secured debts). 1,645
Available for debt repayments........... 113
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 113
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Many thanks, in advance

sniggings

WantToBeFree wrote: »

Ok I have done my BR SOA, have included my maintenance payments. Am I using my OR allowances to their best and what do you think will happen to my surplus given that my main income is from benefits. Oh and have I missed anything out?!

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................ 0
Partners monthly income after tax....... 0
Benefits................................ 1408
Other income............................ 350
Total monthly income.................... 1758
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 0 no tax here?
Electricity............................. 20 seems low
Gas..................................... 30 seems low too
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 43 (This includes internet)internet ok if for kids school or work
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 22 not really an expenses they allow for
Internet Services....................... 0
Groceries etc. ......................... 350 i would try higher can only say no £400
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 38
Car maintenance (including MOT)......... 20
Car parking............................. 0 try £10 here
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15 try higher £20-25
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 30 not really allowed
Total monthly expenses.................. 1645

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

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

Monthly Budget Summary
Total monthly income.................... 1,758
Expenses (including HP & secured debts). 1,645
Available for debt repayments........... 113
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 113
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Many thanks, in advance

looks good,fuel amounts could be upped a fair bit as I'm spending that a week,so as you see with a few adjustments you are about right.

Ineedaname

Sniggings - Council Tax is paid for direct from benefits. It's one thing I didn't put on my form either as I never received the money to be able to pay the bill. My OR didn't even mention it as I just put on the form "in receipt of full Council Tax benefit."

I agree with everything else, except the following.

Some ORs allow a small amount for satellite TV nowadays, especially if it's part of a TV/internet/phone package. Others still will not allow for it.

An emergency fund is allowable these days, £10 per person I believe.

WantToBeFree

Thank you

re gas & elec - I actually called my supplier yesterday to check that I was paying enough each month and they are sending someone out to do accurate meter readings on monday, so this may well change, although at the mo they are showing me in credit for both!!

Re emergency fund - is that £10 per adult or children as well?

So if I upped haircuts to £20, I believe I've read on here somewhere that its £10 per adult and £5 per child? And upped groceries to £380? Depending on the outcome of the meter reading that still leaves an xs of approx £100.

ETA: just realised I haven't included my breakdown cover, it works out only £6 per month but it all adds up I guess!!

Oh, also sniggings mentioned car parking @ £10, would I have to justify that as I dont work?

sniggings

WantToBeFree wrote: »

Thank you

re gas & elec - I actually called my supplier yesterday to check that I was paying enough each month and they are sending someone out to do accurate meter readings on monday, so this may well change, although at the mo they are showing me in credit for both!!

Re emergency fund - is that £10 per adult or children as well?

So if I upped haircuts to £20, I believe I've read on here somewhere that its £10 per adult and £5 per child? And upped groceries to £380? Depending on the outcome of the meter reading that still leaves an xs of approx £100.

the OR will allow "reseasonable repenses" which is not the same as what your gas bill is £20-30 a week for gas in well within the average and electric too,remember the OR doesn't really go into each of these expenses one by one unless they think you will have excess,that is when they will break it down,I really think your income is too low to have an IPA and the OR will not even go into it.

debtinfo

no the OR allows "actual" expenses, that are reasonable, you must not exagerate your expenses as that is unlawful, but do think carefully and make sure that you account for everything you need to spend

tigerfeet2006

WantToBeFree wrote: »

Ok I have done my BR SOA, have included my maintenance payments. Am I using my OR allowances to their best and what do you think will happen to my surplus given that my main income is from benefits. Oh and have I missed anything out?!

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................ 0
Partners monthly income after tax....... 0
Benefits................................ 1408
Other income............................ 350
Total monthly income.................... 1758
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 30
Oil..................................... 0
Water rates............................. 16
Telephone (land line)................... 43 (This includes internet)
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 50 £90
Petrol/diesel........................... 150 Why do you need the car? why is it essential?
Road tax................................ 20
Car Insurance........................... 38 make sure you are fully comp. and have breakdown cover.
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20 £5 per child per week for activities. £2 per day for school dinners primary. £3 secondary
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9 make sure you have accidental damage
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15 £20
Entertainment........................... 0
Holiday................................. 20 £60
Emergency fund.......................... 30
Total monthly expenses.................. 1645

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

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

Monthly Budget Summary
Total monthly income.................... 1,758
Expenses (including HP & secured debts). 1,645
Available for debt repayments........... 113
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 113
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Many thanks, in advance

A few things for you to think about.

WantToBeFree

debtinfo wrote: »

no the OR allows "actual" expenses, that are reasonable, you must not exagerate your expenses as that is unlawful, but do think carefully and make sure that you account for everything you need to spend

I wont be fabricating anything, its just all the little things that you forget which arent obvious. Got to thinking about the parking, I had to go to the job centre today, that was £2.40 in the parking meter! So perhaps to put £10 there is correct.

tigerfeet2006 wrote: »

A few things for you to think about.

thank you
The car is needed to take my children 5 miles each way to school every day, there is no school transport available. I also have to take them half way to see the ex every fortnight which is a 100 mile round trip x2. I got an online valuation of my car which came out at £1548.

My insurances are fully comp and accidental cover on the contents, its just I used the comparison sites recommended by :money: so I got some really good deals :T

tigerfeet2006

Make sure you have good evidence of the need for the car. You obviously need it for looking for work which is one essential use. Get together evidence of the school run etc. as well.

The value of the car may be a slight problem. They usually allow £1k though the OR does have some discretion. He may allow you or a reletive/friend to buy the beneficial interest in the car.

WantToBeFree

How can I evidence the school run other than stating the distance between my house and the school??

tigerfeet2006

Get accurate milage and check the local bus service and get details of bus times and where the nearest bus is etc.