My SOA please can you have a look

larz7500

Hi this is my SOA - advice needed please. I was paying an extra 99 towards my IVA but have stopped now as I just cant survive, also I have stopped paying my mobile and I have cancelled my Sky


Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 293
Other income............................ 0
Total monthly income.................... 1493
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 162
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 55
Gas..................................... 55
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 20
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 29
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1509

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2000.....(162)......0
Total secured & HP debts...... 2000......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
all other debt.................37000.....0.........0
Total unsecured debts..........37000.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,493
Expenses (including HP & secured debts). 1,509
Available for debt repayments........... -16
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -16
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -2,000
Total Unsecured debt.................... -37,000
Net Assets.............................. -37,500

Better_Off_1983

which companies/creditors do you owe the £37k to?

larz7500

All sorts of people RBS, MBNA, Littlewoods, Capital One, Santander. All these have been pooled into my IVA for £99 a month

PippaGirl_2

SOA looks fine. Some things a tad high but other things seem low and with your incomings I doubt there would be an IPA

Adding up any child benefit, child tax credits, working tax credits, housing benefit and council tax benefit only comes to £293 a month? I would have thought you ought to be eligible for more help than that.

larz7500

I am not eligible for housing benefit I get 213 tax credits and 80 child benefit a month that's it I have already tried, because I am on a 0 hour contract with my work it's very hard to tell what my earnings will be each week so can only give hmrc a rough estimate of earnings but did get a rebate of 1500 this year from them for last years review because I was only getting 90 a month so you can see I really have been struggling. This payment went straight out to people I owed too and getting paid weekly has its ups and downs always checking bank account and literally have no savings or assets to my name only my car which is essential for my job without it I can't work

tigerfeet2006

What is the secured payment/HP payment?

larz7500

My car I have a year left to pay at 162 a month

tigerfeet2006

Ah! how much is it worth and how much left to pay?

larz7500

Worth about 1500 just under 2000 left to pay over the next year

tigerfeet2006

Is it HP or a loan?

The OR may decide that he won't allow the payment for the car and if he does and it is HP then the company may decide that as you are BR they want the car back.

larz7500

It's on hp but is essential for my job and is a requirement in my job description to have a car - I am a home Carer and do between 300 and 500 miles a week travelling to people's homes!! If he takes it off me I will be out of a job unless I get another car but I haven't got cash to do this so it's such a nightmare thanks for all your replies