SOA - Please take a look

de_li

Hi everyone, I am applying for BR in a few weeks.

Below is my SOA, would really appreciate if someone can take a look and advise if it looks okay or needs tweaked.

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 723.62
Partners monthly income after tax....... 0
Benefits................................ 1036.6
Other income............................ 156
Total monthly income.................... 1916.22

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 56.5
Gas..................................... 56.5
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 22.25
Internet Services....................... 7.5
Groceries etc. ......................... 360
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 135
Childcare/nursery....................... 550.4
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 6.18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 48
Haircuts................................ 8
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1914.45


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
northern rock..................35000.....0.........0
ge money ......................25000.....0.........0
council tax....................3500......0.........0
scottish power.................2500......0.........0
hmrc...........................3100......0.........0
Cap one........................2750......0.........0
halifax........................4000......0.........0
Total unsecured debts..........75850.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,916.22
Expenses (including HP & secured debts). 1,914.45
Available for debt repayments........... 1.77
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1.77

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -75,850
Net Assets.............................. -75,850

TheGardener

Hi
My first thoughts would be that your TV/Broadband/phone costs are high at £60 - I have all of those in a bundle price from Virgin for £40.
No water rates at all - I'm guessing its included in the rent?
Food is rather high for 1+1child perhaps? (unless there is a specialist medical diet?)
You are allowed a small allowance for a holiday and £10 each I think for emergencies but most OR's seem a bit reluctant to allow anything for gifts.
Otherwise - all looks pretty reasonable to me

de_li

Thanks The Gardener we do not have virgin in our area, only sky and i get a discount on bb for having telephone and tv with them. Have gotten quotes from bt but is more expensive. Water rates are included in council tax as we live in scotland.

re: groceries no special diet but does include food for work etc.

re: gifts, because i have a young child I thought i could put something by every month to pay for christmas when it comes. Assume if you go BR your family not entitled to celebrate xmas?

how much is the or likely to allow for holidays?

want to get this as correct as possible.

luvchocolate

about £20 a month for holiday but as said your food is high..mine was £190 for just myself...you would have to pinch money from other places for presents....my total income was £1000 and I managed.
sometimes it sets you on the right path managing your money.
Its surprising what you can do when you have to!
I am sure you will be fine I had a very understanding or.
take care and good luck x

sort_me_own_yard_out

de_li wrote: »

Hi everyone, I am applying for BR in a few weeks.

Below is my SOA, would really appreciate if someone can take a look and advise if it looks okay or needs tweaked.

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 723.62
Partners monthly income after tax....... 0
Benefits................................ 1036.6
Other income............................ 156
Total monthly income.................... 1916.22

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 56.5
Gas..................................... 56.5
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 22.25
Internet Services....................... 7.5
Groceries etc. ......................... 360 I would stick with this
Clothing................................ 50 £60
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 135
Childcare/nursery....................... 550.4
Other child related expenses............ 15 £20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 6.18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 48 Bah humbug not allowed!!
Haircuts................................ 8
Entertainment........................... 0
Holiday................................. 0 I would put £40
Emergency fund.......................... 20
Total monthly expenses.................. 1914.45


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
northern rock..................35000.....0.........0
ge money ......................25000.....0.........0
council tax....................3500......0.........0
scottish power.................2500......0.........0
hmrc...........................3100......0.........0
Cap one........................2750......0.........0
halifax........................4000......0.........0
Total unsecured debts..........75850.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,916.22
Expenses (including HP & secured debts). 1,914.45
Available for debt repayments........... 1.77
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1.77

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -75,850
Net Assets.............................. -75,850

Morning,

Your groceries maybe a little high, I asked for £450 (myself and 2 children) they wanted to bring it down to £400 the only reason they allowed it was my 8 yr old is a bed wetter and I still have to buy pull ups and laundry. I dont think £360 is unreasonable and i stick by that because you are going bankrupt you shouldnt have to eat a diet of baked beans and stale bread for 3 years.

The holiday money and upping your clothes allowance will compensate for not being able to save for Christmas.

My broadband, landline, mobile and tv were on the high side too as are yours as I too as I live rurally as there was BT and BT for the choice of providers. However my figures were accepted.

I wish you luck.

Bella_Smythe

its a small thing, but i would think you would be allowed more than £8 for haircuts for two of you? Maybe £20?

de_li

thank you so much to everyone. you have all been a great help. will take on board everything you have all said. Think i will stick with the groceries at 360 though as suggested by sort me own yard out. Thank you. I will up haircuts etc.

Thank you all soo much really stressing out about it but have finally accepted it is the only way.

debt_doctor

Hi,


I would go with SMOYO's figures, plus that bit extra for haircuts.


You don't have any spare cash for an IPA - say no if you are presented with one.


DD

de_li

Thanks Debt Doctor.

[Deleted User]

de_li wrote: »

re: groceries no special diet but does include food for work etc.

Even with food for work etc. £12 per day seems high, for 2 people.

re: gifts, because i have a young child I thought i could put something by every month to pay for christmas when it comes.

Something yes, but I think the OR might baulk at nearly £600 pa.