SOA Advise

Mykidsrcool

Hi,

This is my SOA that was prepared with the help of CCCS. Only one of my partners children live with us, but i have two children that i see every other weekend at my home and also during the school holidays.

Do the figures look acceptable and is there anything that the OR might reject?

Thank You

<pre><b>Statement of Affairs and Personal Balance Sheet</b><b>

Household Information</b>
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0<b>

Monthly Income Details</b>
Monthly income after tax................ 1345
Partners monthly income after tax....... 0
Benefits................................ 317
Other income............................ 0<b>
Total monthly income.................... 1662</b><b>

Monthly Expense Details</b>
Mortgage................................ 0
Secured/HP loan repayments.............. 189
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 104
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 20
Mobile phone............................ 10
TV Licence.............................. 20
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 230
Clothing................................ 25
Petrol/diesel........................... 34
Road tax................................ 15
Car Insurance........................... 40
Car maintenance (including MOT)......... 17
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 198
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0<b>
Total monthly expenses.................. 1575</b>
<b>

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

Secured & HP Debts</b>
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 8000.....(189)......0<b>
Total secured & HP debts...... 8000......-.........- </b>

<b>Unsecured Debts</b>
Description....................Debt......Monthly...APR
1..............................80........0.........0
2..............................220.......0.........0
3..............................130.......0.........0
11.............................208.......0.........0
10.............................2092......0.........0
9..............................400.......0.........0
8..............................153.......0.........0
7..............................1100......0.........0
6..............................4000......0.........0
5..............................6200......0.........0
4..............................33132.....0.........0<b>
Total unsecured debts..........47715.....0.........- </b>

<b>
Monthly Budget Summary</b>
Total monthly income.................... 1,662
Expenses (including HP & secured debts). 1,575
Available for debt repayments........... 87
Monthly UNsecured debt repayments....... 0<b>
Amount left after debt repayments....... 87</b>

<b>Personal Balance Sheet Summary</b>
Total assets (things you own)........... 0
Total HP & Secured debt................. -8,000
Total Unsecured debt.................... -47,715<b>
Net Assets.............................. -55,715</b>

<i>Created using the SOA calculator at
Reproduced on The Motley Fool DWD Board with permission, using other browser.</i></pre>

michael1983l

Your Gas seems a little low as does your groceries for 2 adults and a child.

Can you explain what your Child other expenses are, I don't think you will get away with that without a good explaination?

egrescrimp

How come your TV License is £20 per month?

You need an Emergency Fund, with there being 3 people it should be around £30.

Whats your hire purchase payment for? is it for a car? it seems pretty high.

No haircuts ever? are you sure that £230 for food/housekeeping is enough? What are the other child related expenses at £198?

michael1983l

Also clothing should be around £20 per person

Mykidsrcool

Hi Michael,

The other child expenses is for child maintenance to my two children, paid to the ex-wife.

Some of the bills are split between me and my partner as she does not work but gets some benefits, hence half of gas and electricity bill. The groceries value is based on myself and my two children when they are with me as well as a slight contribution towards my partner and her childrens groceries.

Its a bit of a strange situation.

Mykidsrcool

egrescrimp wrote: »

How come your TV License is £20 per month?

You need an Emergency Fund, with there being 3 people it should be around £30.

Whats your hire purchase payment for? is it for a car? it seems pretty high.

No haircuts ever? are you sure that £230 for food/housekeeping is enough? What are the other child related expenses at £198?

The TV license is at £20 as I have to pay a year up front then the next year, wierd way they work it out. The HP is for a car, but this is needed as my children are 70 miles away and i have to pick them up and drop them off every other weekend as well as holidays and also commute 30 miles to work each way.

The other expenses for children is child maintenance to their mother.

National_Debtline

Mykidsrcool wrote: »

The TV license is at £20 as I have to pay a year up front then the next year, wierd way they work it out. The HP is for a car, but this is needed as my children are 70 miles away and i have to pick them up and drop them off every other weekend as well as holidays and also commute 30 miles to work each way.

The other expenses for children is child maintenance to their mother.

Hi there

Based on the mileage you quote above, your petrol/diesel figure @£34 must be a mistake, surely? Perhaps that was meant to be a weekly figure, or you've missed a digit?

Regards

Dennis
@natdebtline

Mykidsrcool

National_Debtline wrote: »

Hi there

Based on the mileage you quote above, your petrol/diesel figure @£34 must be a mistake, surely? Perhaps that was meant to be a weekly figure, or you've missed a digit?

Regards

Dennis
@natdebtline

Most of my fuel is paid for by my work, i only contribute an amount each month.

How do the rest of the figures look based on my circumstances with children etc?

egrescrimp

The TV License bit doesn't make much sense, it's probably going to be challenged by the OR too. If you pay for it annually it would work out at £12.08 p/m, based on your budget you'd be saving £240 per year for a £145.50 license.

Mykidsrcool

egrescrimp wrote: »

The TV License bit doesn't make much sense, it's probably going to be challenged by the OR too. If you pay for it annually it would work out at £12.08 p/m, based on your budget you'd be saving £240 per year for a £145.50 license.

For the 1st 6 months starting February I have to pay 20.98 per month, this then reduces to the normal 12.18 for the remaining 6 months of the year.

egrescrimp

Mykidsrcool wrote: »

For the 1st 6 months starting February I have to pay 20.98 per month, this then reduces to the normal 12.18 for the remaining 6 months of the year.

That makes sense then

I'd personally just put down the £12.18 per month from the start and add an extra £10 to your food/housekeeping budget so that it's covered and you've then got an extra £10 per month for your housekeeping in 6 months time

Have you now added some money for hair cuts (£10 per person) and the Emergency fund of £30 to take up some of that surplus you have? If you have any surplus after that, I'd just add it to your Groceries/Housekeeping.