SOA- please advise

anyone32

Thank you everyone for advice

DCFC79

You have missed of the apr, monthly payments for any loans (unless you have any).

There's nothing for nursery but you say you pay for it.

Is mobile phone at £30 for 1 or 2 ?

Deep_In_Debt

Do you not have contents insurance?

owlet

Are you considering going bankrupt? Guidelines can vary depending on what you are considering doing.


Car parking - do you NEVER pay car parking? The vast majority of motorists do.
Contents insurance - if you don't have this, I would get some quotes and add it in. It's important to have.
Medical - do you never buy paracetamol/cold or flu remedies/cough medicines etc. Dental & optician too. All costly.
Haircuts - seems low for 3 people

tigerfeet2006

anyone32 wrote: »

Hi

ARE YOU BOTH GOING BR OR JUST YOU?

Can someone have a look at my sao and let me know if it's ok. Thanks in advance.
Currently I'm not working, we have a child 3.5 years old. She goes to nursery and I pay 1,5 each week for snacks and also for trips. I didn't add any emergency funds as I am not sure if I am allowed to have any. Some people say I can add something and other say No. Please let me know if I could increase anything like clothes etc. My husband drives to work so this amount for petrolis correct. I don't drive so I spend around 50 Pounds for buses- is it not too high? It's quite difficult to walk everyone with 3 year old and not to take a bus as I leave outside town and have 45 minutes walk to nearest big Tesco and other shops. Thanks

Summary

Monthly Budget SummaryAmount(£)
Total monthly income1,820
Monthly expenses (incl. HP & secured loans)
1,813Available for debt repayments7UNsecured debt repayments0Amount left after debt repayments7Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)0Total Secured & HP Debt-0Total Unsecured Debt-0Net Assets0Household Information

Number of adults in household 2
Number of children in household 1
Number of cars owned 1- my husband's car

Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax0
Partners monthly income...1230
Benefits 590
Other income...0
Total monthly income...1820

ExpensesAmount(£)
Mortgage ...0
Secured/HP loan payments... 0
Rent...595
Management charge (leasehold property)0
Council tax...100
Electricity...45
Gas...65
Oil0
Water Rates...27
Telephone (land line)0NO TELEPHONE?
Mobile phone...30
TV Licence0 NO TV?
Satellite/Cable TV0
Internet services...34
Groceries etc...460
Clothing...80
Petrol/diesel...140
Road tax...15
Car Insurance...57
Car maintenance (including MOT)...60
Car Parking0 $10 FOR PARKING
Other travel...50
Childcare/nursery0 WHAT ABOUT FEES
Other child related expenses...10 $5 PER CHILD PER WEEK FOR ACTIVITIES
Medical (prescriptions, dentists, opticians etc.)0 $25 FOR PRESCRIPTIONS/GLASSES/TEETH
Pet Insurance/Vet bills0Buildings Insurance0 ANY PETS?
Contents Insurance0 YOU NEED TO GET THIS WITH ACCIDENTAL DAMAGE COVER.
Life Assurance0
Other Insurance0
Presents (birthday, christmas etc.)...0
Haircuts...25 $10 PER ADULT $5 PER CHILD
Entertainment...0
Holiday...20 $80
Emergency Fund...0 $40 FOR THIS

Total monthly expenses1813

My comments in capitals as my 'puter won't let me do colour and my pound sign is broken, sorry.

Have a play with those figures and please answer some of the questions.

anyone32

Hi all,

Thank you for your responses. Here are my answers.
- I have no loans
- I don't pay nursery fees and my child goes to local school nursery for 3 h/day( it's free of charge), however they charge 1,5 pounds every week for snacks and trips, I have added this under ,,other child expenses''
- mobile phones expenses are for 2 of us
- hair cuts- 10 pounds each +5 for the child (25 per month)
- I have no content insurance
- car park- I will add 10 per month
-medical expenses- I have Tax Credit Exempt card so not sure if I am allow to add anything there, but I still pay for paracetamol, my child has egzema so I need to buy special creams etc and they are quite expensive,
- no landline telephone
- No satellite tv and no TV licence
- I pay 5 pounds each month for internet TV- should I add this?
- holidays amount of 80 for 3people seems very high for me- is this correct?
- the same with emergency funds - Am I allow to have any?

tigerfeet2006

anyone32 wrote: »

Hi all,

Thank you for your responses. Here are my answers.
- I have no loans
- I don't pay nursery fees and my child goes to local school nursery for 3 h/day( it's free of charge), however they charge 1,5 pounds every week for snacks and trips, I have added this under ,,other child expenses''
- mobile phones expenses are for 2 of us
- hair cuts- 10 pounds each +5 for the child (25 per month)
- I have no content insurance GET SOME ASAP WITH ACCIDENTAL DAMAGE.
- car park- I will add 10 per month
-medical expenses- I have Tax Credit Exempt card so not sure if I am allow to add anything there, but I still pay for paracetamol, my child has egzema so I need to buy special creams etc and they are quite expensive,
- no landline telephone
- No satellite tv and no TV licence
- I pay 5 pounds each month for internet TV- should I add this? PUT IT UNDER TV
- holidays amount of 80 for 3people seems very high for me- is this correct? IF THERE IS GIVE IN YOUR SoA, THEN YES.
- the same with emergency funds - Am I allow to have any? YES DEFINITELY. THIS IS A MUST.

Is it you or your partner or both of you who is going BR?

anyone32

Both of us

egrescrimp

The emergency fund should be about £10 per person who lives in your household.

Any reason you don't have a tv license? Do you only watch on demand? You mention you pay £5 for Internet tv, is this Netflix or a subscription to TalkTalk/BT's youview service?

Holiday I'd put at £50, £20 per adult and £10 for your child.

You really need to get some contents insurance, you can get this from as little as £5 per month.

Are you 100% sure that your hair cuts only cost £25 for 3 people? My partner can't get a basic cut for less than £16!

If you need to purchase any thing for treating an infection or illness and it's a regular thing, I would put it down. The worst that can happen is they say no, but if you can prove you need these things you should be fine.

anyone32

Hi

I really don't have TV licence:) It 's on demand TV that I watch. With the hair cut to be honest it's less than 25 per month. My husband pay about £7 every 2 months and I pay about £ 16-20 every 4-6 months. My child gets hair cut every 4-6 monts as well for the price of £5. Thanks

egrescrimp

I'd put down £32 for hair cuts then you may find having the money means you actually do get your hair cut more often, prior to bankruptcy I used to go 3 or 4 months between cuts and now it's 3 or 4 weeks

Won't hurt to put in £12.12 for a license, it's an acceptable expense.

Good luck