My SOA prior BR

notsurewherenext

Hi I'm going BR soon and thought I'd post my SOA just for you experts to take a look if that's ok. Thank you

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 6
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1083
Partners monthly income after tax....... 0
Benefits................................ 250
Other income............................ 0
Total monthly income.................... 1333

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 77
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 800
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking...5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 23
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12.5
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 1174.5
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2750
Other assets............................ 0
Total Assets............................ 2750


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 700......(77).......0
Total secured & HP debts...... 700.......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................2000......69........21.1
Credit card ...................2870......35........0
Credit card ...................3900......103.......22.9
Coop ..........................150.......0.........0
Credit card ...................4800......110.......19.9
More croft ....................10........0.........0
Link ..........................20........0.........0
Bank...........................1980......30........0
Bank ..........................1990......30........0
Credit card ...................7521......148.......17.9
Credit card ...................7782......227.......29.9
Credit card ...................3900......109.......24.9
Total unsecured debts..........36923.....861.......-


Monthly Budget Summary
Total monthly income.................... 1,333
Expenses (including HP & secured debts). 1,174.5
Available for debt repayments........... 158.5
Monthly UNsecured debt repayments....... 861
Amount short for making debt repayments. -702.5

Personal Balance Sheet Summary
Total assets (things you own)........... 2,750
Total HP & Secured debt................. -700
Total Unsecured debt.................... -36,923
Net Assets.............................. -34,873

scootw1

Should be something for electricity, gas and water

notsurewherenext

I don't pay the Electricity Gas or water my wife does. Does the SOA look ok in your opinion?

Thanks

scootw1

notsurewherenext wrote: »

I don't pay the Electricity Gas or water my wife does. Does the SOA look ok in your opinion?

Thanks

Don't know about entertainment, presents and emergency fund. Perhaps someone could comment on those? There are far more knowledgeable people on here than me but the utilities stood out for me.

notsurewherenext

Thankyou. yes I agree I am not sure what to put there. If anyone else could give insight please would be appreciated. Cheers scoot

AMay

I got told to put £90 for a family of 4 for clothing, so yours should definitely go up.

HappyMJ

notsurewherenext wrote: »

I don't pay the Electricity Gas or water my wife does. Does the SOA look ok in your opinion?

Thanks

Doesn't matter if your wife pays you should pay a portion of all of the household expenses. You'll then have no surplus.

For an individual in a couple SOA where one partner is not going BR you should start off by taking half of all the household expenses and putting half on each of your personal SOA's. You should also include half of the household income which would be any tax credits, child benefit and housing benefit if you're entitled. If it's just you going BR then only your SOA needs to be accurate. I really doubt you'll have a surplus with 6 children and every penny should be going to support them and not your creditors.

If your SOA then shows a deficit with no other expenses listed you then reduce your contribution to the household expenses from 50% down to a figure which shows no deficit and no surplus.

So what I would do is add up all the joint household expenses you have split them in two and put half on your SOA. I'd include gas, electricity, water, tv licence, phone, broadband, groceries, clothing for all 6 children, haircuts for the children, holidays for the children. I'd split that 50/50 (as a starting point it might need to be adjusted to 40/60 or 30/70) than add your own personal expenses which would be your own mobile phone, your own clothing, your own holiday allowance, your medical/dental/optical expenses (whether you have them or not put at least £10 per month unless you're entitled to claim them for free). Regarding the car expenses if it's a jointly used car include 50% of it's expenses as a starting point and if you only use it as your partner has another car then include 100% of it's running costs. You need to include insurance and maintenance.

The other way to do it is show 100% of all the expenses regardless of who pays and enter a figure as your partner's contribution to those expenses under "your partners income". If the household expenses are £2,000 show your partner's income as £1,000. Don't include any of your partners own personal expenses or debts and don't show your partners full income. Again if you show a deficit you can increase your partners contribution to more than £1,000 so a deficit does not show.

Edit: For a BR SOA you put £0 per month towards your all of monthly debt repayments. They'll all be written off the OR will take a monthly payment from you to cover the payments to your creditors so you will be paying £0 per month. (in my opinion you'll pay £0).

scootw1

If the OP is going to split the bills down the middle wouldn't he have to halve that groceries bill? Might be tricky to make up the 400 pounds.

HappyMJ

scootw1 wrote: »

If the OP is going to split the bills down the middle wouldn't he have to halve that groceries bill? Might be tricky to make up the 400 pounds.

I can see lots of missing expenses. I'm just a household of 2 and our household expenses are already well over £1,000. Our rent for a 2 bedroom flat alone is £475. I'm sure a household of 8 can easily exceed £2,000. The rent or mortgage payments on a 4 bedroom home (to not be overcrowded a 4 bedroom home would be the minimum with 2 persons per bedroom) and that must be at least £1,000 a month if not much more.

notsurewherenext

Hi MJ thanks for all your help but can you explain the last bit about paying towards my debt as £0 please. Thanks

missbiggles1

Are you sure you only get £250pcm benefits with 6 children, a non working partner and a low income?