Nearly Ready For The "SUBMIT" Button

VeryInTheRed

Hi all,

Thanks for all the advice so far : )

Below is the SOA I currently have waiting to go on the BR application.

The MSE friendly SOA doesn't match the Online BR one so I have bundled some bits into one thing or added additional lines at the bottom.

2 cars are essential and I believe the OR will agree with this. I am doing a high amount of miles getting to work and back over a long 12 hour day. We have 1 child in our village school, 2 from my ex, who stay a lot, at a school 3 miles away and a child in college 3 miles away. I cannot use public transport to get to work and we have no hope of getting the complex school run done with out a car.

I am fully aware that the budget does not balance - my ex wife is kindly taking a lesser amount to help till i get everything sorted. Other items on the SOA we are just not having/doing every month - i.e. holiday savings, hobbies, emergency fund etc

Having read Debt Doctors info on the new SFS impact I have included smoking as an expense. We have both been smokers for 20+ years and both smoke 20 per day. We both intend to stop smoking ASAP as clearly we cannot afford it, also it stinks and we don't enjoy it - however no lectures please

Anyway, if those with experience and knowledge could have a look through it all and give advice as to what areas are genuinely too high or low I would appreciate it.

Thank you in advance :beer:


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5 (2 stay 3.5 nights per week)
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 3250
Partners monthly income after tax....... 758 -
Changed to 670
Benefits................................ 0
Other income............................ 120
Total monthly income.................... 4128

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 51
Telephone (land line)................... 0 (Included within Satellite/Cable)
Mobile phone............................ 70 (£20 Me on SIM only, £50 Wife on contract with 18 months to run)
TV Licence.............................. 13
Satellite/Cable TV...................... 60
Internet Services....................... 0 (Included within Satellite/Cable)
Groceries etc. ......................... 600 (£3 per person per day)
Clothing................................ 100 -
Changed to 80
Petrol/diesel........................... 350 (I do 500 miles per week just commuting)
Road tax................................ 40 (2 cars)
Car Insurance........................... 100 (2 cars)
Car maintenance (including MOT)......... 80 (2 cars)
Car parking............................. 0 (Included in petrol/diesel)
Other travel............................ 20 (Eldest daughter bus travel)
Childcare/nursery....................... 0
Other child related expenses............ 850 (Child and spousal maintenance to ex-wife)
Medical (prescriptions, dentist etc).... 40 -
Changed to 45
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 -
Changed to 50
Haircuts................................ 75 (£15 me, £30 kids, £35 wife one month and eldest other month)
Entertainment........................... 50 (Hobbies/Leisure on the BR form)
Holiday................................. 50 -
Changed to zero
Emergency fund.......................... 50 -
Changed to 20
Wife's Credit Payments.................. 130
Smoking................................. 400 -
Changed to zero
Laundry and Dry Cleaning................ 20
Newspapers, Postage and Stationary...... 10
Pocket Money............................ 30
After School Clubs and School Trips..... 20
School Meals............................ 40 -
Changed to zero
School Uniforms......................... 10
Nappies and Baby Items.................. 40
Meals at Work........................... 75
Alcohol................................. 50 -
Changed to 25
Toiletries.............................. 30
Total monthly expenses.................. 4584


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total Unsecured................65000.....0.........0
Total unsecured debts..........65000.....0.........-


Monthly Budget Summary
Total monthly income.................... 4,128
Expenses (including HP & secured debts). 4,584
Available for debt repayments........... -456
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -456

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -65,000
Net Assets.............................. -62,000

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

The red text is the amendments following the OR interview - net result being Income of £4048 and Outgoings of £4049.

NCC-1701

No child benefits?....or have I missed it?

VeryInTheRed

Hi NCC,

Due to my income we don't qualify for child benefit anymore : (

VeryInTheRed

Hi A4445,

That is what I thought too, but the question is there on the online BR form and the new SFS guidelines have smoking in them too.

DebtDoctor recently did a thread about the new SFS and he seemed to suggest that smoking may be accepted on a SOA, or maybe I read it wrong?

I suppose i will have to wait and see - if it is allowed I will update all on MSE

VeryInTheRed

A4445's post has disappeared - I am not just randomly replying to ghosts

Neocon

I am not surprised. Unless I am missing something here.

VeryInTheRed

Neocon wrote: »

I am not surprised. Unless I am missing something here.

You have me confused?

Butts

Good luck with your £400 on fags....

Hope you manage to swing it

gman1980

Hi, you can still claim child benifit even if you / your partner's combined income per annum is more than £50k. However, you will effectively return it back to HMRC on high income child benifit charge. I was told/ read somewhere to keep getting this benifit so that it will be benificial for children in future ( not sure exactly what that is) . So, I am getting it but have set up a DD every month to give it back to HMRC.

VeryInTheRed

Any SOA experts out there to have a look over the above for me?

debt_doctor

VeryInTheRed wrote: »

Any SOA experts out there to have a look over the above for me?

Pushed for time tonight but I will have a look and comment tomorrow evening.
DD