IPA/SOA question

Cornflakes111

Hi,

I am weighing up my options and just wondering how close my SOA is to what the OR is going to allow. My current SOA is above my actual income but I have tried to give an accurate portrayal of my outgoings. I expect they will ask me to cut back on my food costs to try and balance the budget but is there anything else that may be questioned?

My SOA is below:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1698
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1698

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 620
Management charge (leasehold property).. 0
Council tax............................. 137
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 22.5
Groceries etc. ......................... 220
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 160
Childcare/nursery....................... 300
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1757.5


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
Sains..........................6000......150.......0
Sains..........................9000......242.......0
TSB............................2500......50........0
Creation.......................250.......25........0
Monzo..........................500.......15........0
Barclay........................8200......180.......0
TSB............................2500......50........0
Total unsecured debts..........28950.....712.......-


Monthly Budget Summary
Total monthly income.................... 1,698
Expenses (including HP & secured debts). 1,757.5
Available for debt repayments........... -59.5
Monthly UNsecured debt repayments....... 712
Amount short for making debt repayments. -771.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,950
Net Assets.............................. -28,950

Grumpelstiltskin

No benefits?

Child benefit, Housing and Council Tax benefits?

Have you checked benefit entitlement?

Cornflakes111

I'm not entitled to any. Child's mother gets child benefit.

I already have single person council tax discount.

Grumpelstiltskin

So does the child live with you full or part time?

If £137 is 75% 0f council tax it seems high.

Cornflakes111

Part time

And yeah, that's it at £137. There is a slight increase on this years as I had to make up 1 payment.

Grumpelstiltskin

So the childcare is for the period the child is with you?

Cornflakes111

It's nursery costs. Expensive business.

debt_doctor

Hi,

Those expenses seem fine to me - especially as you could have an extra £200 pm on groceries.
Can't see any justification for an IPA.

DD

Cornflakes111

Ok, thanks for your reply.

I've seen people say that OR is either really fair or a bit harsh so naturally I'm just a little worried that I could end with a harsh OR and wanted to be sure my SOA was balanced.

comeandgo

Do you not have contents insurance?

Cornflakes111

Not at the moment.