MY FINAL SOA - any comments? 13 May 2020 at 12:39PM in Bankruptcy & living with it 8 replies 351 views

Flora_McDora

I think these are the final figures for my SOA .......!!
I rent privately with my 2 children aged 14 and 18.
My car is worth approx £3500 but is owned/bought by my Mother about 4 years ago and she is the registered owner. I pay for insurance etc.
In my last SOA, I forgot to inc pet food, my gas/electric has increased (just received bill) and I have had to take out a new pet ins policy (realised my old one lapsed over a year ago). On the plus side, I have managed to change mobile tariffs for my son and myself.

Number of adults in household........... 1

Number of children in household......... 2

Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 566

Partners monthly income after tax....... 0

Universal Credit................................ 1100
Child Benefit..............................  151

Child Maintenance............................ 210

Total monthly income.................... 2027

Monthly Expense Details

Washer/Dryer HP repayments.............. 42

Rent.................................... 675

Council tax............................. 77

Electricity............................. 65

Gas..................................... 50

Water rates............................. 32

Telephone (land line)................... 0

Mobile phone............................ 30

TV Licence.............................. 13

Satellite/Cable TV...................... 14

Internet Services....................... 30

Groceries etc. ......................... 400

Clothing................................ 45

Petrol/diesel........................... 110

Road tax................................ 11

Car Insurance........................... 37

Car maintenance (including MOT)......... 35

Car parking............................. 10

School Bus............................ 32

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 38

Contents insurance...................... 11

Life assurance ......................... 21

Presents (birthday, christmas etc)...... 25

Haircuts................................ 30

Entertainment........................... 10

Holiday................................. 30

Emergency fund.......................... 30

Pet food................................ 40

Child spend............................. 20

Scouts & brass band.......................... 20

School Dinners.......................... 48

Toiletries.............................. 20

Total monthly expenses.................. 2036

Assets

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 3500
Other assets............................ 0

Total Assets............................ 3500

Unsecured Debts

Total unsecured debts.........£.45K+

Monthly Budget Summary

Total monthly income.................... 2,027

Expenses (including HP) .... 2,051

Available for debt repayments........... -24

I'm really sorry but I feel that I have been constantly asking questions on this Forum all week .... I just need to sort everything.
Flora x

mwarby

I’d put down 10 or 20 for prescription and dental. A checkup and filling would easily use 100, and prescriptions could easily be 20 or 30 in a year 

Flora_McDora

I have free dental and prescriptions as I get Universal Credit. However, the children and I take multi vitamins and cod liver oil tablets so I suppose I should put in £5 pm

Minkym00

What is “child spend”? 

You our need to be careful here. You only have a few months left of the Brighthouse payments and then you are at -£18. The minimum for a an IPA to be put in place is £20. You need to beef some up. You are only allowed £10 per adult too.

mwarby

I can’t recall if you’ve said ages of children, but the clothing spend maybe a touch low. Consider what you spend on uniforms, shoes and day to day clothes. I’d say £20 for yourself is ok 

Flora_McDora

Child spend is £10 spending money for each child per month. 

By the time my Brighthouse payments finish, my son will be away at uni so my income will reduce considerably.

george_112

I had £50 per month clothing for me and two children plus £180 per year for school uniforms and it wasn’t questioned. That was on Monday. I also had £40 leisure per month, £30 per month presents, £20 per month hairdresser and some alcohol budget. I was prepared to explain and try make my claim but nothing was questioned and she actually added some extra in.
i also put £5 each per week pocket money and that was accepted too. 

Flora_McDora

Did you get an IPA or did you end up with ‘negative’ amount left ?

george_112

I had a diff of £5, the only IPA I have is until the end of the tax year. It’s £30 and for the council tax I won’t be paying. My actual council tax is £98 but the lady added some bits more to my expenses as she said “you never know what might pop up”

i had had already been generous with myself as I was going to be close with an IPA I thought. 

I am off off work but at full pay and she allowed work lunches as she said I am just eating at home so no difference and if I go back to work next week they’d only be spending more time doing it again.