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My soa help

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  • RAS
    RAS Posts: 35,738 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Who is the registered keeper for the car?
    If you've have not made a mistake, you've made nothing
  • RAS
    RAS Posts: 35,738 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Placitasgirl said:
    How old is your child and what is their situation? You mention that they are paying £200 "lodge money".... are they working? 
    Is your wife receiving child benefit for them or child tax credits or both? 


     I think there is a child and also a young adult age not known who lives with the OP and his wife, although it's not clear.
    And that the wife receives the child benefit, or child tax credit (not clear if one, the other or both) and a young adult pays £200 lodging money.

    I'm not sure how young adults are regarded in a BR situation.

    If you've have not made a mistake, you've made nothing
  • hopper01609
    hopper01609 Posts: 50 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    Placitasgirl said:
    How old is your child and what is their situation? You mention that they are paying £200 "lodge money".... are they working? 
    Is your wife receiving child benefit for them or child tax credits or both? 
    My daughter is 12
    my son is 20 he works and pays 200 a month to my wife

    wife gets child tax for my daughter
  • hopper01609
    hopper01609 Posts: 50 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    RAS said:
    Who is the registered keeper for the car?
    Cars registered in wife’s name and I’m a named driver,it’s been in her name for 5 years
  • RAS
    RAS Posts: 35,738 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    hopper01609 said:
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1120
    Partners monthly income after tax....... 326
    Benefits................................ 0
    Other income............................ 200[b]
    Total monthly income.................... 1646[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 400
    Management charge (leasehold property).. 0
    Council tax............................. 169
    Electricity............................. 75
    Gas..................................... 75
    Oil..................................... 0
    Water rates............................. 60
    Telephone (land line)................... 48 des this include internet? 
    Mobile phone............................ 15
    TV Licence.............................. 17
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 520 Check the recommended amount for 2 adults and a child and add £100 for your son
    Clothing................................ 30 inadequate even if your missus and daughter are funded by her income and child benefit/CTC, in practice I suspect you end up paying something towards her clothes?
    Petrol/diesel........................... 40 - suggest you put travel and work out actual costs plus some for incidentals including parking
    Road tax................................ 12.68 - remove
    Car Insurance........................... 52.4 remove
    Car maintenance (including MOT)......... 15 remove
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0 your daughter is allowed to have some fun. Even £15 a week
    Medical (prescriptions, dentist etc).... 25
    Pet insurance/vet bills................. 15
    Buildings insurance..................... 0
    Contents insurance...................... 0 get this and add it, you need to be covered
    Life assurance ......................... 0 Please get this given the age of your daughter. Could be fixed term, say 10 years
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 20 for parents and a child - double at least
    Holiday................................. 20 inadequate. Price up a modest week for three in the UK inc travel and put 2/3rds here
    Emergency fund.......................... 20[b] Unless you've got a stash, double it. Without credit you'll need to be able to cover the breakdowns from cash.
    Total monthly expenses.................. 1669.08[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1400 remove
    Other assets............................ 0[b]
    Total Assets............................ 1400[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Yorkshire bank ................10328.....0.........0
    PayPal ........................2200......0.........0
    Vanquis........................3400......0.........0
    Cabbot(Halifax)................2900......0.........0
    Robinson’s way (visa)..........1839......0.........0
    Omni capital ..................1310......0.........0
    Barclays (sofa)................900.......0.........0
    Creation (pcworld).............1200......0.........0
    Argos..........................1200......0.........0[b]
    Total unsecured debts..........25277.....0.........-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,646
    Expenses (including HP & secured debts). 1,669.08
    Available for debt repayments........... -23.08
    Monthly UNsecured debt repayments....... 0[b]
    Amount short for making debt repayments. -23.08[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 1,400
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -25,277[b]
    Net Assets.............................. -23,877[/b]

    [i]Created using the SOA calculator at www.stoozing.com. 
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
    Some comments

    Anything you need for work? Union, membership, safety boots?
    If you've have not made a mistake, you've made nothing
  • hopper01609
    hopper01609 Posts: 50 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    RAS said:
    hopper01609 said:
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1120
    Partners monthly income after tax....... 326
    Benefits................................ 0
    Other income............................ 200[b]
    Total monthly income.................... 1646[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 400
    Management charge (leasehold property).. 0
    Council tax............................. 169
    Electricity............................. 75
    Gas..................................... 75
    Oil..................................... 0
    Water rates............................. 60
    Telephone (land line)................... 48 des this include internet? 
    Mobile phone............................ 15
    TV Licence.............................. 17
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 520 Check the recommended amount for 2 adults and a child and add £100 for your son
    Clothing................................ 30 inadequate even if your missus and daughter are funded by her income and child benefit/CTC, in practice I suspect you end up paying something towards her clothes?
    Petrol/diesel........................... 40 - suggest you put travel and work out actual costs plus some for incidentals including parking
    Road tax................................ 12.68 - remove
    Car Insurance........................... 52.4 remove
    Car maintenance (including MOT)......... 15 remove
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0 your daughter is allowed to have some fun. Even £15 a week
    Medical (prescriptions, dentist etc).... 25
    Pet insurance/vet bills................. 15
    Buildings insurance..................... 0
    Contents insurance...................... 0 get this and add it, you need to be covered
    Life assurance ......................... 0 Please get this given the age of your daughter. Could be fixed term, say 10 years
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 20 for parents and a child - double at least
    Holiday................................. 20 inadequate. Price up a modest week for three in the UK inc travel and put 2/3rds here
    Emergency fund.......................... 20[b] Unless you've got a stash, double it. Without credit you'll need to be able to cover the breakdowns from cash.
    Total monthly expenses.................. 1669.08[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1400 remove
    Other assets............................ 0[b]
    Total Assets............................ 1400[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Yorkshire bank ................10328.....0.........0
    PayPal ........................2200......0.........0
    Vanquis........................3400......0.........0
    Cabbot(Halifax)................2900......0.........0
    Robinson’s way (visa)..........1839......0.........0
    Omni capital ..................1310......0.........0
    Barclays (sofa)................900.......0.........0
    Creation (pcworld).............1200......0.........0
    Argos..........................1200......0.........0[b]
    Total unsecured debts..........25277.....0.........-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,646
    Expenses (including HP & secured debts). 1,669.08
    Available for debt repayments........... -23.08
    Monthly UNsecured debt repayments....... 0[b]
    Amount short for making debt repayments. -23.08[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 1,400
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -25,277[b]
    Net Assets.............................. -23,877[/b]

    [i]Created using the SOA calculator at www.stoozing.com. 
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
    Some comments

    Anything you need for work? Union, membership, safety boots?
    Many thank for your help really appreciate it,just one quick last question so I don’t need to mention the car?
  • hopper01609
    hopper01609 Posts: 50 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    Hope for the last time lol,thanks for been patient with me and the help we are great full

    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 3 (me,wife and son)
    Number of children in household......... 1   (Daughter 12 year old)
    Number of cars owned.................... 0[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1120 (my wage on furlough 
    Partners monthly income after tax....... 326 (50% of wife’s wages) On furlough 
    Benefits................................ 21.05  (child benifit)
    Other income............................ 200[b] (son works full time pays 200 lodge he’s on minimum wage)
    Total monthly income.................... 1667.05[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 400
    Management charge (leasehold property).. 0
    Council tax............................. 169
    Electricity............................. 75 (£150 a quarter for electric and gas together)
    Gas..................................... 75
    Oil..................................... 0
    Water rates............................. 60
    Telephone (land line)................... 48 (internet included)
    Mobile phone............................ 15
    TV Licence.............................. 17
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 600
    Clothing................................ 50
    Petrol/diesel........................... 50
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 60
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 15
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 40
    Holiday................................. 40
    Emergency fund.......................... 30[b]
    Total monthly expenses.................. 1804[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0[b]
    Total Assets............................ 0[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Yorkshire bank.................10328.....0.........0
    Paypal.........................2200......0.........0
    Vanquis........................3400......0.........0
    Argos..........................1200......0.........0
    Creation.......................1200......0.........0
    Barclays.......................900.......0.........0
    Omni capital...................1310......0.........0
    Robinson’s way.................1839......0.........0
    Cabot..........................2900......0.........0[b]
    Total unsecured debts..........25277.....0.........-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,667.05
    Expenses (including HP & secured debts). 1,804
    Available for debt repayments........... -136.95
    Monthly UNsecured debt repayments....... 0[b]
    Amount short for making debt repayments. -136.95[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -25,277[b]
    Net Assets.............................. -25,277[/b]

    [i]Created using the SOA calculator at www.stoozing.com. 
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
  • hopper01609
    hopper01609 Posts: 50 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    Quick bump thanks
  • Placitasgirl
    Placitasgirl Posts: 408 Forumite
    Ninth Anniversary 100 Posts Name Dropper
    Hi Hopper, 

    I think you've entered the weekly child benefit amount instead of the monthly figure? 
  • hopper01609
    hopper01609 Posts: 50 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    Placitasgirl said:
    Hi Hopper, 

    I think you've entered the weekly child benefit amount instead of the monthly figure? 
    Thanks very much for spotting that
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