SOA advice and help

Redfoo1900

I am on a training programme until Sept 2025 and my work is 75 miles away so I am stuck at this moment in time. I could stay over at work but then I would have to get a houseshare which would cost £400+

theoretica

Do your children go to the nearest school?  If so, they might qualify for this https://www.gov.uk/free-school-transport - depending on how far 50 minutes walk is.  If not, is it a safe cycle route - and to the train station for you?

fatbelly

Redfoo1900 said:

Hi,

I am thinking of applying for a DRO and wanted some advice on my SOA. It will only be me applying and was wondering how it worked. 90% of bills come from my wife's account and I pay one lump sum into her account at the start of every month, will this be an issue when I have to provide bank statements. I have about five bills coming out of my account and that's it.

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

Household Information[/b]

Number of adults in household........... 2

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

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 2200

Partners monthly income after tax....... 1000

Benefits................................ 170

Other income............................ 0[b]

Total monthly income.................... 3370[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 680

Management charge (leasehold property).. 0

Council tax............................. 140

Electricity............................. 130

Gas..................................... 120

Oil..................................... 0

Water rates............................. 65

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

Mobile phone............................ 130

TV Licence.............................. 14

Satellite/Cable TV...................... 10

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

Groceries etc. ......................... 450

Clothing................................ 120

Petrol/diesel........................... 140

Road tax................................ 0

Car Insurance........................... 50

Car maintenance (including MOT)......... 50

Car parking............................. 0

Other travel............................ 600

Childcare/nursery....................... 60

Other child related expenses............ 150

Medical (prescriptions, dentist etc).... 35

Pet insurance/vet bills................. 50

Buildings insurance..................... 0

Contents insurance...................... 20

Life assurance ......................... 50

Other insurance......................... 0

Presents (birthday, christmas etc)...... 30

Haircuts................................ 20

Entertainment........................... 30

Holiday................................. 0

Emergency fund.......................... 50

Professional Fees....................... 30

Pension................................. 50[b]

Total monthly expenses.................. 3304[/b]

[b]

Assets[/b]

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

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

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

Car(s).................................. 1200

Other assets............................ 0[b]

Total Assets............................ 1200[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Barclays.......................6000......0.........0

Vanquis........................4000......0.........0[b]

Total unsecured debts..........10000.....0.........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 3,370

Expenses (including HP & secured debts). 3,304

Available for debt repayments........... 66

Monthly UNsecured debt repayments....... 0[b]

Amount left after debt repayments....... 66[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 1,200

Total HP & Secured debt................. -0

Total Unsecured debt.................... -10,000[b]

Net Assets.............................. -8,800[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Not sure you need a DRO but you need to engage with an Intermediary and see how you get on. I'd start with Money Wellness.

The only commend I would make on your soa is to take £100 off your mobile phone and bung it on groceries.

stu12345_2

if the training course isn't your normal place of work and your job is sending you there, why aren't they paying you travelling expenses?

what would happen if you told them you can't afford to travel that far everyday.

imo that sort of commute is for folk on very high salaries.

and can your wife work more hours

ps, if you do go for a dro, an emergency fund isn't allowed, cos you use your £66 excess as your emergency fund, and your pension contributions would be expected to stop 

so you would have to create a new budget that still fits you in to not going above £75 a month.
 but at same time it cannot go into a negative budget, cos a dro won't be approved.

plus nothing has to change for 12 months in the dro period, thus if you go back to your regular place of work and hence travel costs reduce and then your monthly  left over money could go above £75 a month, revoking your dro, leaving you back to square one still owing all your debts.

and you would have to justify the £600 month travel costs in DRO application,, eg you are traveling via the cheapest method  and remember ,you get 28 days hols a year so you won't be commuting then which you should account for in working out your ave monthly travel expenses , same for school travel costs as schools are closed for 13 weeks in the year

and I do think child qualifies for free bus pass to school 

the £75 max allowance in a DRO is such a tight and small allowance window imo, in that it suits folk that are eg unemployed or disabled where income is so low and fixed,, but at the same time expenses are unlikely to change in the 12 months period, eg no travel costs

food for thought imo

and as fatbelly suggests an intermediary like money wellness will direct you to the best debt solution choices and they do DRO,s , cos a dmp won't work , it will take far too long( 5 years is the normal max dmp recommendation)

JadedAngel88

It's not a big thing but TV licence is £15 per month as it went up in April.