S.o.a.

Debtless_2

was just wondering does it matter that my soa is £500 more than our income a month?

jo70

i am currently making list after list for a potential SOA what is allowed we are a family of 6 with a load of animals too:eek:

Many thanks
Jo

scaredwitless32

jo70 put up your SOA in another thread and let the others give it a once over, then you will have your starting point

crashedandburned

Debtless wrote: »

was just wondering does it matter that my soa is £500 more than our income a month?

i'd also be interested to know if its better to leave the shortfall showing or to reduce down individual budget items until i & e balance??

JCS1

Debtless wrote: »

was just wondering does it matter that my soa is £500 more than our income a month?

Shortfall of this much would usually get a question from your examiner on how you intend to make up the difference. If it's something like returning to work after maternity, sick leave, etc then it's fine. Small deficit can usually be explained by budgeting, but large deficit would tend to be queried.

JoeHel

I suppose if your outgoings are higher than your income that shows how you've gone into debt in the first place - I'm sure they'll understand!! But they might wonder how you will manage from BC onwards....?

Debtless_2

Ok All, heres what i think will be my final I/E

Income is £1467.78

and my outgoings are

Mortgage payments or rent on your home £ 525.00
Housekeeping (including food and cleaning) £ 350.00
Gas, electricity, other heating £ 70.00
Water £ 25.00
Telephone charges £ 30.00
Travelling to and from work and other essential journeys £ 200.00
Clothing £ 50.00
Maintenance payments and fines £ 0.00
Council tax £ 110.00
Tv liscense £11
Holidays £50
Haircuts £30
Car tax £18
car insurance £30
Car maintenance £20
Cat food £34
Vets £10
Emergencies £20
work phone £10

total monthly outgoings £1593.00

does that look ok?

also i will need to send a letter to pleady for car exemption, does anyone have a draft i could use for that and should i hand it in with the forms at court or keep it to post to the OR?

peachyprice

Where are you going to get the extra £126 per month when you no longer have access to credit? I ask because the OR will want to know.

Debtless_2

i won't i will be cutting back to stay within my means, thats as it is at moment.

scaredwitless32

How many people is this based on ?

Your emergencies and cat food might be brought to question, do you have to pay for , perscription, dental treatment, opticians, house insurance?
Depending on how many in your family maybe you could up your clothing allowance ?