Need some SOA help

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Hi, I've just been sent my first review for my Trust Deed (Scottish form of an IVA) I've been in it for 14 months and this is the first review we've had!

I need some help filling the expenditure out. Also the income part for myself. I'm a stay at home mum. My partner pays my trust deed on my behalf. The form asks what your income from your job is, what benefits you claim, your self employed income and any other money or assets you have. I was just going to write nil for all of them. I think I should probably put nil for the expenditures too, because how can i have outgoings if I have no income. I was going to fill in all the outgoings on his form instead.

I'd be grateful if someone could look over my SOA and tell me if it looks ok. I don't want to over or under estimate on things too much.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 629.85 (this is tax credits)
Other income............................ 244.62 (child benefit - though I heard this shouldn't be counted as income? I'm sure they counted it last time)
Total monthly income.................... 2174.47
Monthly Expense Details
Rent.................................... 230
Council tax............................. 100
Electricity............................. 50
Gas..................................... 25
Telephone (land line)................... 65 (line rental, tv and broadband package plus call charges)
Mobile phone............................ 25
TV Licence.............................. 12
Groceries etc. ......................... 500 (for 6 people. Is this too high? Works out at £115ish a week, which i don't think sounds too hideous. Does anyone know if there are any official government figures for what you should spend per person on food?)
Clothing................................ 70 (for 6 - does that sound ok? Are there any sort of official figures for this too?)
Petrol/diesel........................... 100
Road tax................................ 14
Car Insurance........................... 30
Car maintenance (including MOT)......... 25
Car parking............................. 10
Other travel............................ 10
Other child related expenses............ 50 (this is some classes that my daughter attends. They said we couldn't have this anymore when we signed up but when they did the calculations they included money for childrens activities or pocket money or childcare even, which was more than enough to cover this)
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 15
Contents insurance...................... 8.04
Presents (birthday, christmas etc)...... 40 (are we allowed to have this? They didn't let us have anything on the original SOA)
Haircuts................................ 20 (Do you think this ok for 6 - well 5 really since the baby is pretty much bald!)
Entertainment........................... 50 (are we allowed anything for entertainment?)
Holiday................................. 0 (are we allowed holidays? I didn't put anything down for that)
Emergency fund.......................... 50
Baby - Nappies/milk/baby wipes.......... 70 (Is it really cheeky of me to include this? I checked out the prices on tesco for nappies, baby milk and wipes even though we use cloth nappies and wipes and the baby is breastfed. Can't believe a baby could cost so much money a month!)
Trust Deed.............................. 370(this is what we're currently paying. £100 odd goes towards mine and the rest goes to my partners)
Total monthly expenses.................. 1974.04

Assets
Car(s).................................. 1500 (They'd said they had no interest in our car before, but should I include it on the assets part anyway?)
Total Assets............................ 1500

Monthly Budget Summary
Total monthly income.................... 2,174.47
Expenses (including secured debts)...... 1,974.04
Available for debt repayments........... 200.43
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 200.43
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 1,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

What do you think? There is £200 left over, but if they don't count child benefit as income then that works out even. I'd hate my payments to be increased by £200! For the first time ever I feel like we are doing ok. I have all my budgeted amounts for car repairs etc in envelopes. I've paid cash for all my Christmas presents this year, which feels great!

Comments

  • mbs1
    mbs1 Posts: 186 Forumite
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    Im new to all this but do have a bit of advice.

    Food wise, i found info that per adult its £187 p/month each or two adults 2 kids was £500... i can't find the link now tho sorry.

    I dont think your allowed a present/xmas budget but you are allowed a holiday budget so id swap them around

    Maybe move the baby fund to your food/housekeeping allowance

    Someone with more knowledge will be along soon

    HTH
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