SOA check please

Freddiesmum · 15 March 2017 at 3:09PM

Hi, would someone mind helping me? I'm considering a DRO and have just done my SOA. I live alone but need to move due to difficult circumstances and have included saving for fees/deposit to move. I also pay privately to see a counsellor and have included that. I also have 3 cats and a dog. Could someone review my SOA please?

My income is £1590 but I am allowed a bonus of £2000 a year (gross), this can be withdrawn or reduced depending on how my work the previous month is assessed. It was reduced/removed a couple of times last year so I have used last years figures to calculate it.

Income £1670

Outgoings:

Rent 450
House insurance 11
Employment insurance 30
Life insurance 15
Council tax 75
Gas 53
Elec 53
Water 33
Calor gas 20
TV 13
Home phone 25
Mobile 30
Car ins 39
Car tax 19
Petrol 120
MOT etc 40
AA 10
Parking 20
Food/milk 200
Cleaning/toiletries 30
Newspapers 15
Clothing 30
Dry cleaning 10
Pet food 40
Prescriptions 11
Dentist/glasses 15
Repairs 20
Hair 10
Virgin TV 20
Hobbies 30
Gifts 40
Vet 25
Emergencies 10
Holiday 15
Save deposit 50
Counsellor 25
= £1652

Johnsmith2016 · 15 March 2017 at 10:12PM

From memory you can only have £50 disposable income. Looking at your SOA you will have much more than this once they trim away the fat, there are several areas there that they will try reduce or remove all together.
Do you have a good credit score? 20k debt on that wage, with the possible bonus should be serviceable by a normal method. Perhaps a new consolidation loan? If you can get one.

Johnsmith2016 · 15 March 2017 at 10:15PM

If that was my personal SOA I would think I could trim away about £200/300 a month just by living frugally.

National_Debtline · 16 March 2017 at 2:45PM

Hi Freddiemum,

So, with a performance related bonus the money is normally spread over the year and if that means you have more than £50per month of disposable money, I am afraid you would not qualify for the DRO. You appear to have calculated your bonus on £960 per annum, but if it was much higher than this I think your budget would have more than £50 per month surplus.

I am afraid that savings to move and holiday would not be a permitted expense. Nothing else seemed especially high but you may be asked to make some reductions, such as your phone when it is up for renewal. Unfortunately, it looks as though a DRO may be quite tricky to get started. Could you list details of the debts you have and then we should be able to offer more help.

Laura
@natdebtline

SOA check please

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free