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Any advice on my SOA welcome.
Hi everyone,
Hopefully my BR on monday will be successful but I would appreciate some advice on my SOA. I have had to move back in with my dad ( who is retired ) and my brother also lives here. His salary is only about 15K so I am not sure about how I should enter that on the SOA if indeed I have to at all.
Many thanks in anticipation.
Brian
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 278.63
Other income............................ 0
Total monthly income.................... 278.63
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 25
Mobile phone............................ 20
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 180
Clothing................................ 25
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 717
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Northern Rock..................26875.4...221.......12.9
HSBC...........................11802.2...256...... .10.9
AA Personal Finacnce...........1359.82...221.......7.9
Virgin Credit Card.............5787.88...25........15.9
Halifax Credit Card............9235.66...260.1.....15.9
Egg Credit Card................5150.53...164.8.....21.9
Mint Credit Card...............597.59....13........14.9
Marbles Credit Card............2346.59...113.......17.9
HSBC Credit Card...............7843.8....189.1.....21.9
Total unsecured debts..........70999.47..1463......-
Monthly Budget Summary
Total monthly income.................... 278.63
Expenses (including HP & secured debts). 717
Available for debt repayments........... -438.37
Monthly UNsecured debt repayments....... 1,463
Amount short for making debt repayments. -1,901.37
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -70,999.47
Net Assets.............................. -70,999.47
Just a few quick thoughts N x
That was quick. I will amend those. Yes, no insurance I'm afraid. How should I take into account my fathers pension and my brothers income? I know that the OR won't be interested in these but I don't want to leave anything out. Thanks again B
If your income is benefits do you get housing benefit and council tax benefit? You have a major deficit in your budget. If your only source of income is benefits you shouldn't receive an IPA so you need to make it more accurate of what you actually spend on.
Just put in the amount that makes your SoA balance, so as it is with no alterations their contribution would be ￡439. HTH
FYP, I'm presuming the bills are the full amount and shared between Brian, his brother and his dad?
Some of them look like the full amount and some don't. He will either need to up housekeeping to include the 3 of them then put in their income contribution to get the deficit closer. IMHO there is nothing wrong with a slight deficit but this one is too big and may raise questions.
On the SOA, should I be listing the total household income (dad's pension payments, brother's salary) and all of the household bills regardless of who pays for them? Dad pays all the bills except the internet which is paid for by my brother. The actual cost of the bills for the house are something I don't know about. I have guessed how much they are. I just pay dad ￡250 a month and try to buy my own food. He's on a pension and I feel really bad about relying on him. So, other than the ￡250 a month my only other real expense is my phone, ￡20 plus whatever if I go over my minute alowance although this will also stop on monday as I can't pay them either. Having followed many of the threads on here I was hoping this would be straightforward!! Thanks for your help so far. Brian
If you pay your dad board then take off things like elec/gas/internet etc and keep you expenses to rent, travel, phone, housekeeping, clothing and haircuts. Make sure that all amounts to no more than ￡300. Make those changes and post back up so we can see how that looks.
Changes made. Anymore suggestions/advice gladly welcome. Brian Household Information[/b] Number of adults in household........... 3 Number of children in household......... 0 Number of cars owned.................... 0 Monthly Income Details Monthly income after tax................ 0 Partners monthly income after tax....... 0 Benefits................................ 278.63 Other income............................ 0 Total monthly income.................... 278.63 Monthly Expense Details Mortgage................................ 0 Secured/HP loan repayments.............. 0 Rent.................................... 250 Management charge (leasehold property).. 0 Council tax............................. 0 Electricity............................. 0 Gas..................................... 0 Oil..................................... 0 Water rates............................. 0 Telephone (land line)................... 0 Mobile phone............................ 20 TV Licence.............................. 0 Satellite/Cable TV...................... 0 Internet Services....................... 0 Groceries etc. ......................... 0 Clothing................................ 25 Petrol/diesel........................... 0 Road tax................................ 0 Car Insurance........................... 0 Car maintenance (including MOT)......... 0 Car parking............................. 0 Other travel............................ 30 Childcare/nursery....................... 0 Other child related expenses............ 0 Medical (prescriptions, dentist etc).... 0 Pet insurance/vet bills................. 0 Buildings insurance..................... 0 Contents insurance...................... 0 Life assurance ......................... 0 Other insurance......................... 0 Presents (birthday, christmas etc)...... 0 Haircuts................................ 10 Entertainment........................... 0 Holiday................................. 0 Emergency fund.......................... 0 Total monthly expenses.................. 335 Assets Cash.................................... 0 House value (Gross)..................... 0 Shares and bonds........................ 0 Car(s).................................. 0 Other assets............................ 0 Total Assets............................ 0 No Secured nor Hire Purchase Debts Unsecured Debts Description....................Debt......Monthly.. .APR Northern Rock..................26875.4...221.......12.9 HSBC...........................11802.2...256...... .10.9 AA Personal Finacnce...........1359.82...221.......7.9 Virgin Credit Card.............5787.88...25........0 Halifax Credit Card............9235.66...260.1.....15.9 Egg Credit Card................5150.53...164.8.....21.9 Mint Credit Card...............597.59....13........14.9 Marbles Credit Card............2346.59...113.......17.9 HSBC Credit Card...............7843.8....189.1.....21.9 Total unsecured debts..........70999.47..1463......- Monthly Budget Summary Total monthly income.................... 278.63 Expenses (including HP & secured debts). 335 Available for debt repayments........... -56.37 Monthly UNsecured debt repayments....... 1,463 Amount short for making debt repayments. -1,519.37 Personal Balance Sheet Summary Total assets (things you own)........... 0 Total HP & Secured debt................. -0 Total Unsecured debt.................... -70,999.47 Net Assets.............................. -70,999.47
Just a few quick thoughts N x
That was quick. I will amend those. Yes, no insurance I'm afraid. How should I take into account my fathers pension and my brothers income? I know that the OR won't be interested in these but I don't want to leave anything out. Thanks again B
If your income is benefits do you get housing benefit and council tax benefit? You have a major deficit in your budget. If your only source of income is benefits you shouldn't receive an IPA so you need to make it more accurate of what you actually spend on.
Just put in the amount that makes your SoA balance, so as it is with no alterations their contribution would be ￡439. HTH
FYP, I'm presuming the bills are the full amount and shared between Brian, his brother and his dad?
Some of them look like the full amount and some don't. He will either need to up housekeeping to include the 3 of them then put in their income contribution to get the deficit closer. IMHO there is nothing wrong with a slight deficit but this one is too big and may raise questions.
On the SOA, should I be listing the total household income (dad's pension payments, brother's salary) and all of the household bills regardless of who pays for them? Dad pays all the bills except the internet which is paid for by my brother. The actual cost of the bills for the house are something I don't know about. I have guessed how much they are. I just pay dad ￡250 a month and try to buy my own food. He's on a pension and I feel really bad about relying on him. So, other than the ￡250 a month my only other real expense is my phone, ￡20 plus whatever if I go over my minute alowance although this will also stop on monday as I can't pay them either. Having followed many of the threads on here I was hoping this would be straightforward!! Thanks for your help so far. Brian
If you pay your dad board then take off things like elec/gas/internet etc and keep you expenses to rent, travel, phone, housekeeping, clothing and haircuts. Make sure that all amounts to no more than ￡300. Make those changes and post back up so we can see how that looks.
Changes made. Anymore suggestions/advice gladly welcome. Brian Household Information[/b] Number of adults in household........... 3 Number of children in household......... 0 Number of cars owned.................... 0 Monthly Income Details Monthly income after tax................ 0 Partners monthly income after tax....... 0 Benefits................................ 278.63 Other income............................ 0 Total monthly income.................... 278.63 Monthly Expense Details Mortgage................................ 0 Secured/HP loan repayments.............. 0 Rent.................................... 250 Management charge (leasehold property).. 0 Council tax............................. 0 Electricity............................. 0 Gas..................................... 0 Oil..................................... 0 Water rates............................. 0 Telephone (land line)................... 0 Mobile phone............................ 20 TV Licence.............................. 0 Satellite/Cable TV...................... 0 Internet Services....................... 0 Groceries etc. ......................... 0 Clothing................................ 25 Petrol/diesel........................... 0 Road tax................................ 0 Car Insurance........................... 0 Car maintenance (including MOT)......... 0 Car parking............................. 0 Other travel............................ 30 Childcare/nursery....................... 0 Other child related expenses............ 0 Medical (prescriptions, dentist etc).... 0 Pet insurance/vet bills................. 0 Buildings insurance..................... 0 Contents insurance...................... 0 Life assurance ......................... 0 Other insurance......................... 0 Presents (birthday, christmas etc)...... 0 Haircuts................................ 10 Entertainment........................... 0 Holiday................................. 0 Emergency fund.......................... 0 Total monthly expenses.................. 335 Assets Cash.................................... 0 House value (Gross)..................... 0 Shares and bonds........................ 0 Car(s).................................. 0 Other assets............................ 0 Total Assets............................ 0 No Secured nor Hire Purchase Debts Unsecured Debts Description....................Debt......Monthly.. .APR Northern Rock..................26875.4...221.......12.9 HSBC...........................11802.2...256...... .10.9 AA Personal Finacnce...........1359.82...221.......7.9 Virgin Credit Card.............5787.88...25........0 Halifax Credit Card............9235.66...260.1.....15.9 Egg Credit Card................5150.53...164.8.....21.9 Mint Credit Card...............597.59....13........14.9 Marbles Credit Card............2346.59...113.......17.9 HSBC Credit Card...............7843.8....189.1.....21.9 Total unsecured debts..........70999.47..1463......- Monthly Budget Summary Total monthly income.................... 278.63 Expenses (including HP & secured debts). 335 Available for debt repayments........... -56.37 Monthly UNsecured debt repayments....... 1,463 Amount short for making debt repayments. -1,519.37 Personal Balance Sheet Summary Total assets (things you own)........... 0 Total HP & Secured debt................. -0 Total Unsecured debt.................... -70,999.47 Net Assets.............................. -70,999.47