| Author |
 Topic  |
|
|
davidsw
Starting Member
United Kingdom
15 Posts |
 Posted - 27 July 2009 : 11:35:33
|
Hello
Currently completing the SOA forms, can anyone give me some advice on
section 7.1 - outgoings - on here do I list all the family outgoings even my wife's personal debts(she isn't going BR). Do I also list my loan payment credit card payments. Al ougoings as they stand before BR, do I list them on the bottom of the form on essential payments. I earm alot more than my wife so she contributes less and she also has her own bills to pay
thanks so much |
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 27 July 2009 : 12:21:50
|
| Just list the outgoings that you pay or contribute to. Don't put in the loan/cc repayments as these will be written off once your are declared BR. The OR won't be interested in your wife's debts so don't mention these. |
 |
|
|
davidsw
Starting Member
United Kingdom
15 Posts |
Posted - 27 July 2009 : 14:10:14
|
| Thank you that is clearer. I have listed all the outgoing rent, c/tax utilities etc etc etc, I have more going out than coming in. What contribtion is my wife supposed to give?? |
|
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 27 July 2009 : 15:59:55
|
You wife should give what she can afford and what she currently gives. She won't be expected to contribute 50% and the OR cannot force her to contribute any more that you put on the form.
If she can only contribute £50 then you should put this down. As you say she has her own debts. |
|
|
|
davidsw
Starting Member
United Kingdom
15 Posts |
Posted - 27 July 2009 : 19:31:24
|
Thank you very much for your help.
She pays for the child care which is 200.00 per month and school meals, I pay for everything else because I earn more. your advice has helped me understand the process better. thank you |
|
|
|
davidsw
Starting Member
United Kingdom
15 Posts |
Posted - 27 July 2009 : 19:32:45
|
Thank you very much for your help.
She pays for the child care which is 200.00 per month and school meals, I pay for everything else because I earn more. your advice has helped me understand the process better. thank you |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 27 July 2009 : 22:11:20
|
| Hi David sw. In section 6 you should put down all the household income. In Section 7 you should put all the household outgoing. If you do not put down your wifes income (and the OR cannot make you declare this) then they will assign 50% of the household outgoings to her. If you do put down all the incomes the OR will split the outgoings according to income. I.E. If you earn 75% of the income the OR will assign 75% of the outgoings to you which leaves you with less surplus and so a smaller IPA. |
|
|
|
davidsw
Starting Member
United Kingdom
15 Posts |
Posted - 27 July 2009 : 23:07:31
|
| I have worked out that my incomings are 64% and my wife's are 36%. Does this mean the OR will expect her to pay 36% towards the outgoings? |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 27 July 2009 : 23:14:30
|
| Yes the OR will expect her to pay for 36% of the joint outgoings (Rent, gas, elec, water, telephone, childcare,etc) Things that are yours only (car, petrol, work expenses etc) she contributes 0% to. |
|
|
|
debtinfo
forum expert
2826 Posts |
|
|
davidsw
Starting Member
United Kingdom
15 Posts |
Posted - 28 July 2009 : 12:56:04
|
| That is so helpful, thanks once again |
|
|
| |
Topic |
|
SOA need some help please
