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DMP Advice

Gemmzie
Gemmzie Posts: 14,876 Forumite
in Debt-free wannabe
So further to this thread...
http://forums.moneysavingexpert.com/showthread.html?t=316968

I've pull the SOA to shreds ready to send to the companies as a self administered DMP.

I am offering it as a plan for nine months, as this is when Child Benefit and Tax Credits stop, my brother's wages will probably be changing due to him getting more experienced and I will be getting my student loans.

If someone could have another look at this it would really be appreciated.

Edited to change budget 01/09/07:

Income
Wages £2,275 (£525 per week)
Wages (Partner) £250.00
Matthew Keep £175
Gemma Keep £510.00
TOTAL: £2,850


Outgoings
Mortgage £813.58
Endowment £80.40
Secured Loan £319.19
Mortgage Insurance £46.07
Council Tax £99.17
Water £45.59
Contents Insurance £26.90
Life Insurance £9.50
British Gas (Heating Insurance) £18.91
Gas £57.00
Electricity £90.00
Food £400.00
TV License £11.41
Clothing £10.00
Phone £15
Health Costs £0
Sky (inc. Broadband) £53
Travelling Expenses £168.50* (Dad van insurance, van tax, petrol, services)
Business Costs £168.50* = (AXA insurance, van, materials, mobile phone, life insurance, pc insurance)
Income Tax £140
NI £10
Total = £2582.72 (this isn't right, not sure why, the next figure is ...)

 Leaves - £200 for debts, £196 in DMP...

DMP debts....(01/12/07)(* = raised payment)
Egg Loan = [strike] £13,122.28 [/strike]£12,345.38 Offer = £77.69
Egg Card = [strike]£952.89[/strike]£1,015.29 Offer = £5.99
HSBC = [strike]£8,330.00[/strike] £7,972.66 Offer = £50.00
Mint = [strike]£5,192.91[/strike] £5,190.44 Offer = £30.00
Halifax One = [strike]£1,695.14[/strike] £1,575.14 Offer = £10.00
Capital One = [strike]£2,330.00[/strike] £2,321.61 Offer = £20.00 *
TOTAL = [strike] £34, 712.52 [/strike] £30,420.52

Other Debts (01/12/07 (Paid by mum £95 a month)
Overdraft (Dad) (24.9%) = [strike]£1,500.00[/strike] £116.96 £5.00
Overdraft (Joint) = [strike]£1,500.00[/strike] Paid
Egg Money (7.9%) = [strike] £943.62 [/strike] £913.62 £30.00
HSBC (Mum's) = [strike] £2,627.22 [strike] £2,400.95 £70.00
TOTAL = [strike] £6570.84 [/strike] £3,431.53
No longer using this account for new posts from 2013
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Comments

  • madduck
    madduck Posts: 291 Forumite
    Seperating out into travelling expenses and 'mum' costs is a bit confusing. It would probably be best to list individual expenses such as car tax, insurance, clothing, etc individually.
  • madduck
    madduck Posts: 291 Forumite
    Your gas and electricity costs seem to be really high - are you paying off arrears at the moment?
  • fatbelly
    fatbelly Posts: 23,041 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    In your National Debtline pack, doesn't it suggest £3 - £5 per person per week for clothing? £10 per month seems a bit mean.

    Did you follow their guidelines for food & housekeeping? Apart from the non-dependants, is this for two adults and a child?

    And I know this is a bit pedantic, but everything should be on a calendar month basis. So if you get child benefit at £17.45 per week, then the monthly figure is 17.45 x 52/12 = 75.62.

    Same applies to all the other weekly figures. And 52/12 is 4.3333333 if that's easier!
  • sgx.saint
    sgx.saint Posts: 1,615 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Gemmzie, how are you sending your SOA to your creditors, what format, have you worked out pro-rata repayments to calculate how much you are giving each of your creditors?

    Why not download the National Debtline I&E Sheet, its very very useful and will work it all out for you:-

    http://www.nationaldebtline.co.uk/england_wales/budget_sheet.php?country=england_wales
  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    madduck wrote:
    Seperating out into travelling expenses and 'mum' costs is a bit confusing. It would probably be best to list individual expenses such as car tax, insurance, clothing, etc individually.

    I will put a breakdown of mum's and it was the National Debtline pack which suggested having travelling expenses as a whole
    No longer using this account for new posts from 2013
  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    madduck wrote:
    Your gas and electricity costs seem to be really high - are you paying off arrears at the moment?

    They are the revised costs moving to a cheaper supplier! It's all online run so it should be easier to moniter and get it down some more.
    But no, there's no arrears.
    fatbelly wrote:
    In your National Debtline pack, doesn't it suggest £3 - £5 per person per week for clothing? £10 per month seems a bit mean.

    Did you follow their guidelines for food & housekeeping? Apart from the non-dependants, is this for two adults and a child?

    And I know this is a bit pedantic, but everything should be on a calendar month basis. So if you get child benefit at £17.45 per week, then the monthly figure is 17.45 x 52/12 = 75.62.

    Same applies to all the other weekly figures. And 52/12 is 4.3333333 if that's easier!

    The £10 is purely for my dad, he hardly ever buys clothes.

    Their guideline for housekeeping/food said £500 for two adults and two children. So we've actually got that down.

    Oh yes, I changed the other amounts but not the Child Benefit, thanks! My brother's keep needs altering too then, he pays weekly £30.
    No longer using this account for new posts from 2013
  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    sgx.saint wrote:
    Gemmzie, how are you sending your SOA to your creditors, what format, have you worked out pro-rata repayments to calculate how much you are giving each of your creditors?

    Why not download the National Debtline I&E Sheet, its very very useful and will work it all out for you:-

    http://www.nationaldebtline.co.uk/england_wales/budget_sheet.php?country=england_wales

    I have the Debtline pack, this is what I've worked with to get these figures, so I will be filling that in to send to them.

    I have worked out the percentage that each debt is in relation to the total. And divided the £260 by that same percentage.
    No longer using this account for new posts from 2013
  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    *bump*

    Changed the payments, will update them, it looks a bit better.

    Thank gawd
    No longer using this account for new posts from 2013
  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    I've added the debts in too

    Any advice? Is that ok?
    No longer using this account for new posts from 2013
  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    *bump*

    Since everyone is back from holiday-ing :)
    No longer using this account for new posts from 2013
This discussion has been closed.
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