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  • FIRST POST
    • Desperadoo
    • By Desperadoo 9th Jul 17, 10:23 AM
    • 29Posts
    • 55Thanks
    Desperadoo
    taking the plunge SOA help
    • #1
    • 9th Jul 17, 10:23 AM
    taking the plunge SOA help 9th Jul 17 at 10:23 AM
    Bit of background as complicated

    Hubby employed and I am self semplyed but nature of my work ( i own a franchise ) means my income varies a lot. . Hubby hopeing to do DMP I cannot enter into any kind of debt management formal or informal as would invalidate my contract with company i work with .

    Going to do SOA today, for hubby so do we just include things in his name 100 %, his car, insurance etc then 1/2 the household bills, mortgage etc .

    At the minute he pays 100% of these and i paid 100% of the credit cards bills . My CC will not be included in DMP just hubbys. So on SOA I will include his CC only and what his payments are.

    Does that sound right ? confused
Page 1
    • Karonher
    • By Karonher 9th Jul 17, 12:28 PM
    • 402 Posts
    • 1,949 Thanks
    Karonher
    • #2
    • 9th Jul 17, 12:28 PM
    • #2
    • 9th Jul 17, 12:28 PM
    Normally it will be both wages, all outgoings and all debts. That way it is easy to see where savings could be made.

    To be honest it will be hard to give advice if no-one knows exactly what is to be paid and what money is left at the end of the month.
    Getting ready for Christmas 2017

    Aiming to make £4,500 online in 2017.
  • National Debtline
    • #3
    • 10th Jul 17, 12:46 PM
    • #3
    • 10th Jul 17, 12:46 PM
    Hi there,


    If you would like to keep things separate then you can do separate budgets, but you should split the bills proportionately. I appreciate your income varies but try and take an average and perhaps try and create a business budget if you have business expenses that also need to be taken into consideration - www.businessdebtline.org


    So, if your husband earns £2000 per month, and you earn £1000 he will be expected to pay twice as much to the household expenses as you. If you both have a car to run then those expenses should be listed as such. The money that he has available at the end of the month is the money for his debts. Please be aware that if there are any joint debts, this could get a bit complicated but the DMP company should help you through this.


    Remember that your husband should be using a free DMP company, and not one that charges a fee. Good luck,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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