Considering a DMP

Numpty_Monkey

I checked into the home page. a fee charging company

Don't use a fee chargeing firm, use one from here
Non-profit Debt Counsellors' List



An IVA is not suitable for everyone in fact i think the percentage it is suitable for is quite small

andreweduk

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1067
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1067

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 15
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 130
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 75
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 15
Emergency fund.......................... 10
Total monthly expenses.................. 769

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Credit Card...............4400......125.......18
Beneficial Credit Car..........1700......35........25
HMV Card (Style)...............250.......15........30
HSBC Loan......................4000......125.......9
HSBC Overdraft.................1600......0.........10
GE Money Store Card............200.......8.........30
Total unsecured debts..........12150.....308.......-

Monthly Budget Summary
Total monthly income.................... 1,067
Expenses (including secured debts)....... 769
Available for debt repayments........... 298
Monthly UNsecured debt repayments....... 308
Surplus(deficit if negative)............ -10

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -12,150
Net Assets.............................. -12,150

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========
2 Adults in the house, me and my OH. I owe her around £600 so am paying her that back at around £100 p/m at the moment, as she needs her money back.

Numpty_Monkey

andreweduk wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1067
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1067

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 10
Mobile phone............................ 35This seems high are you ontract ? is it the best tarrif
TV Licence.............................. 15 Should be £12 per month
Satellite/Cable TV...................... 10 ?? what package?
Internet Services....................... 10
Groceries etc. ......................... 130
Clothing................................ 20 Do you need to spend This amount?Cut this down wear what you have Charity shops are good places
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 75
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12 the best present you can give yourself is to pay this towards your debts
Haircuts................................ 10
Entertainment........................... 40 This needs to be cut down
Holiday................................. 15 unless this is already booked use this money to pay your debts
Emergency fund.......................... 10 this is an emergancy
Total monthly expenses.................. 769

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Credit Card...............4400......125.......18
Beneficial Credit Car..........1700......35........25
HMV Card (Style)...............250.......15........30
HSBC Loan......................4000......125.......9
HSBC Overdraft.................1600......0.........10
GE Money Store Card............200.......8.........30
Total unsecured debts..........12150.....308.......-

Monthly Budget Summary
Total monthly income.................... 1,067
Expenses (including secured debts)....... 769
Available for debt repayments........... 298
Monthly UNsecured debt repayments....... 308
Surplus(deficit if negative)............ -10

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -12,150
Net Assets.............................. -12,150

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========
2 Adults in the house, me and my OH. I owe her around £600 so am paying her that back at around £100 p/m at the moment, as she needs her money back.[/quote]


Sorry about the abrubt post earlier:o

Ive left a few comments on you SOA

The last part of your SOA answers a few questions and raises more
I think it might be the best if you do a joint SOA, that way we get the full picture

A few links thoughts (guessing that you are splitting the bills 50/50) that might help
MoneySaving Old Style that £130 you pay should be more than enough for both


Snowball your debt payments
http://www.whatsthecost.com/snowball.aspx?country=uk

HTH:A

andreweduk

Numpty_Monkey wrote: »

andreweduk wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1067
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1067

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 10
Mobile phone............................ 35This seems high are you ontract ? is it the best tarrif
I could ring them and see if I could be down-graded!

TV Licence.............................. 15 Should be £12 per month My mistake, it is £12
Satellite/Cable TV...................... 10 ?? what package? We're on £30 p/m for phone, internet & cable basic tv package
Internet Services....................... 10
Groceries etc. ......................... 130
Clothing................................ 20 Do you need to spend This amount?Cut this down wear what you have Charity shops are good places I haven't bought clothes for months and months and when I do, they're cheap, think I probably over-estimated this.
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 75
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12 the best present you can give yourself is to pay this towards your debts
Haircuts................................ 10
Entertainment........................... 40 This needs to be cut down I pay £11.99 p/m for unlimited cinema and I love film, so this is the cheapest option, I also have a magazine subscription.
Holiday................................. 15 unless this is already booked use this money to pay your debts Nothing booked.
Emergency fund.......................... 10 this is an emergancy
Total monthly expenses.................. 769

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Credit Card...............4400......125.......18
Beneficial Credit Car..........1700......35........25
HMV Card (Style)...............250.......15........30
HSBC Loan......................4000......125.......9
HSBC Overdraft.................1600......0.........10
GE Money Store Card............200.......8.........30
Total unsecured debts..........12150.....308.......-

Monthly Budget Summary
Total monthly income.................... 1,067
Expenses (including secured debts)....... 769
Available for debt repayments........... 298
Monthly UNsecured debt repayments....... 308
Surplus(deficit if negative)............ -10

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -12,150
Net Assets.............................. -12,150

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========
2 Adults in the house, me and my OH. I owe her around £600 so am paying her that back at around £100 p/m at the moment, as she needs her money back.[/quote]


Sorry about the abrubt post earlier:o

Ive left a few comments on you SOA

The last part of your SOA answers a few questions and raises more
I think it might be the best if you do a joint SOA, that way we get the full picture

A few links thoughts (guessing that you are splitting the bills 50/50) that might help
MoneySaving Old Style that £130 you pay should be more than enough for both


Snowball your debt payments
http://www.whatsthecost.com/snowball.aspx?country=uk

HTH:A

Fish75

I never said that the company did not charge fees, all I was merely trying to do is suggest an alternative. CCCS are fantastic but offer DMP's and IVA's, in my situation I could afford the fee and chose to go down the route of having the debt written off to try and improve my credit rating.

I did not want to be tied into an IVA for 48/60 months as I have some equity in my property and did not want my credit score affected for the next 6 years whilst the IVA showed. I had no interest in a DMP as regardless who you use it will damage your credit rating and I did not want to spread the length of time I was paying my debt, which in effect is all you are doing.

So for me, taking this option was best, it obviously isn't for everyone but its an option for some, and that is all I was suggesting.

andreweduk

Ok, so it's looking like a DMP may be best for me.

Most of my debt is with HSBC, does anyone have any experience of dealing with DMPs and HSBC? They advised me on a bounced direct debit notification recently about ways to put my finances in order and even mentioned CCCS.

Anyone know what bank I should approach for a new account? My debts are with HSBC, RSPCA Credit Card (was Beneficial, now seems to be MBNA), GE Money and Style financial services>

Thanks so much for your help I feel better already!!!

Ames

I think you're talking about taking the CCA route, so why pay someone to do it when you can do it yourself?

candy-magnet

andreweduk wrote: »

Ok, so it's looking like a DMP may be best for me.

Most of my debt is with HSBC, does anyone have any experience of dealing with DMPs and HSBC? They advised me on a bounced direct debit notification recently about ways to put my finances in order and even mentioned CCCS.

Anyone know what bank I should approach for a new account? My debts are with HSBC, RSPCA Credit Card (was Beneficial, now seems to be MBNA), GE Money and Style financial services>

Thanks so much for your help I feel better already!!!

I'm in a similar situation to you and I was advised to open Co-operative bank... I think they are really good :T

Deep_In_Debt

andreweduk wrote: »

Ok, so it's looking like a DMP may be best for me.

Most of my debt is with HSBC, does anyone have any experience of dealing with DMPs and HSBC? They advised me on a bounced direct debit notification recently about ways to put my finances in order and even mentioned CCCS.

Anyone know what bank I should approach for a new account? My debts are with HSBC, RSPCA Credit Card (was Beneficial, now seems to be MBNA), GE Money and Style financial services>

Thanks so much for your help I feel better already!!!

I got a Natwest Step Account which I opened on line. So far, had no problems and it comes with a Solo card.

Good luck.

Deep_In_Debt

candy-magnet wrote: »

Hi,

I'm interested in this, I have £26,000 debt and looking at DMP, they are all credit cards and two overdraft limits. How did you go about it, and who did you use?

As previously mentioned, why pay a company to do this when it will cost the price of postage and a £1.00 PO to do this?