SOA First Attempt any help appreciated

ranger24

Income Details

Wifes Nett Income 1440.00
My Nett Income 901.00
Other Income 00.00

Total 2341.00

Monthly Expenses

Mortage 266.00
Secured Loan 895.00
Council Tax 93.00
DMP with CCCS 514.00
Water 43.00
Electricity 45.00
Gas 40.00
Phone and Mobile 45.00
TV Licence 12.00
Clothes and Footwear 80.00
Groceries 250.00
Petrol and Parking 60.00
Dentist and Optician 40.00
Contents Insurance 40.00
Hairdressing 15.00
Entertainment 30.00
Holiday 30.00
Emergency Fund 20.00
Life Insurance 21.00

Total 2359.00

Deficit 185.00

Unsecured Debt 46.000

Secured Debt 100.000

House Value 85.000 as per Zoopla will be getting a proper valuation

Feel going BR is my only option

So_Sad_Angel

Hi Ranger24

I am not familiar with the background to your situation but have you spoken to CCCS about reducing your DMP?

I have unsec of c 60k & my DMP is around the £200 mark.....£514 is a lot !! A reduction there may make your monthly outgoings more balanced.

Call CCCS & revisit your financial statement...you may be able to avoid BR.

As you can afford the mtge & SL then unless you need to sell the house the potential neg equity isnt an issue anyway.

Angelx

ranger24

To Sad Angel many thanks for your advice. My original unsecured debt was £30.000 it has now increaswd to £46.000 due to yhe short fall that is due on the company vehicle ahich was on lease purchase and was returned. The original DMP was giong to take 7yrs to pay off this additional new debt will be factored into the DMP which will obviously increase the repayment term substantially. As i am now 58 this is of concern to me as my eaning potential will decrease in later years.

JCS1

ranger24 wrote: »

Income Details

Wifes Nett Income 1440.00
My Nett Income 901.00
Other Income 00.00

Total 2341.00

Monthly Expenses

Mortage 266.00
Secured Loan 895.00
Council Tax 93.00
DMP with CCCS 514.00 will be included in BR, remove
Water 43.00
Electricity 45.00
Gas 40.00
Phone and Mobile 45.00
TV Licence 12.00
Clothes and Footwear 80.00
Groceries 250.00 could increase
Petrol and Parking 60.00
Dentist and Optician 40.00
Contents Insurance 40.00
Hairdressing 15.00
Entertainment 30.00 not allowed
Hoiday 30.00 increase
Emergency Fund 20.00not allowed
Life Insurance 21.00

Total 2359.00

Deficit 185.00

Unsecured Debt 46.000

Secured Debt 100.000

House Value 85.000 as per Zoopla will be getting a proper valuation

Feel going BR is my only option

Any pets? Breakdown cover? Road Tax, Mot, Service, professional fees, dry cleaning?

So_Sad_Angel

ranger24 wrote: »

To Sad Angel many thanks for your advice. My original unsecured debt was £30.000 it has now increaswd to £46.000 due to yhe short fall that is due on the company vehicle ahich was on lease purchase and was returned. The original DMP was giong to take 7yrs to pay off this additional new debt will be factored into the DMP which will obviously increase the repayment term substantially. As i am now 58 this is of concern to me as my eaning potential will decrease in later years.

Morning Ranger,

Yes I see where you are coming from now & agree that the level & term of future earnings potential is a big factor in your decision.

Is your contents insurance buildings as well....£40 may be too high for just contents.

Angexx

Dunpayin

Hi Ranger

I reckon:

Clothes 100
Groceries 350
Dentist and Optician 50
Presents 20
Hair 20
Holiday 50

Good luck

D*