*mbs1's* Diary..Updated SOA attached

mbs1

Me and my partner have decided our debts have got a little too much to handle...

Ive been living off Overtime for a while, and now its stopped im not able to repay my creditors. Im waiting for a pack from the CCCS but here is our SOA to see if it looks right or wrong...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1762
Partners monthly income after tax....... 0
Benefits................................ 130
Other income............................ 0
Total monthly income.................... 1892
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 35
Gas..................................... 80
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 15
Mobile phone............................ 60
TV Licence.............................. 11
Satellite/Cable TV...................... 20
Internet Services....................... 17
Groceries etc. ......................... 200
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 30
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1569

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
DMP............................34471.....303.......0
Total unsecured debts..........34471.....303.......-

Monthly Budget Summary
Total monthly income.................... 1,892
Expenses (including secured debts)...... 1,569
Available for debt repayments........... 323
Monthly UNsecured debt repayments....... 303
Amount left after debt repayments....... 20
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total Secured debt...................... -0
Total Unsecured debt.................... -34,471
Net Assets.............................. -32,971
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.



Not sure if the amounts if put are acceptable, i.e food per person

Also i can do overtime a little bit but its not guarenteed, what happens if i do do overtime the odd week, and my monthly income goes up, do i have to let cccs know of any overtime, or will my crteditors know by my end of financial year salary.

Also there will be another baby arriving in Jan, so our outgoings will be a little bit more then aswell. is a DMP advisable, or IVA, i just dont know anymore

Thanks in advance

hampsterpoo

Hello and welcome , as for whats best I couldnt tell you wait and see what the out come of the CCCS pack is and take it from there. You seem to have pretty much covered things.
Have you worked out what your benifits will be come the new baby and how this will change your SOA ?

Your mobiles are the PAYG or contract?

I take it your internet and tv are on a package already?
What about doing without sky &/or getting freeview

Clothing might have to be trimmed for the time being.
Im sure wiser people will have better advise and be along in a minute.
Keep smiling

dancingfairy

Hi. :hello
In answer to your questions a DMP is an informal agreement with your creditors - they don't have to stop interest and charges but most will do so, especially if you have one of the charity organisations behind you. Some will accept happily, some will accept after a few months and some will be a bit slower. It will take a while for the dust to settle.
An IVA is a legal thing and I understand it is a halfway house to bankruptcy - if you cannot pay (for whatever reason) then they can make you bankrupt. They are also only suitable for a small number of people.
The food bill does not look particularly high to me - perhaps it would be better to increase it slightly to reflect the fact you will soon have 2 children to feed?
PS I heard on watchdog (I think it was) last night that even people on meters can switch and save money so might be worth looking at for you.
I believe that CCCS will not be expecting you to tell them every month if you have done overtime - they are not going to be changing the amount to creditors every month so save it up for emergencys and then after 6 months or more when you have some saved up you can offer a settlement to some of your creditors. There is no particular reason for me saying 6 months or more just that it will take a while to get settled and be used to living with the guidlelines and something is bound to crop up you hadn't accounted for - even if you think that you have budgetted for everything.
df

mbs1

hampsterpoo wrote: »

Have you worked out what your benifits will be come the new baby and how this will change your SOA ?

Your mobiles are the PAYG or contract?

I take it your internet and tv are on a package already?
What about doing without sky &/or getting freeview

Clothing might have to be trimmed for the time being.
Im sure wiser people will have better advise and be along in a minute.
Keep smiling

We will get an extra £52 p/month in Child Benefit, not sure about Tax credits.
But then there will be milk/nappies to buy, which will cover this

Mobiles are both contracts, 1 is £20 p/m the other is £30 p/m which is renewable in March

Internet and sky is with Sky, i will be changing internet in Feb, sky is the lowest package,

Thanks

mbs1

Well my CCCS Pack has arrived. My phone appointment is next Friday.

New basic bank account opened, just swapping all my priority Direct debits over.

hampsterpoo

well thats good going
and now you have your weekend homework to do,:rotfl:

keep smiling

mbs1

Well it didnt go to plan at all.

Waited in at 9am for my phone call, got all my paperwork/bills/statements ready, a drink and some biccies.

NO phone call, just a voicemail, I wasnt on the phone, deffo had signal.

I rang them up straight away, wasnt at all happy, my phone appt had been lost, id waited 2 weeks as it is. and the next appt was in 2.5 weeks.

In the end i did it all over the internet. on CCCS site

I played around with my budget/SOA till i was happy.

Ive gone for a DMP at £303 per month.

Acdcording to the site it will currently take 10 years to clear, but hoping to bring that down with 1 off payments etc.

Just got to wait for paperwork, does any one know who long these take to arrive?

Thanks

mbs1

£49 cashback received from Quidco...

What a bonus!

Still waiting on our £500 deposit from previous rented house.

Miss_Piggy_2

It can take a couple of weeks to set up your DMP with the CCCS so don't panic if you don't see anything for a few days. I think they're probably quite busy at the moment.

Good news on the Quidco! Love it when things like that come through.

Miss P
xx

mbs1

Also... When setting up our DMP, CCCS wanted at least £300 per month, anything less would have been a "low start DMP" and would need increasing in the future....?

Is this normal

mbs1

Well, went food shopping yesterday, decided to change from Asda, and went to Aldi...

We got near enogh everything we needed, it came to £31.78 well impressed.
We did nip to Tesco's on the way home tho, to get some meat as weren't sure about the Aldi stuff.

Still its alot cheaper than the £70+ we normally spend.