my SOA is it worth doing DMP IVA or BR??? please help

bunny_boiler

i am in the middle of talking with payplan and have a phone interview with them on saturday dont know what method will help us
my self and DH both full time we do O/T and i get commission but none of it is guarenteed and like everyone DH company cut back completely so no O/T
this is why we are getting into trouble
been trying desperately to keep heads above water but is getting impossible now and can not increase overdrafts anymore!
what should we do?

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 1400
Benefits................................ 115
Other income............................ 0
Total monthly income.................... 2865

Monthly Expense Details
Mortgage................................ 631
Secured loan repayments................. 581
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 31
Gas..................................... 13
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 0
Mobile phone............................ 44.5 - 2 mobiles
TV Licence.............................. 11.85
Satellite/Cable TV...................... 29 - includes landline and internet
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 1
Petrol/diesel........................... 280
Road tax................................ 20
Car Insurance........................... 87
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 65.64
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 35
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2471.99

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 138000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 103000...(631)......6.85
Secured Debt.................. 54000....(581)......9.3
Total secured debts........... 157000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
A&L............................5000......119.9.....6.9
Lloyds TSB.....................7500......154.3.....8
Lloyds tsb O/D.................5000......0.........19.8

bunny_boiler

ge catpital 0% interest £8630 166.60 0%

assest

cash 0.00
house value £130,000
cars £8,000 estimate!


total income £2,865
expenses £2,471.99
avaliable 4 debt £393.01
unsecured debt repay £440.20
surplus £-47.19

asset £138,000
secured debt £-157,000
unsecured debt £ 26,103.80
net assests £-45,103.80

didnt copy the bottom stuff over dont know why so here it is

GeorgeUK

Hi bb

Mortgage................................ 631
Is this repayment or interest only?

Council tax............................. 109
Of paying over 10 months, can you ask to pay it over 12?

Electricity............................. 31
Gas..................................... 13
Check the comparison sites to make sure you are getting a good deal.

Mobile phone............................ 44.5 - 2 mobiles
PAYG?

Groceries etc. ......................... 280
How many is this for? Have a look at the old style board for meal plans and recipie ideas. Have you moved down a brand?

Clothing................................ 1
Really?

Car Insurance........................... 87
Buildings insurance..................... 65.64
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 35
Have a look at the comparison sites (uswitch, moneysupermarket) to make sure you are getting the best deal - if switching, use quidco or one of the other cashback sites.

It is usually best to try to pay off the highest APR first so you pay out less interest. If you have a card with a low balance however, it may be best to clear that as you may be able to take advantage of an existing customer offer such as 0% for 6 months or low interest life of balance transfer. Also, you may be able to get a new credit card with a 0% offer - virgin are doing a good offer right now as it also limits the monthly minimum payments from the 2nd month to only £25.

bunny_boiler

thanks georgeuk for your response we have looked at most ways to reduce things have highlighted answers!

GeorgeUK wrote: »

Hi bb

Mortgage................................ 631
Is this repayment or interest only? repayment have asked about interest only but not looking likely :-(

Council tax............................. 109
Of paying over 10 months, can you ask to pay it over 12? - didnt know we can do that will ring them right away

Electricity............................. 31
Gas..................................... 13
Check the comparison sites to make sure you are getting a good deal.these were fixed about 2 years ago and are fixed till 2010 so will go up if switch plus on external pipelines so most companies except british gas double price for supplying!!

Mobile phone............................ 44.5 - 2 mobiles
PAYG? i work for mobile network and have staff deals i am tied in till april and DH in till september with work both use mobiles very heavily

Groceries etc. ......................... 280
How many is this for? Have a look at the old style board for meal plans and recipie ideas. Have you moved down a brand?this for 2 adults and 5 year old including cigarettes which is only for me and i am desperatly trying to quit just feel so down that seems like is only relief if only for few miutes started trying to use iceland but feel awful giving my son processed foods when we have always eaten fresh dont feel comfortable with it trying to find other options at the mo but not eating working well for me lost 1/2 stone in 2 weeks lol

Clothing................................ 1
Really? - believe it or not yeah neither of us buy clothes until gets holes in or something and then if do get it from asda or other cheap retailer the only clothes we really by is for son uniform /shoes etc mostly ask for xmas like my mum getting me a winter coat as i havent got one asked friends and family to get son clothes and shoes instead of loads of plastic toys!

Car Insurance........................... 87
Buildings insurance..................... 65.64
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 35
Have a look at the comparison sites (uswitch, moneysupermarket) to make sure you are getting the best deal - if switching, use quidco or one of the other cashback sites. do these sites really work? was thinking of cancelling life insurance till sorted but is that a good idea?

It is usually best to try to pay off the highest APR first so you pay out less interest. If you have a card with a low balance however, it may be best to clear that as you may be able to take advantage of an existing customer offer such as 0% for 6 months or low interest life of balance transfer. Also, you may be able to get a new credit card with a 0% offer - virgin are doing a good offer right now as it also limits the monthly minimum payments from the 2nd month to only £25.

RAS

Car Insurance........................... 87
Buildings insurance..................... 65.64
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 35
Have a look at the comparison sites (uswitch, moneysupermarket) to make sure you are getting the best deal - if switching, use quidco or one of the other cashback sites. do these sites really work?

yes and then you need to use a cash-back site like www.quidco.com to make the most of it

was thinking of cancelling life insurance till sorted but is that a good idea?

NO - if you have a mortgage child and partner you need life insurance but what you are paying is huge. Either of you have massive health problems? Simple term insurance for two should be about £20 per month. Than get cash-back.

paybacktime2008

Yes those sites raelly do work! I've saved loads. I cut my House insurance from £31 a month to £100 ayear!!!! Yours looks huge. remeber when you calculate the rebuild cost its not the value of the house. Somewhere on here (sorry can't remeber where) is a link thru to the house insurance calculkator

Good luck.

bunny_boiler

if anyone knows where that link is would be great thanks

firesidemaid

if on the 'front page' of this website you click on the insurances tab it will give you tutorials on how to best use the comparison websites to make getting a better insurance deal quick and easy.

when are your can and house insurances due? usually you pay a few for cancelling early, but if you save/gain enough it may be worth it now. i pay £150 a year for B+C including accidental buildings and have a large detached house. my car insurance was £220 for fully comp plus £100 cashback - quidco is fab! (have had over £700 from them in 18 months)

what are the 'other insurances' for?

besides asking re. I/O is there any chance of a mortgage payment holiday?

and, finally! pop over to the old style (O/S) board on here for loads of ideas, hints, tips, recipes etc for you to slash loads of your grocery bill - after all you really only need 7 breakfasts (cereal/milk), 7 lunches (sandwiches) and 7 h/m dinners x

bunny_boiler

going to look at insurances next to see when due
other insurance is mortgage protection policy 35.00
they dont give payment holidays on our mortgage unfortunatly already asked!

Usury_up_and_wear_it_out

Bankruptcy. Go for it.

firesidemaid

try and always get the best deals on everything from now on anyway plus there is lots to be saved in the food area too.

i would wait and talk to payplan before you make any plans re. which way to go, i think they will be able to help either with advice or with a plan x