DMP Mutual Support Thread (Part 5)

50broke

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 3190
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3190
Monthly Expense Details
Mortgage................................ 1350
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 70
Gas..................................... 0
Oil..................................... 100
Water rates............................. 30
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 30
Car Insurance........................... 42
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 30
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2513

Assets
Cash.................................... 0
House value (Gross)..................... 285000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 150000
Total Assets............................ 436500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 210000...(1350).....0
Total secured & HP debts...... 210000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
credit cards...................80000.....1800......0
Total unsecured debts..........80000.....1800......-

Monthly Budget Summary
Total monthly income.................... 3,190
Expenses (including HP & secured debts). 2,513
Available for debt repayments........... 677
Monthly UNsecured debt repayments....... 1,800
Amount short for making debt repayments. -1,123
Personal Balance Sheet Summary
Total assets (things you own)........... 436,500
Total HP & Secured debt................. -210,000
Total Unsecured debt.................... -80,000
Net Assets.............................. 146,500
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=19234975"][/EMAIL] My SOA Help

rcpbiggles

Hello all on this sunny day

I'm still waiting for my new account details so I can whip all my money out of LLoyds account and sent off my pack to CCCS.... grrrrr for post.

Anyway, getting everything together in preparation - do I need to send a statement for our mortgage? I have one but wasn't sure if it was needed.

To send to them I have statments from all our creditors and copies of our pay slips. Is mortgage to prove what I have declared ?

Daffykjs

Hi all,

Yummymummy thanks for your reply! Spoke to payplan earlier and completley forgot to ask about the Lloyds/HBOS thing! Dur! sure it's fine tho!

Eriberri well done on sticking to the budget! i didn't quite so well on my first month but was close and also had been paying 'extra' into bills account and had no council tax to pay so it was ok! Phew!

Quillion, how you doing? How you feeling about payplan saying they can't help? I know it's text but you seemed a lot calmer about it all in your post! Hope you're ok!

jenevieve, how come you don't want to tell your housemate? it might help with budgeting etc? I've told pretty much everyone i'm on a dmp. i never thought i would and thought i'd be too embarrased but the reality is so much different. very few people know the numbers but I think being on here and also finding out so many other people going through similar i don't feel as embarrassed about it as i thought i would! or as i did before when it kept going wrong! so i'm happy to tell people! will still try and keep the numbers to here and as few a people as poss but don't mind people knowing that i'm dealing with it! (Altho my mother-in-law doesn't know yet, will consider that one carefully as hubby works for her!)

ANyway, i checked all my bank accounts today! and blooming natwest have taken a charge AND interest out!! so put me over my od AGAIN (they did this last month and this is what the charge is for! Argh!). So i phoned payplan to ask about it and he said he'd attempt to get more od (but i doubt this will work i tried this for ages and it's already at it's max at £4000). He then said even if they carry on (and therefore increases my debt with them rather than paying it off, which would be very frustrating) near the end when the totals (based on totals, no charged, interest) are getting close to zero they go to those that have charged interest and charges and try and get them removed! and apparetnly according to the guy they pretty much always succeed! I hope he's right!

This just seems a ridiculous way for banks to go about this! why not stop it now, surely it's easier! but still it sounds like it's not as bad as it looks! Fingers crossed!!

And I shall definitely be trying to get charges back this year! I'll give it a couple of months tho i think!

newlywed

jenevieve wrote: »

God I really hope they don't find out my landline number as I really don't want to have to tell my housemate anything about this unless I absolutely have no choice!!!!!

They're not MEANT to discuss your private files with anyone else. The only thing I had was a message left with my parents to ring the bank urgently

After I rang, I just told my parents it wasn't urgent and they just had a query on my account.


If anyone has asked why I'm not going on holiday etc, I just say I'm trying to pay my cards off - 'tis true

50broke

Hi all Advise please what would you do?
If I try to sell house and make F&F from profit I would then be homeless and have to rent. OR do I continue with DMP (just started) for next 10 yrs and keep house.... I just hate being in debt I am worried sick....
Thank you all

massivedebts

50broke wrote: »

Hi all Advise please what would you do?
If I try to sell house and make F&F from profit I would then be homeless and have to rent. OR do I continue with DMP (just started) for next 10 yrs and keep house.... I just hate being in debt I am worried sick....
Thank you all

Hi 50broke,
Your 83k unsecured debts is higher than mine, but only by a smidge!;) The difference is that you have £690 to pay your creditors each month, that's double what I have! So in the scheme of things you're better off than me:p .
Why do you want to sell your house? Are you not happy to go the DMP route even if it is for the next 10 years . At my current payment on DMP I'm going to be paying back my debts for almose 20years!:eek: , but at least I'm paying them back as you will be.:T

Please don't fret, we're all in the same boat, and here for each other when we need support.:beer:

Who's your DMP with?

Take care

MD xx

50broke

Hi thanks for that
I've just started with CCCS and just sent off £1.00 token payments..... It feels wierd....
No I don't really want to sell the house,,,but have never been in debt before and feel almost guilty about them, even though this situation is not my fault.
I feel much better reading all the threads on this board, and it does put things into perspective thank you all so much...

massivedebts

Hi 50broke
I was just looking at your SOA and it shows other assets of £150K is this correct, or a mis-type!?
Just wondered as if correct could that not clear your debt?
MD xx

massivedebts

rcpbiggles wrote: »

Hello all on this sunny day


Anyway, getting everything together in preparation - do I need to send a statement for our mortgage? I have one but wasn't sure if it was needed.

To send to them I have statments from all our creditors and copies of our pay slips. Is mortgage to prove what I have declared ?

Hi

I didn't send my mortgage statement, only statements of the accounts included in my DMP. Having said that I have sent a statement of HSBC accout (as O/D included in DMP) which would show our monthly payments to mortgage.
MD xx

geoffmr1

Hi 50broke,

I agree with MD. I know it sounds very silly but you're not actually in that bad a position, yes your debts are very high but you have a significant amount to pay them each month. I owe a quarter of what you do but unless I come into some money or my work situation improves (unlikely as I live in a rural area) then I'll be paying mine back for the next 18 years. Also one other way to look at it & I have had this argument with HFC over my previous credit card is that making only the minimum payment will take on average 19 years to pay back, it'll take 10 on the DMP. I know thats because the interest is usually stopped but I'm sure they have earnt enough off you previously in interest charges & fees etc.

Even if you do eventually decide selling your house is the right option for you I certainly wouldn't consider doing it now with the way things are. At least wait until the market picks up again which it will do in time.

All the best with whatever you decide.