60 year D.M.P.....

T-T_4

1st attempt at the soa on here so any alterations would be greatly appreciated.
i have already been on the DMP for 3 years now,sick of the calls for reviews every few months, very tiring & i'll be 100 years old on completion.... maybe have a life then!! lol
Had a mortgage before the plan started & the IVA which was proposed at the time crippled me, must admit CAB's allowances on food etc £180.00 for 2 adults didn't make me smile much.
My OH has a part time job so only contributes a little if any most times, again i'm considering other avenues ie BR... any advice would be most welcome......

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1520
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1520

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 41
Gas..................................... 42
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 45
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 394
Clothing................................ 35
Petrol/diesel........................... 130
Road tax................................ 16
Car Insurance........................... 39
Car maintenance (including MOT)......... 28
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 24
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 35
Emergency fund.......................... 50
Total monthly expenses.................. 1502


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 1200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loans & cards- D.M.P...........65745.....92........0
Total unsecured debts..........65745.....92........-


Monthly Budget Summary
Total monthly income.................... 1,520
Expenses (including HP & secured debts). 1,502
Available for debt repayments........... 18
Monthly UNsecured debt repayments....... 92
Amount short for making debt repayments. -74

Personal Balance Sheet Summary
Total assets (things you own)........... 1,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -65,745
Net Assets.............................. -64,545


many thanks..
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

Gemmzie

I'm a bit confused, you've only put your income in but the figures look like they are for two people?!

Broken_hearted

Maybe only one works

lilian1977

OP says OH has a PT job and hardly contributes.

You're not that far off - at first glance your groceries are far too high. Me and OH survive on £150 a month and that's with treats.

I would also say the haircuts at £20 a month will have to be cut back, and the telephone is very expensive - does this include internet and TV services? £35 on clothes is also a lot, try joining the £100 a year challenge.

lxpeanut

With that long to your Debt free date have you considered going bankrupt? It sounds very scary but there are alot of people on the bankruptcy board who can help and support you. I would definitely look into it If I were you.

T-T_4

thanks for the replies.....i'm going by the other soa posts on here regarding allowance.... ive been following this site for a few months now & didn't realise that an expenditure sheet for BR applicants was much more flexible, according to other posted soa's and what seems to be "acceptable"?

T-T_4

cheers Ixpeanut... i have considered it for a number of years to be honest & this site gives u amazing feedback...... it would be a massive step so i had to post my soa & see what more experienced minds thought....

MrsTinks

Don't mean to be funny but £180 for groceries (as per CABs advice) is perfectly reasonable and doable - at the moment you are spending a LOT!!!!! on groceries. You can easily get it down to £180 and that would give you quite a bit extra to throw at the debts - ditto the emergency fund and the holiday fund... You could easily throw another £200 at these debts every month.

The debts... are they in your name only or joint names?

tallyhoh

£394.00 on groceries:eek: , I spend half of that on 2 adults & 2 large teenagers.
Have you had a look on the "money Saving Old Style" forum, its really good for reducing food etc costs.

lxpeanut

T-T wrote: »

.. it would be a massive step....

It is but its one that you need to consider. In the end you might decide its not for you but have a look at some of the stories on the bankruptcy board it might help you.

MrsTinks

T-T wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1520
Partners monthly income after tax....... 0 Is there any reason your partner can't get a full time job???
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1520

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 94
Electricity............................. 41 This seems high have you checked for better deals?
Gas..................................... 42 This seems high have you checked for better deals?
Oil..................................... 0
Water rates............................. 32 Again this is high... Are you on a meter? You might find it a lot cheaper to get a meter
Telephone (land line)................... 45 What excatly does this include?
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 394 Sorry this has to be cut (and in a BR probably would be whether you'd like it or not!) Reduce to £180 to start with.
Clothing................................ 35 reduce this to £20 max!
Petrol/diesel........................... 130
Road tax................................ 16
Car Insurance........................... 39 Have you shopped around recently for a better deal with cashback?
Car maintenance (including MOT)......... 28
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 24 Is this combined building and contents? If you are renting why do you pay buildings insurance? Usually that is the landlords responcibility
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20 Is this for both of you or just you? It's fine for 2 people but too much for one...
Entertainment........................... 0
Holiday................................. 35 Reduce this - you have too many debts right now to be going on holidays other than camping I'm afraid
Emergency fund.......................... 50 Sorry but you are in debt trouble - this has to go...
Total monthly expenses.................. 1502


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 0
Total Assets............................ 1200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loans & cards- D.M.P...........65745.....92........0
Total unsecured debts..........65745.....92........-


Monthly Budget Summary
Total monthly income.................... 1,520
Expenses (including HP & secured debts). 1,502
Available for debt repayments........... 18
Monthly UNsecured debt repayments....... 92
Amount short for making debt repayments. -74

Personal Balance Sheet Summary
Total assets (things you own)........... 1,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -65,745
Net Assets.............................. -64,545

.[/font]

OK without too much effort I can see nearly £300 there that you can put towards the DMP...

That should reduce it to 20 years... if your partner can contribute towards the debts then that would bring it down further and if you can either get a pay rise or a 2nd job then this can be reduced even more drastically...