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

T-T_4

T-T
MoneySaving Newbie


Join Date: Nov 2008
Post Count: 2
Thanked 1 Time in 1 Post
60 year D.M.P.....
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]


TT

Broken_hearted

Our DMP started off with an estimated 80 odd years to pay it or it you listened to CCCS we couldn't. That was 3 years ago and we will be debt free by the end of this year so its not as bad as it seems

skylight

You have little income, no mortgage, no assets but high debts. BR is a sensible course of action, but there is a lot to think about.

Contact CCCS or Payplan, CAB. Or more than one - get more than one opinion. And bear in mind thats all they are - opinions. The actual decision of the course of action should be yours and does not have to agree with anyone else.

T-T_4

thanks skylight, to be honest i haven't thought about much else apart from money worries for 5 or 6 years, robbed peter to sort paul out so many times in the past, thought the DMP wouldnt hurt too much but u cant run forever..