DMP or Bankruptcy? No house.

PAULneedsHELP_2

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 780
Other income............................ 216
Total monthly income.................... 2196
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 189
Electricity............................. 50
Gas..................................... 32
Oil..................................... 0
Water rates............................. 58
Telephone (land line)................... 24
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 46
Internet Services....................... 15
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 16
Car Insurance........................... 28
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 2153

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Apex credit....................530.85....1.........0
Apex credit....................5819.5....1.........0
Apex credit....................7944.76...1.........0
N power elec...................1874.22...0.........0
N power gas....................1722.96...0.........0
Welcome Financial..............5590.44...1.........0
Triton Credit service..........896.68....1.........0
Triton credit service..........89.08.....1.........0
Scotcall.......................1010.57...1.........0
Link Financial.................475.......1.........0
Credit Services................2048.23...1.........0
Capital One....................400.36....1.........0
Total unsecured debts..........28402.65..10........-

Monthly Budget Summary
Total monthly income.................... 2,196
Expenses (including HP & secured debts). 2,153
Available for debt repayments........... 43
Monthly UNsecured debt repayments....... 10
Amount left after debt repayments....... 33
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -28,402.65
Net Assets.............................. -26,402.65


Hi, we,ve been paying into a dmp plan for 18mnths but have stopped paying 3months ago as seems endless, and £25 of £90 monthly fee going on company fees. We would like to consider bankruptcy but are scared of losing our people carrier worth approx £2000. Any ideas? hanks Paul.

silentsmile

Hi, I'm new here so I don't know very much about DMP/BR but someone will be along soon I should think. I've heard it can be quiet on the weekends so if you don't get a reply try bumping the thread tomorrow.

skylight

As you work, you will need the car for that. So should be exempt.

Sky etc will not be allowed on an SOA as an expense. Neither will presents. But change the presents amount into Haircuts as you need those.

There is nothing there for medical/optical. DO you get prescriptions free? If not or someone wears glasses add in another £15 here.

Add internet in with your phone landline costs.

And those child related costs. You will be asked to break those down and specify what they are for. Its a lot of money per month but spread across 3 kids is not so bad. They will want to know whats its for.

Ames

Your groceries are really high, surely you can cut that down. I'm not sure about the car, there are rules about how much it can be worth.

Have you thought about doing a DMP with a company that doesn't charge, then it might be over quicker and you might be able to stick to it easier?

deadthings

A friend of mine went through bankruptcy, and he had to give a valuation for his car, which was low as it wasn't worth much, and he was allowed to pay that small fee for it and keep it. I'm not sure if it is still the same, but of course your people carrier may be worth much less than you think, which is what my friend was advised, and as such you may have the chance you buy it back at a lower price.
My friend placed his own valuation on his car and it was never checked, especially as it was very much needed.

At the very worst that may apply to you too.

D.

PAULneedsHELP_2

Hi, I have a company van for my work or can i disguise that as to keep the car? Groceries work out at just over £100 pr week for 2 adults and 3 children. How can that be excessive unless we eat cheap fried food. Goverment tell us to feed our kids healthily!! Sky? ok but i dont drink or smoke! Haha. Tried to be honest. Paul

Fire_Fox

My thoughts are that Sky and a holiday should not be your priorities if you owe money on utility bills.

PAULneedsHELP_2

Also £150 pr month includes maintenance costs to my daughter who doesn,t live with me but visits every 2nd week for the friday to sunday. The holiday is geting away in our cheap caravan for the odd weekend which has been cut down, forgot to put wives contact lenses on soa. £12 pr month. As you can beleive some people are good at hiding expenses on forms unfortunately i,m to honest. Haha

PNPSUKNET

Is your npower bills on pre-pay? Seems the monthyl payments are low thats all

PAULneedsHELP_2

No they not pre payment meters. When we moved 3 months ago we changed to southern electric in my wives name and got final bills in mine.

RAS

You state "We have been paying"

Which of the debts are yours, which the missus' and which are joint?