We are in a bit of a mess...

Webbigail

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 988
Partners monthly income after tax....... 1800
Benefits................................ 161
Other income............................ 0
Total monthly income.................... 2949
Monthly Expense Details
Mortgage................................ 1411
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 141
Electricity............................. 60
Gas..................................... 30
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 20
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 150
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 12
Buildings insurance..................... 32
Contents insurance...................... 0
Life assurance ......................... 49
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2381

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(1411).....0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
FD Loan........................4800......121.......0
FD Loan........................4700......125.......0
Virgin Credit Card.............17400.....200.......0
FD Credit Card.................4200......100.......0
Egg Credit Card................3800......100.......0
Total unsecured debts..........34900.....646.......-

Monthly Budget Summary
Total monthly income.................... 2,949
Expenses (including HP & secured debts). 2,381
Available for debt repayments........... 568
Monthly UNsecured debt repayments....... 646
Amount short for making debt repayments. -78
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -34,900
Net Assets.............................. -31,900

Webbigail

Sorry for clogging up the board!! Hope that is more readable? Looks a bit better to me?

vandanfc

For a realistic picture you need to include everything, even if you don't have the money for it. Ypu also need to get the soa formatted for money saving expert, as it is very hard to read like it is.

Horace

Thanks that's loads better. I will have a read and make some comments.

vandanfc

Much better - you beat me to it.

You still need to include amount of mortgage and secured loans seperately on the sheet, and the other things I mentioned in previous post.

Horace

You need some contents insurance - that is a must.

There is nothing there for groceries so you need to put something in here. You have listed nursery expenses and then other childcare expenses - what are these?

dancingfairy

In answer to your question about how long does a dmp last - it is a bit of a piece of string type question.
Basically any spare money you have after essential bills ie gas/electric/ mortgage/food etc , etc are paid gets split between your creditors - the more you owe to any crditor the greater the share of you 'spare' money.
A dmp is quite flexible because the more you have spare the quicker you can pay the debt off , the less you have spare the longer it takes.
The idea is that the creditors stop adding interest and charges and accept that you are in difficulties and accept their share of the money- they don't have to accept and it can take several months for them to get their head around the idea that that is all they are going to get whether they like it or not, but in the end most of them stop the interest and charges and settle down.
Obviously your circumstances might change - you might get a pay rise at work or conversely you might lose your job - this is why a dmp is so great as you let the creditors know you change in circumstances and redo the amount they get accordingly.
Generally a dmp ends when either a) you have paid off your debts or b) you have managed to squirrel away odd bits and you are able to accpet a full and final settlement - this is accepted when the banks/creditors accept that this is just going to drag on and on and on and that they might as well accept what you have scraped together as something is better than waiting on the never, never or taking years to pay off.
Now it may well seem like it will take 50 years to pay off but with interest and charges being held you may well be able to pay it off quicker than that.
Now obviously a dmp is great for those people that have the opinion - I spent it so I will pay it all back (except the ridiculous charges) - this may or may not be an option for you and if it looks like a dmp is going to drag on and on you may find that an IVA or bankruptcy or something else is a better route for you.
I hope that sort of explains things and I'll go and have a look at your SOA.
Best of Luck
df

tesuhoha

One thing that strikes me immediately is that your council tax is very high. Are you sure you are in the right bracket? If not you may be able to claim a large refund.

joolsybools

First thoughts...your mortgage seems very expensive. Have you looked at ways to reduce this? Have a look at the mortgage advice on this website. Could you take in a lodger?

Shop around for a cheaper life insurance policy?

Loose the Sky once your tie in is up (if you have one). You do not need this.

Good luck!

Webbigail

The council tax is defo correct we pay over 10 months not 12 if that makes any difference?

We have conents insurance, that is bundled into the buildings insurance price, £300 is childminder costs and £150 is child maintenance for my husbands first child.

Hope that stacks up?

Thanks again