We are in a bit of a mess...

dancingfairy

Monthly Expense Details
Mortgage................................ 1411 that's nearly half of your income which is going to cause problems.
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 141
Electricity............................. 60 doesn't look too bad given the size of your mortage - but use gas/electric sparingly - go for low energy bulbs, turn things off when not in use, lights off when not needed, and shop around and you may be able to save a little here.
Gas..................................... 30
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 20
Mobile phone............................ 40 is this for 1 or 2?
TV Licence.............................. 12
Satellite/Cable TV...................... 25 might have to go I'm afraid.
Internet Services....................... 0 is this included with satelite?
Groceries etc. ......................... 0 you need to eat
Clothing................................ 0 you need clothing
Petrol/diesel........................... 50
Road tax................................ 0 you need something here? Car Insurance........................... 0 and here?
Car maintenance (including MOT)......... 0 ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 300
Other child related expenses............ 150 what's this?
Medical (prescriptions, dentist etc).... 18 what's this? would a prescription prepayment thing help?
Pet insurance/vet bills................. 12
Buildings insurance..................... 32 seems a bit high - have you shopped around?
Contents insurance...................... 0
Life assurance ......................... 49 have you shopped around for this? make sure you have the right insurance if you have kids- especially important. You may also need critical illness?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 need something here
Haircuts................................ 0 and here
Entertainment........................... 0 and here
Holiday................................. 0 ditto
Emergency fund.......................... 0
Total monthly expenses.................. 2381

Well the biggest and most pressing problem I can see is that your mortgage is so huge. You appear to have approx 550 pounds left after essentials to pay your creditors but as you have not included food etc this is going to be 350 ish?
df

Webbigail

Thanks dancing fairy, I have left some gaps I know, its so difficult! My car insurance is paid for a year and isnt up for renewal until Nov. The mobile phone is for 1 not 2 a and the £18 is for contact lenses. I will defo shop around to make savings on our insurances even if its just a couple of £££'s And I can see that the mortgage is our biggest problem. This is probably due to getting one of the 110% mortgage offers about 4 years ago as we were first time buyers. At the time I was working full time but we have a child now so I am now working part time Hence we are only breaking even (well almost!)

I really dont think we can change the mortgage.

dancingfairy

OK well a dmp is a possibility although it does look like it is going to take you quite a while to clear.
How old is the child? are the childminder costs going to go down as the child goes to school or are they already at school?
What capacity do you have for extra income - would a lodger work for you or can you take on a second job or work overtime or any other ways of increasing your income?
df

Webbigail

I also think it looks like it is going to take a long time to clear. We dont have room for a lodger and as we have a young child I wouldnt be happy with that. Only just started paying childcare costs so they wont be going for at least 4 years. A second job is a possibilty and something I have considered but was putting it to the bottom of the list......perhaps I need to bump it up a bit...

dancingfairy

Try and get the mobile reduced -do you make the most of your minutes and texts? you should be able to reduce it quite substantially - have a look at see what offers are around and try and get your provider to match any deals out there - 20 a month should be plenty for 1 mobile. You really want to be looking at 15 or even 10 if you can.
As your child is quite small obviously you will have childminder costs for a few years but after that you should really be able to make some serious inroads into your debts and you may be able to pick up extra hours.
df

dancingfairy

I reckon you could clear it in about 3-4 years.
While you are at home with little one are you able to take on any ironing jobs/typing jobs/ can you do interenet surveys/mystery shopping -anything to up your earnings a little?
Or alternatively maybe you need to look at bankrutpcy or an IVA?
df

BeautyandtheBeast_3

How old i the child? are they able to do breakfast club at school and then stay for homework club (ask because most schools run them - kids just dont tell their parets!)

BeautyandtheBeast_3

p.s - what pets have you got - £12 insurnace ?? what for??

Webbigail

Thanks DF you are a great help. Do you really think 3-4 years? I would be thrilled if that is the case. Do you think DMP? I am now getting excited at the thought of speaking to Payplan tomorrow....if they give me an answer of 3-4 years I will cry with joy!

Beauty and the Beast - just 1 pet, a dog! Does £12 sound excessive? My child is only a baby so no breakfast club at school just yet!

Pooky

Not sure where the 3-4 years figure came from, I'd assume it would be something more like 8/10 years. (based on current income/expenditure)

Obviously the more money you can bring in and whack off the debts the better but you do need to put in exact totals for what you spend so that you have a clearer picture.

Good luck with Payplan tomorrow - hope you get something sorted :j