Can people clarify this for me?

tigerfeet2006

Sammy3008 wrote: »

This is our SOA, including mortgage, as forgot on the other one


Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1662
Partners monthly income after tax....... 0
Benefits................................ 723 DLA, Tax Cred, Child Benefit
Other income............................ 0
Total monthly income.................... 2385

Monthly Expense Details
Mortgage................................ 404
Council tax............................. 86
Electricity............................. 35
Gas..................................... 58
Water rates............................. 32
Telephone (land line)................... 27 £60 to include mobile and landline.
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 30 must come from surplus so don't put on SoA
Internet Services....................... 10 ditto unless needed for work/school
Groceries etc. ......................... 450 £600
Clothing................................ 40 £120
Petrol/diesel........................... 130
Road tax................................ 0 Don't pay this, as get mobility care for son
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 9 is it really this low? account for all travel you do with your son.
Childcare/nursery....................... 0
Other child related expenses............ 35 £5 per child per week activities. £2 per day primary, £3 secondary school dinners
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 leave but may be cut.
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40 £80
Emergency fund.......................... 5 leave but may be cut.
School Trips............................ 5
DMP..................................... 150 remove as you won't be paying this.
Total monthly expenses.................. 1718

Assets
Cash.................................... 1000
House value (Gross)..................... 69000 Maybe less, had it valued by Haart at £65,000.00 :eek:
Car(s).................................. 3500
Total Assets............................ 73500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 79028....(404)......
Total secured & HP debts...... 79028.....-.........
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................3800......50........0
Unsecured Loan.................23800.....156.......0
Loan...........................13500.....202.......0
Estate Agent...................1752......0.........0
Overdraft......................2560......0.........0
Loan...........................10000.....102.......0
Loan...........................14000.....110.......0
Loan...........................9500......198.......0
Total unsecured debts..........78912.....818.......

Monthly Budget Summary
Total monthly income.................... 2,385
Expenses (including HP & secured debts). 1,718
Available for debt repayments........... 667
Monthly UNsecured debt repayments....... 818
Amount short for making debt repayments. -151
Personal Balance Sheet Summary
Total assets (things you own)........... 73,500
Total HP & Secured debt................. -79,028
Total Unsecured debt.................... -78,912
Net Assets.............................. -84,440

Does your contents include accidental damage? Make sure it does. Does your DH pay any professional/union fees? Does your DH wear suits for work?£10 dry cleaning.

Have a play with those figures and see what you get.

Feelingfoolish_3

Sammy3008 wrote: »

This is our SOA, including mortgage, as forgot on the other one


Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1662
Partners monthly income after tax....... 0
Benefits................................ 723 DLA, Tax Cred, Child Benefit
Other income............................ 0
Total monthly income.................... 2385

Monthly Expense Details
Mortgage................................ 404
Council tax............................. 86
Electricity............................. 35
Gas..................................... 58
Water rates............................. 32
Telephone (land line)................... 27
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 450
Clothing................................ 40
Petrol/diesel........................... 130
Road tax................................ 0 Don't pay this, as get mobility care for son
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 9
Childcare/nursery....................... 0
Other child related expenses............ 35
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 5
School Trips............................ 5
DMP..................................... 150
Total monthly expenses.................. 1718

Assets
Cash.................................... 1000
House value (Gross)..................... 69000 Maybe less, had it valued by Haart at £65,000.00 :eek:
Car(s).................................. 3500
Total Assets............................ 73500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 79028....(404)......
Total secured & HP debts...... 79028.....-.........
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................3800......50........0
Unsecured Loan.................23800.....156.......0
Loan...........................13500.....202.......0
Estate Agent...................1752......0.........0
Overdraft......................2560......0.........0
Loan...........................10000.....102.......0
Loan...........................14000.....110.......0
Loan...........................9500......198.......0
Total unsecured debts..........78912.....818.......

Monthly Budget Summary
Total monthly income.................... 2,385
Expenses (including HP & secured debts). 1,718
Available for debt repayments........... 667
Monthly UNsecured debt repayments....... 818
Amount short for making debt repayments. -151
Personal Balance Sheet Summary
Total assets (things you own)........... 73,500
Total HP & Secured debt................. -79,028
Total Unsecured debt.................... -78,912
Net Assets.............................. -84,440

Hiya
Your expenditure needs tweaking for bankruptcy and there are plenty of folk around for that.

Removing the DMP payment of £150 will leave you with a surplus of £817


Now deduct £477 DLA (it is not to be used in your I & E, DLA is for disability costs) and that will leave you with a surplus of £340 (like I said this needs tweaking) I had £350 down for food for 2 of us, you have only got £450 for 4 of you


Have your circumstances changed since you entered your DMP?

Bankruptcy is a definite consideration as being on a 44 yr DMP is no solution its a short term fix until your situation improves. If that is unlikely to happen then you have to look at options. One of which is bankruptcy. Ensure the car is safe and decide what you want to do about your property

tc

dalip

tigerfeet2006 wrote: »

Does your contents include accidental damage? Make sure it does. Does your DH pay any professional/union fees? Does your DH wear suits for work?£10 dry cleaning.

Have a play with those figures and see what you get.

Yes TF that was my was my of thinking. When you really look at the bc option and allowances there is not that much left over. DMP can be so strict...tell me about it:rolleyes:.dx

Sammy3008

tigerfeet2006 wrote: »

Does your contents include accidental damage? Make sure it does. Does your DH pay any professional/union fees? Does your DH wear suits for work?£10 dry cleaning.

Have a play with those figures and see what you get.

Yes includes Accidental Damage, I believe Buildings and contents are both covered by it.
DH doesn't have to pay for suits, he gets his work clothes free through work I believe.
He does pay into a union at work, not sure how much this is though, will ask him later

Feelingfoolish wrote: »

Hiya
Your expenditure needs tweaking for bankruptcy and there are plenty of folk around for that.

Removing the DMP payment of £150 will leave you with a surplus of £817


Now deduct £477 DLA (it is not to be used in your I & E, DLA is for disability costs) and that will leave you with a surplus of £340 (like I said this needs tweaking) I had £350 down for food for 2 of us, you have only got £450 for 4 of you


Have your circumstances changed since you entered your DMP?

Bankruptcy is a definite consideration as being on a 44 yr DMP is no solution its a short term fix until your situation improves. If that is unlikely to happen then you have to look at options. One of which is bankruptcy. Ensure the car is safe and decide what you want to do about your property

tc

Sorry to sound daft, what is I & E?
Circumstances have changed slightly, we probably spend out more now than we did, have done a new expenditure form over the phone with Debt Management company today.

dalip wrote: »

Yes TF that was my was my of thinking. When you really look at the bc option and allowances there is not that much left over. DMP can be so strict...tell me about it:rolleyes:.dx

Lol, they are so strict its unbelieveable, and the letters we get from the creditors, there also lets just say (to be polite) shocking!!

When we fill the forms in to petition for BR, not sure how long it will be till we do this, is that where we will have to add our expenditure etc?

Also, when the OR requests Bank Statements, they will see we don't really spend £600.00 on shopping, will they not query this?

Thanks everyone

fiveyearplan

Sammy3008 wrote: »

Also, when the OR requests Bank Statements, they will see we don't really spend £600.00 on shopping, will they not query this?

Thanks everyone

I'm sure you pay some of your shopping in cash!;)

philnicandamy

Sammy3008 wrote: »

Yes includes Accidental Damage, I believe Buildings and contents are both covered by it.
DH doesn't have to pay for suits, he gets his work clothes free through work I believe. do they still need cleaning though? you could add
He does pay into a union at work, not sure how much this is though, will ask him later definatley add later soon as you know..



Sorry to sound daft, what is I & E? stands for Income & expenditure in simple terms what you have coming in & what you spend
Circumstances have changed slightly, we probably spend out more now than we did, have done a new expenditure form over the phone with Debt Management company today.



Lol, they are so strict its unbelieveable, and the letters we get from the creditors, there also lets just say (to be polite) shocking!!

When we fill the forms in to petition for BR, not sure how long it will be till we do this, is that where we will have to add our expenditure etc? Yep

Also, when the OR requests Bank Statements, they will see we don't really spend £600.00 on shopping, will they not query this? definatley not...

Thanks everyone

Sorry for the earlier post though sammy THE last thing I wanted was for you to feel judged...the comment was aimed at others who seemed to think you needed more advice

Sammy3008

philnicandamy wrote: »

Sorry for the earlier post though sammy THE last thing I wanted was for you to feel judged...the comment was aimed at others who seemed to think you needed more advice

Not at all Phil, I was having one of my low moments at that point
All forgiven, and still planning for that party

P.s, thank you for advice on I & E etc.

philnicandamy

Good i've still kept the message so i'll hold you to it!

try not to worry too much...there is a solution to EVERYTHING sometimes it takes a little longer

MicheH

Yeah, you know I'm sorry too. I was trying to be impartial and be seeing to be saying the right things.. well s*d that - you know what I think Sammy

Sammy3008

fiveyearplan wrote: »

I'm sure you pay some of your shopping in cash!;)

To good to be true, sometimes we may just take you up on that one