DMP's

rainbowfairydust

Morning All

Does anyone know if you can include payday loans into a DMP? I have approx 4 grand of debt (well i think) ... i have just had another sleepless night worrying about money and i can't keep burying my head in the sand any longer hoping it will all go away :sad:

rainbowfairydust

Ok here is my SOA- I would like to include i also have the following payday loans outstanding...

The Money Shop - 600
Poundstilpayday - 400
QQ - 600
Cash Genie - 97
One Month Loan - 97

I share with my friend and she pays the other half of the rent , our council tax/water rates are included in our rent as well. We also pay a tenner each every month towards our electric bill, so thankfully i only have to give her £44 extra for the past quarter's bill.

I think looking at my SOA , it actually doesn't look that bad .. i think its the interest charges on the payday loans that are really getting to me...:(

Oh i also forgot to include that i owe £102 to my lloyds current account & £386 to my barclays current account


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 895
Partners monthly income after tax....... 0
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 995
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 272
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 10
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 15
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 47
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 516

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................510.......10........27.9
Capital One....................50........5.........28.9
New Look.......................155.......6.........0
Real Personal Finance..........750.......96.5......272.2
Total unsecured debts..........1465......117.5.....-

Monthly Budget Summary
Total monthly income.................... 995
Expenses (including HP & secured debts). 516
Available for debt repayments........... 479
Monthly UNsecured debt repayments....... 117.5
Amount left after debt repayments....... 361.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,465
Net Assets.............................. -1,465
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Tixy

Hi rainbow

Yes you definitely can include payday loans - I know people seem to panic more about them and assume you cannot but you can. Some payday loan companies seem very good at accepting them (better than 'normal' creditors sometimes) but of course some like to be awkward.

Have you sort any advice from one of the charities yet?

You are right that your SoA does not look too bad at all. Are you sure you only spend £50 on all groceries (food, cleaning stuff, toiletries etc)? have you included the little top up shops when you nip out for milk etc. (its great if you are doing it on £50 but people often underestimate how much they spend.
You probably need to budget a little something for clothing and haircuts as well.
Have you looked into getting quotes for contents insurance (it can be done very cheaply using martins guides).

Aside from that I'd ask where your £365 has been being spent - although I guess a lot will be going on the interest/rollover cost of your payday loans?

With the elec - do you mean you pay £10 each month and then an extra £44 for the last quarter on top, if so you might be better budgeting £20 per month, even if you don't pay it monthly (does elec include heating?)

Good luck and I'd suggest the next thing is getting advice from one of these -

http://forums.moneysavingexpert.com/showthread.html?t=2077631

miss_missy

rainbowfairydust wrote: »

Ok here is my SOA- I would like to include i also have the following payday loans outstanding...

The Money Shop - 600
Poundstilpayday - 400
QQ - 600
Cash Genie - 97
One Month Loan - 97

I share with my friend and she pays the other half of the rent , our council tax/water rates are included in our rent as well. We also pay a tenner each every month towards our electric bill, so thankfully i only have to give her £44 extra for the past quarter's bill.

I think looking at my SOA , it actually doesn't look that bad .. i think its the interest charges on the payday loans that are really getting to me...:(

Oh i also forgot to include that i owe £102 to my lloyds current account & £386 to my barclays current account


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 895
Partners monthly income after tax....... 0
Benefits................................ 100
Other income............................ 0
Total monthly income.................... 995
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 272
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 10
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 15
Internet Services....................... 0
Groceries etc. ......................... 50 check this as it is low if youve included everything such as toiletries etc
Clothing................................ 0 do you not buy any?
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 47
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 you should budget something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 do you not have any insurance
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0 i would put alittle here just incase
Total monthly expenses.................. 516

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................510.......10........27.9
Capital One....................50........5.........28.9
New Look.......................155.......6.........0
Real Personal Finance..........750.......96.5......272.2
Total unsecured debts..........1465......117.5.....-

Monthly Budget Summary
Total monthly income.................... 995
Expenses (including HP & secured debts). 516
Available for debt repayments........... 479
Monthly UNsecured debt repayments....... 117.5
Amount left after debt repayments....... 361.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,465
Net Assets.............................. -1,465
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

hi
well done for posting as tixy says yes your payday loans can be on you dmp all unsecure debts can be put on a dmp so your overdrafts on your current account would also go on

now from your budget above you should have money left do you really have 361? i assume not as you would not have been needing payday loans

i think you need to relook at your soa and just check youve listed everything, then you need to find out where your money is being spent, why did you need the payday loans?

if your certain your doing a dmp i would look at you soa and update some areas so your not left short and unable to live for example you need something for medical/dentist etc

hth