Appointment with Payplan tonight....

wave5050

Hi. I'm new to the forum so hope I'm putting this on the right place! I am just facing up to the fact that I'm going to have to start a dmp and am incredibly nervous as I'm really not sure if I'm doing the right thing but dont think I have a choice. I have a phone appointment booked with Payplan tonight but I'm worried they're going to push me to do an IVA as my debts are huge but I really dont want to do an IVA. I have calculated my SOA - should I post it on here for some advice?

shezam

Hiya,

Why don't you want an IVA? It might be the best plan of action to manage your money!

YEs post SOA up here
Sxxx

wave5050

I've read up quite a lot on IVAs and DMPs and the IVA just seems really inflexible. I cant say if my income is going to remain unchanged over the next 5 years as my husband is currently on incapacity benefit due to major back problems - hopefully this will improve after an operation and he will be able to return to work but there's no guarantees. Also, my children are 18 and 15 so my child maintenance may drop (or disappear) over the next few years as they complete their education. A DMP seems more flexible under these circumstances but I'm happy to hear any advice anyone may have on this. Here's my SOA (please bear in mind the car expenses are x3 as my daughter, husband and I each have a car. The percentage rates on my debts aren't 0% - I've just had to leave it as that as I dont have those figures to hand.


[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income after tax....... 0
Benefits................................ 425
Other income............................ 850
Total monthly income.................... 3375
Monthly Expense Details
Mortgage................................ 1097
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 151
Electricity............................. 85
Gas..................................... 85
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 25
Mobile phone............................ 90
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 25
Groceries etc. ......................... 600
Clothing................................ 70
Petrol/diesel........................... 300
Road tax................................ 42
Car Insurance........................... 190
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 55
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 3202

Assets
Cash.................................... 0
House value (Gross)..................... 235000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 237000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 206000...(1097).....5.5
Total secured & HP debts...... 206000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................9800......290.......0
credit card....................800.......24........0
overdraft......................2000......0.........0
store card.....................300.......10........0
credit card....................11300.....330.......0
personal loan..................12000.....203.......0
credit card....................3000......90........0
store card.....................500.......45........0
credit card....................4000......120.......0
credit card....................800.......24........0
credit card....................3000......90........0
Total unsecured debts..........47500.....1226......-

Monthly Budget Summary
Total monthly income.................... 3,375
Expenses (including HP & secured debts). 3,202
Available for debt repayments........... 173
Monthly UNsecured debt repayments....... 1,226
Amount short for making debt repayments. -1,053
Personal Balance Sheet Summary
Total assets (things you own)........... 237,000
Total HP & Secured debt................. -206,000
Total Unsecured debt.................... -47,500
Net Assets.............................. -16,500
[/tt]

System

Hi,

Just to say, be careful with Payplan. They can be very questionable. It was the worst decision of my life I made, going with Payplan.

jojo1964

13000 wrote: »

Hi,

Just to say, be careful with Payplan. They can be very questionable. It was the worst decision of my life I made, going with Payplan.

In what way, i have been with them for two and a half years with no problems.

Deep_In_Debt

OP, you could also try CCCS who are a charity and also don't charge for dmps and will offer you impartial advice.

Just looking at your SOA a few things jump out at me:

Electricity, Gas and water seem astronomical - do you have arrears that you are paying off as well? Have you looked at cheaper suppliers? Make sure you switch stuff off at the mains and not leave on standby.

Do you really need 3 cars?

Mobile phone: Can you go PAYG?

You internet seems expensive - can you look into a landline/internet package? I have landline and broadband for £19pm plus free evening and weekend calls and as I'm at work all day and don't use the phone, works out well cheap!

You can well reduce your groceries. If it's the 3 of you £150 pm is well manageable. You can batch cook and freeze, buy cheaper brands, take packed lunches to work.

Clothing: Unless absolutely necessary, then stop. Wear what you already have, shop in charity shops for essentials.

Petrol is a lot but then you have 3 cars. As I said above.

Can you afford a holiday fund? You could be throwing that money at your debts instead.



EDIT: Just re-read and saw there are 4 of you in the household - but your groceries are still very high.