Confusion on DMP's and what is really means

Magi74

I'd echo what's been said about CCCS - they've been really good with us over the last 6 months (has it been that long?? :cool:). From our experience the big key is making a budget that really works for you - there's no point in putting down £150 for food when you really spend £300. That just adds stress...and you've got enough of that going on already!

Most on this board have been where you are - we know what it feels like and we're on your side.

@ Davey123 (before I forget!) - you don't have to of course, but do think of making a thread for your circumstances if you feel the need. I lurked on these boards for a while so I was happy to just bite the bullet with CCCS. But if you've got specific questions they might get lost on this particular thread.

Finally, I've also made a few comments on your (gboodie's) SoA (things to think about really). There's some things that you've not mentioned yet (such as how many are in the house) and other circumstances, but hopefully it will help your thinking. I've probably come across as abrupt - apologies if I've offended, but knowing where our money was going was a big help to us and the same may apply to you.

gboodie wrote: »

Hi, here is my SOA to help with a review of my plight.

Mortgage.........................£925.00
NatWest Personal Loan............£298.95
Credit Cards (10 in total).......£1,500.00

Council Tax......................£134.00
Gas..............................£52.00 Are you able to switch providers? There's potential for a fair bit of saving here - and there's an MSE guide on how to do it as well!
Electricity......................£50.00
Water............................£50.00 Is that every month? £600 p/a seems really high...
Sky..............................£52.00 Can you drop the package down? Is your phone/internet included in this as I can't seem them mentioned.
Mobile...........................£40.00 On a contract? Can you cut it down?
TV Licence.......................£12.00
Petrol...........................£200.00 Are buses or car sharing an option for you?
Car Tax..........................£17.92
Car Insurance....................£41.31
HouseKeeping.....................£130.00 Is this for food? That's not been mentioned yet on your SoA.
Buildings Insurance..............£9.51
Contents Insurance...............£11.66
Life Insurance...................£22.17 non-smoker rates (if appropriate?)
Child Maintenance................£400.00
Travel...........................£80.00 £200 for petrol - so what's the £80 for?
BG Boiler Payment Plan...........£43.16 Don't have enough knowledge on these sorts of protection plans - it would be worth making sure they cover what you think they cover at the least.
Income Proection Insurance.......£23.98
Washing Machine Protection Plan..£8.65
Home Emergency Cover.............£5.25
Medical Prescriptions............£14.80 Two items a month so a PPC (prepaid prescription certificate) will save you a few pounds. http://www.nhs.uk/nhsengland/Healthcosts/pages/Prescriptioncosts.aspx

Total Expenditure................£4,122.36

Income...........................£3,250.00
Deficit..........................£872.36-

Thanks for any advice, I accept that I cannot go on like this and I need to resolve this now!

gboodie

Hi Issuma & Magi74,

Thanks for your comments and review respectively, here is are responses:

Issuma, I intend to call the CCCS tomorrow - Today I have replicated the Personal Budget Sheet into an excel spreadsheet and being playing working the figures to see where I can cut and the effect it will have.

My Pension is not noted as this is taken from source by my company.
The NatWest loan has 2yrs 4 mths to run, when this is completed it will be put towards my debts

Magi74, here are my responses to your comments / questions:

Gas & Electricity - I will look into switching providers to see if these can come down
Water - yep it is high and I can't get it down I've tried (approx £300 / 6 mths)
Sky - this includes Broadband, TV and Phone, I can reduce the Sky entertainment package to £20 (currently £25)
Mobile - contract due for renewal and can be reduced as I'm not taking a new phone, keeping the current one
Petrol - for the car as I live in South London, alot of driving to East London for my Daughter
Travel - This is to and from work, central london during peak times
Medical Prescriptions - will look into the PPC