DMP thanks to DFWs!

barlafumble · 14 April 2013 at 6:35PM

Hi :wave:

I've just joined the site and wanted to say hello and thank you to everyone who posts here. I've been struggling with debt for years and reading the posts in this forum have given me the courage to set up a DMP with Step Change. I'm bipolar and I've really been struggling to find a way to deal with my debt repayments and manage my money. I've found Step Change to be brilliant and I want to say thank you to all of you for giving me the strength to contact them and set up a DMP

I'm actually looking forward to making my first payment at the end of the month and 'officially' starting-now that is crazy!

I am currently in £9,749 in debt, although I am sure that will increase over the next few weeks as my creditors apply charges etc for starting a DMP. I will pay £527 a month to Step Change and that will be such a relief after months of scrabbling together much higher repayments. It will take me 19 payments to pay off at the moment- I'm keen to reduce this as much as possible so I've posted my SOA below in the hope that you'll give me feedback on any areas I can cut back on.

I'm lucky to live with a friend in return for paying some bills/food etc and not pay rent. This is a real help while I'm trying to get back on my feet! I'm struggling with my mental health at the moment, so becoming debt free will really help my stress levels and allow me to consider alternative futures (rather than staying in a job that makes me unhappy because I need to pay off the debt).

I've subscribed to Martin's newsletter, and I'm reading as much as I can to get ideas to help me to reduce my expenditure- any helpful tips would be great

B

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1550
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1550

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 80
Gas..................................... 80
Oil..................................... 40
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 266
Clothing................................ 25
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 35
Car maintenance (including MOT)......... 30
Car parking............................. 6
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 37
Holiday................................. 13
Emergency fund.......................... 75
Total monthly expenses.................. 1023

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
DMP............................9749......527.......0
Total unsecured debts..........9749......527.......-

Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,023
Available for debt repayments........... 527
Monthly UNsecured debt repayments....... 527
Amount left after debt repayments....... 0

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,749
Net Assets.............................. -9,249