New SOA for DMP (help please)

Sparkles87

Following up from my last thread, basically my overdraft has been revoked even though it was being maintained at a level so although I can access some funds this month, anything that isn't considered essential they'll keep unless I can pay them a fixed amount which they've pro-rated incorrectly.

So I thought I'd better get a solid SOA sorted out that I can possibly survive on for the next nine months with my daughter (2yo) and new baby) from the beginning of October.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 598
Partners monthly income after tax....... 0
Benefits................................ 360
Other income............................ 0
Total monthly income.................... 958

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 45
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 90
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 50.3
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 15.57
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 777.87

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
Rate Setter Loan...............3229......196.1.....0
Halifax Loan...................14787.....141.2.....0 (this is half the payment, my ex-OH pays half as it's a joint loan)
Halifax Card...................1242......0.........0
Co-Op Overdraft................1700......0.........0
Barclaycard....................2400......0.........0
Creation Card..................2000......0.........0
Capital One Card...............500.......0.........0
HSBC Card......................3498......0.........0

I haven't entered the minimums for the cards as clearly, I can't afford them at all but do the figures for the standard SOA look okay?

The tax credits will increase a bit when baby comes, but I don't know how much by and I am giving my parents £200 a month towards rent but if I end up elsewhere that'd have to cover all bills plus any HB top up.

Sparkles87

It has also worked out:


Unsecured Debt Description Debt(£) Offer(£)
Rate Setter Loan 3229 19.81
Halifax Loan 14787 90.73
Halifax Card 1242 7.62
Co-Op Overdraft 1700 10.43
Barclaycard 2400 14.73
Creation Card 2000 12.27
Capital One Card 500 3.07
HSBC Card 3498 21.46
Unsecured Debt totals 29356 180.12

rockm87

Have you contacted any of your creditors to discuss your situation and work out a plan? There are template letters on this website, maybe someone could provide a link?

Sparkles87

Not yet, I will start contacting them tomorrow, I just wanted to check my figures I plan to give them are reasonable

HappyMJ

You'll have to leave the joint loan to your partner to pay and off your SOA.

Personally though. Your income is very low. Far too low. I wouldn't pay anything to anyone until you can get your income sorted out.

Tax credits can pay much more than the amount you've posted and you are entitled to a child support payment from your partner whether he pays the joint loan or not your partner must still pay you a child support payment every month. He has the rental income from the property that you own and that money should be going towards the joint loan.

Whilst you do have £200 down for rent and expenses whilst living with your parents this isn't going ot be long term and you really do want to be saving the deposit and first months rent so that's why I would say either pay nothing or pay £1 per month.

Sparkles87

HappyMJ wrote: »

You'll have to leave the joint loan to your partner to pay and off your SOA.

Personally though. Your income is very low. Far too low. I wouldn't pay anything to anyone until you can get your income sorted out.

Tax credits can pay much more than the amount you've posted and you are entitled to a child support payment from your partner whether he pays the joint loan or not your partner must still pay you a child support payment every month. He has the rental income from the property that you own and that money should be going towards the joint loan.

Whilst you do have £200 down for rent and expenses whilst living with your parents this isn't going ot be long term and you really do want to be saving the deposit and first months rent so that's why I would say either pay nothing or pay £1 per month.

Tax credits have said I'm on the maximum payment even though my income has dropped by 10k which is utterly ridiculous!

The flat rent only covers the mortgage, management and storage - there's nothing left over.

I'm on the list for social housing and £200 should cover the utilities there and the rent would be covered by housing benefit. Not an ideal situation but it's where I've been forced into.

Should the flat sell, I'd have approx 2k to help me move as well.

I do wonder if I should be paying £1 a month and getting a car, because ultimately it's very difficult to manage with two children without one here (quite rural) but I'm not sure they'd allow that?

DCFC79

When is your mobile contract to end ? Get a sim only plan for a third or half of what your paying.

Maybe look at your food shopping.

Buy yellow stickered items and freeze them.

Sparkles87

It's just renewed and is in my ex-oh's name but I put the money into his account, I could probably take it out.

That is all of baby and toddler's items too - Step Change told me I had it too low before

Sparkles87

Suggestions for a bank to open a basic account which isn't linked to any of the above debts?

edinburghlad

RBS / Natwest / nationwide?

anna_1977

whats the medical cost for? Due to income you are surely entitled to free dental etc....