Out of DMP, can't shake the overdraft

Legacy_user

Hi everyone. Would you be willing to take a look at my SOA? I completed the DMP I had in place about 2 years ago. I had £2000 of overdraft which I never included in the DMP. Things are now beginning to creep backwards despite several attempts at putting a plan in place to clear the overdraft things keep getting worse. All I succeed in doing is giving the bank more fees!

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1360
Partners monthly income after tax....... 150
Benefits................................ 82
Other income............................ 0
Total monthly income.................... 1592

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 30
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 200
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1466.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................200.......5.........29.8
overdraft......................2150......0.........0
Total unsecured debts..........2350......5.........-


Monthly Budget Summary
Total monthly income.................... 1,592
Expenses (including HP & secured debts). 1,466.5
Available for debt repayments........... 125.5
Monthly UNsecured debt repayments....... 5
Amount left after debt repayments....... 120.5

Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,350
Net Assets.............................. -1,950

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

System

Hiya, and welcome back,

Can you do something with the clothes budget? We put £20 in a month in our SOA - and buy everything 2nd hand. Even if you dropped this to £100 a month, you could make a good dent in your debt that way?

I think you need more in your car maintenance budget (£40 instead of £20?) and it would be good to have something going into an emergency fund? if you could cut your clothes budget down to £50 a month, then you could put £100 to the debt, £20 to vehicle and £30 to EF?

StokieBecks

I think the 200 is supposed to be under the grocery category not clothing as the op hasn't anything under grocery

System

Thanks Stokie - that's my error I'm afraid - the £200 should be in the groceries section - I most certainly don't spend that on clothes - like you it's hand-me-downs or charity shop at a push!

tori.k

Have you checked out any benefits you are entitled to, I would think that you would be entitled to child tax credits & housing benefit on that level of income, Rent and council Tax is the only obvious one, I know Bristol is very expensive to rent but moving could shave a bit off rent and drop tax banding.
Other than that only option I see is upping income, could your partner not increase their working hours.

System

Thanks Tori - just have moved - previous rent was £900. My partner is looking for more work.
Just needs to fit round our 2 year old so no childcare costs