S.o.a

enthusiasticsaver

OK I have just seen it is all on 0%. Make sure it is repaid before the interest charging period kicks in

sitesafe

Hi is this to present to debt management so you want the maximum or are you looking to cut back?

Nothing there for Building Insurance - don't you have to have this if you have a mortgage - I thought it was a requirement? You can get a good deal on combined buildings and contents insurance by looking at the comparison sites. I think mine was 144 for the year with £42 cash back.
I'm a one person household and pay:
£130 shopping and this is eating healthily (not dieting) - it doesn't include alchol but I do allow myself a bottle of wine at the weekend (nothing more than a £5 one) if I've money left over from the budget. Oh yes and my dog food is £23 a month which I haven't included. So although it is a challenge it can be done (see Grocery Challenge on here on the Old Style thread) so I still think you could save £100 and put some of that toward an emergency fund.
I pay £50 a month (it's about to be £11 a month less for next 18 months due to switching and fixing) for combined Gas and Electric (worth looking at the Cheap Energy Club on here on how to).
£44 ish a month internet services - I pay the same as you (which is still too much) for my internet provider (this includes cable tv and landline - with Virgin). IF.. you are on a £44 internet/tv package do you really need to pay the £27 a month Cable and Satellite if you are getting a tv service in your bundle..?

I put the same for you as 'entertainment' - which includes any coffees/treats out etc. I do have a few more outgoings but I am currently earning a little more but I would say the grocery shop could be cut back on

Hope that's some help

Fosterdog

There are certainly a few places you could cut back, your shopping is pretty high, more than we spend for two adults without scrimping on quality or quantity of food. Head over to the old style board and look into batch cooking and freezing extra portions to keep costs down £150 a month for one person would still be a pretty big budget and that's an extra £100 a month towards debts.

Is your council tax over 10 or 12 months? If 10 see if you can spread it over 12 instead would take the payments down to £72.50 a month.

Your internet and TV package is very high, shop around for new deals, I just got a good deal for tv, phoneline and broadband (fibre) for £21 a month on a 12 month deal. Yours is £71 a month combined so there could be another £50 a month right there.

Can you get your hair cut less frequently? Or find a cheaper hairdresser?

Your entertainment is also very high considering, can you cut back a bit or look for some free/cheaper activities?

Would looking for another job be possible? I understand you have retired on medical grounds but is that because you wouldn't be able to do any job or because the particular job you were doing is now impossible for you but the could be something more suitable out there?

What about downsizing your house or moving to a cheaper area? If you no longer need somewhere specific for work you could release enough money to pay off debts and have lower repayments going forward leaving you with more each month to live off.

Graciefields

enthusiasticsaver wrote: »

What is the cash and shares earmarked for?

Why does your car not appear in the assets column? Is it a lease car and is that what the secured debt is for?

The cash is my lump sum from early retirement. I was going to invest it into income paying shares. I did think about paying off my credit cards and some of my mortgage but given that my credit card debt is on 0% interest it seems to make sense to invest the money and try and pay off the cc debt monthly.

My car is on lease and I can give it back in another 2yrs. The car was purchased before I knew about my retirement.

Graciefields

Fosterdog wrote: »

There are certainly a few places you could cut back, your shopping is pretty high, more than we spend for two adults without scrimping on quality or quantity of food.
My groceries include all household stuff including pet food.
Head over to the old style board and look into batch cooking and freezing extra portions to keep costs down £150 a month for one person would still be a pretty big budget and that's an extra £100 a month towards debts.

I will start doing this and lower my budget to £150 and see how it goes

Is your council tax over 10 or 12 months? If 10 see if you can spread it over 12 instead would take the payments down to £72.50 a month.

yes it's already over 12 months and I get a discount for single occupancy.

Your internet and TV package is very high, shop around for new deals, I just got a good deal for tv, phoneline and broadband (fibre) for £21 a month on a 12 month deal. Yours is £71 a month combined so there could be another £50 a month right there.

I am tied into a contract but will find out when it ends and start looking around. I will see if I can downgrade but I love the footie and the golf:j

Can you get your hair cut less frequently? Or find a cheaper hairdresser?

yes, I'm going to find a cheaper hairdresser and get it cut less frequently.

Your entertainment is also very high considering, can you cut back a bit or look for some free/cheaper activities?
No, this hobby gets me outdoors, gives me exercise and a social life so worth every penny.

Would looking for another job be possible? I understand you have retired on medical grounds but is that because you wouldn't be able to do any job or because the particular job you were doing is now impossible for you but the could be something more suitable out there?

Yes may have to do this. Have already started looking. But last resort.

What about downsizing your house or moving to a cheaper area? If you no longer need somewhere specific for work you could release enough money to pay off debts and have lower repayments going forward leaving you with more each month to live off.

Yes may have to do this and have started looking. Again last resort.

Thank you so much

MrsTinks

Graciefields wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300

Monthly Expense Details
Mortgage................................ 497
Secured/HP loan repayments.............. 134
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 22.32
Telephone (land line)................... 0
Mobile phone............................ 5
TV Licence.............................. 12.12
Satellite/Cable TV...................... 27 This can be dropped or reduced, get either freeview or a cheap option like netflix
Internet Services....................... 44 This can come down too - or try and bundle it with your TV
Groceries etc. ......................... 250 If your child is at Uni then this is effectively for one person - DEFINITELY room to reduce this!
Clothing................................ 0 What never?
Petrol/diesel........................... 25
Road tax................................ 0
Car Insurance........................... 23
Car maintenance (including MOT)......... 0 No tyres? Oil? Service?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 You need something here
Contents insurance...................... 0 Need something here too
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Really? Nothing ever?
Haircuts................................ 15
Entertainment........................... 41 What is this?
Holiday................................. 0
Emergency fund.......................... 0 You need something here...

Total monthly expenses.................. 1255.44

The simple answer to your problem is that either you need to earn more, spend less or use your cash to pay the debts off and work back from there.

A DMP won't work if you have £40k in cash, in fact the amount of assets you have (not the house) would probably cause a few issues for most of your creditors if you defaulted. I have no idea if they can see those in any way, but I would expect if they knew about them and you defaulted then they would go after these through a CCJ rather sharpish? I don't know for sure though and I'd recommend getting some very specialist advice on that before you make any definite decisions.