DMP, IVA or Bankrupcy

hmczippy

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1742
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1742

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1282
Management charge (leasehold property).. 0
Council tax............................. 105.88
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 22
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Debt Management......................... 110
Total monthly expenses.................. 1709.88


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 3000
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................11500.....0.........0
American Express...............1700......0.........0
Natwest overdraft..............1400......0.........0
Parents........................500.......0.........0
UK Search Limited..............524.......0.........0
HM Revenue.....................1100......0.........0
Total unsecured debts..........16724.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,742
Expenses (including HP & secured debts). 1,709.88
Available for debt repayments........... 32.12
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 32.12

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,724
Net Assets.............................. -13,724

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

MrsTinks

Well my first question is... does your partner not work or contribute to the household finances?

Yes a DRO might eb the way forward here - we can certainly juggle numbers so you're at under £50 a month for debt repayments.

But looking at your numbers they are not sustainable in a location with rent that high!

Either you need a higher income or a lower outgoing - and you are really looking at your flat here because you're scraping by everything else and I am going to guess this is how you ended up in debt to start with?

MrsTinks

hmczippy wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1742
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1742

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 1282
Management charge (leasehold property).. 0
Council tax............................. 105.88
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 22
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0 Nothing?
Groceries etc. ......................... 100 Not really enough for 2 people!
Clothing................................ 0 Nothing? Ever??
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Nothing?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Nothing? Should at least have this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Nothing?
Haircuts................................ 0 Not even your partner??
Entertainment........................... 0 Never?
Holiday................................. 0
Emergency fund.......................... 0 You need an emergency fund
Debt Management......................... 110
Total monthly expenses.................. 1709.88

Your shares might be grabbed by the DRO... not sure

hmczippy

This is solely what I pay out of my own finances. I pay all the rent because my partner has been out of work sporadically and I have a more secure job. We are not married and the debts are all mine. Sorry, but do I have to include his finances too? What if we were to split up? I wanted to try and get myself out of this mess without relying on anybody else. I think by the looks of my finances it might be best to remain on a DMP but switch to a charity based one? Reason for rent being high is that we live in London! Hoping to relocate to the south coast this year, which should reduce our rent, however I won't be earning as much.

I agree about my shares.....I wanted to hang onto them....

National_Debtline

You don’t have to include your partner’s finances but I think MrsTinks wanted to make sure your SOA was realistic and sustainable as some key figures are missing or seemed low for two people.

If you have £3k worth of shares or bonds they would most likely be classed as an asset and prevent DRO eligibility.

James
@natdebtline

sourcrates

National_Debtline wrote: »

You don’t have to include your partner’s finances but I think MrsTinks wanted to make sure your SOA was realistic and sustainable as some key figures are missing or seemed low for two people.

If you have £3k worth of shares or bonds they would most likely be classed as an asset and prevent DRO eligibility.

James
@natdebtline

Yes unfortunately that would mean you wouldn't qualify for a DRO, you can't even sell them in order to qualify, as there is a two year period before a DRO whereby if you dispose of assets, that rules you out from applying.

hmczippy

I think it's best I stick to my DMP then and go for a charity based one? Thinking about it I don't think it's a good idea to go for an IVA and certainly don't want to declare myself bankrupt.

National_Debtline

At the very least I think it’s worth contacting Stepchange and changing to a free DMP for now so that you don’t waste any more money on fees. You can always change to an IVA in future if you decide to do so.

James
@natdebtline