Half way through Dmp but losing the will to live!

Wirbs

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 0
Benefits................................ 208
Other income............................ 0
Total monthly income.................... 2508

Monthly Expense Details
Mortgage................................ 445
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 160
Gas..................................... 55
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 30
Groceries etc. ......................... 330
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 60
Car maintenance (including MOT)......... 30
Car parking............................. 40
Other travel............................ 40
Childcare/nursery....................... 265
Other child related expenses............ 35
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 15
Buildings insurance..................... 40
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2091


Assets
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 60250


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67000....(445)......5
Total secured & HP debts...... 67000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
unsecured loan.................7467......19........5
barclaycard....................6411......102.......0
barclaycard....................5690......78........0
barclays.......................305.......30........0
barclays.......................393.......5.........0
moorcroft......................778.......24........0
lowell financial...............733.......23........0
lowell financial...............889.......23........0
mbna...........................1504......26........0
mbna...........................2296......26........0
Total unsecured debts..........26466.....356.......-


Monthly Budget Summary
Total monthly income.................... 2,508
Expenses (including HP & secured debts). 2,091
Available for debt repayments........... 417
Monthly UNsecured debt repayments....... 356
Amount left after debt repayments....... 61

Personal Balance Sheet Summary
Total assets (things you own)........... 60,250
Total HP & Secured debt................. -67,000
Total Unsecured debt.................... -26,466
Net Assets.............................. -33,216

Wirbs

I've missed off about £40 in tax credits there. Please excuse me. I didn't get asleep until 5am thanks to next door

beanielou

So maybe it would help if you can show how much that you pay to your DMP? Ta

beanielou

beanielou wrote: »

So maybe it would help if you can show how much that you pay to your DMP? Ta

Sorry, just seen your post above.

beanielou

So basically if you take into account your DMP payments as they stand you have nothing left.
If you don't wish to extend the time of your DMP then I really think that you do need to think about bankrupcy.
If you redo your SOA with realistic figures my guess is that you would only need to pay a small amount to that per month.(If anything)
I think it would give you a clean slate & that you would be much happier.
Something for you to think about

Willing2Learn

Or as an alternative to bankruptcy, you could self-manage your DMP and pay just £1/month to each creditor for the first 12 months, which will give you £4K+ to do emergency repairs to your boiler and heating system.

Wirbs

I've never even thought about it like that. I thought the whole point was that every spare penny went on the DMP. I spend my life in dread of something going wrong that I can't cover. They gave me £50 a month emergency to save up for the boiler but that's not happened and it'd take me 4 years to save enough at that rate.

beanielou

Also please do get in touch with the benevolent fund & explain the situation.
I am sure they will help in whatever way they can with the heating/windows.
Hope this helps

Wirbs

One issue that worries me tho (one of many). My childcare costs to the official provider were £51 pw (this will go down to £30 in September). However, my mum has had to give up doing overtime to help me so I have to give her a sub. They won't take that into account will they? And what if they say I'm paying too much for things and haven't sacrificed enough? I've been to Macdonalds twice this week-will that count against me? I'm laughing but it worries me

Willing2Learn

You need to re-assess some of your expenses. You should be able to save something on your household insurance and groceries. Your clothing budget needs to go up. Your monthly electricity/gas costs are very high (or is that down to your boiler not working properly?) And don't forget your £40/month tax credits. Is your water metered?