DMP Getting Started

rsn1985

Type your message[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

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

Monthly Income Details[/b]
Monthly income after tax................ 1255.67
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 1255.67[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 25
Gas..................................... 15
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 52
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 28
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
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................................ 10
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 940[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0[b]
Total Assets............................ 0[/b]
[b]
No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Current Acc Overdraft..........2000......60........0
Lloyds Personal Loan...........2966.17...168.8.....15.54
Aqua (NewDay) Loan.............5792......177.7.....0
Aqua Credit Card...............5743.12...231.......30
CapitalOne CC..................2662.66...162.8.....0[b]
Total unsecured debts..........19163.95..800.3.....-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 1,255.67
Expenses (including HP & secured debts). 940
Available for debt repayments........... 315.67
Monthly UNsecured debt repayments....... 800.3[b]
Amount short for making debt repayments. -484.63[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,163.95[b]
Net Assets.............................. -19,163.95[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

So there's my miserable SOA - after some poor decisions and digging myself into deeper holes while basically treading water, the current climate has royally bitten me on the backside.

I live with a friend so have just included myself as part of the household as nothing's a joint issue.  Household costs I cover some, she covers some rather than going halves on each one, hence some 0s and some maybe higher.  My income this time of year, working hourly rate in hospitality in a seasonally busy location would normally be closer to the £2,000 mark, but in furlough I'm essentially getting winter hours as they're paying an average over recent months during closure.

The groceries cost is from checking through last months transactions and is significantly up on March, largely due to us both working in the trade and not normally being about for 3 normal meals per day, so I can expect that to drop to around £150-180 when normality returns to some extent.  Phone bill is obviously a pain, I've seen sim-only rammed into everyones head in these threads and will take that on when the contract is next due.  Gas and electric is PAYG so can be up and down (gas was closer to 50 during colder months, while electric's slightly up at the moment with the extra TV and so on.


I have applied online for a payment freeze on the Aqua accounts so hopefully that will come in and allow some breathing space, but clearly I'll need it all in a DMP pretty imminently.   Is it best to set that ball rolling immediately?  I've seen various suggestions of not paying/paying token amounts for a length of time before going into the DMP.

Finally, the Lloyds loan is closest to ending - late 2021 - is it an idea to keep paying that, maintain a half decent standing with the bank or go with a clean bank account and put them into it as well?

rsn1985

Also I'm not 100% sure on the APRs for the CapOne card or the Aqua loans at present so ignore the 0s there.

Willing2Learn

You could have a DRO instead of a DMP I **think**

https://www.stepchange.org/how-we-help/debt-relief-order.aspx


Do you not have contents insurance for your home?

An Emergency Fund is a priority too.