Debt and credit file

Jack_Bauer87 · 4 December 2022 at 8:10AM

sourcrates · 4 December 2022 at 12:06PM

If it doesn't say "default" on your credit file, then it`s not defaulted.

The debt`s status will clearly be marked, along with the date of default (if applicable).

As your payments are showing, it would suggest the account is still live.

Debts are sold all the time defaulted or not.

Martico · 4 December 2022 at 3:22PM

Hi - I've no experience with DMPs, so will focus a bit on your budget.
And I'm afraid that if you're still short at the end of the month, then some of that SOA isn't realistic. It might mean looking through your statements to see where your money is actually going.
A couple of things stand out: you're budgeting for an emergency fund, but have no emergency fund.
£50 per month on clothes seems like quite a bit, even though I realise you have kids.
Mobile phone at £45. If that is only one mobile that you're paying for, that's way too much. If it's several, then that may be realistic.
£50 per month for presents seems too much given your income.
Do you have no other child-related expenses?
£17 per month for buildings insurance seems a lot for a house worth £190,000. I pay around a tenner a month for a house worth twice that. If you can pay your building insurance upfront, it's a lot cheaper than taking their credit option to spread the payment over 12 months.

Good luck, and please try to take a thorough look through your statements and try to work out where the extra money is leaking out.

fatbelly · 4 December 2022 at 6:44PM

What's the state of play with the BMW?

Who are you banking with now?

Is your mortgage on a fixed deal - how long left?

Token offers are really only a short-term strategy but there may be no good solution for you at the moment.

FindMyWayBack · 4 December 2022 at 7:05PM

have you considered bankruptcy? Did Stepchange suggest it?

Rob5342 · 4 December 2022 at 7:08PM

I wouldn't say that £50 a month on clothes for 5 people was a lot. That's £120 a year per psrson, a pair of school shoes and a coat will use most of that.

FindMyWayBack · 4 December 2022 at 7:28PM

Stepchange advise when paying token payments to create a budget as you would be allowed when going for bankruptcy. It is surprising generous. A search on here will find many examples.

kimwp · 4 December 2022 at 7:48PM

Jack_Bauer87 said:

[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......... 4
Number of cars owned.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 530
Other income............................ 0[b]
Total monthly income.................... 2730[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 880
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 152
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 48
Groceries etc. ......................... 700
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 2
Car Insurance........................... 52
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 25
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 32
Buildings insurance..................... 17
Contents insurance...................... 0
Life assurance ......................... 6
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 40
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 30[b]
Total monthly expenses.................. 2695[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0[b]
Total Assets............................ 190001[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 165000...(880)......4.2[b]
Total secured & HP debts...... 165000....-.........- [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Halifax loan...................10500.....0.........0
Intrum.........................1300......0.........0
Bmw finance....................2800......0.........0
Very...........................1400......0.........0
Creation.......................1100......0.........0
Natwest loan...................13000.....0.........0[b]
Total unsecured debts..........30100.....0.........- [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,730
Expenses (including HP & secured debts). 2,695
Available for debt repayments........... 35
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 35[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 190,001
Total HP & Secured debt................. -165,000
Total Unsecured debt.................... -30,100[b]
Net Assets.............................. -5,099[/b]

Done it best a could but says we have money left over but most months i am
borrowing off my payments.

Does your SOA use actual numbers from your bank accounts or receipts or best guesses?

fatbelly · 4 December 2022 at 8:45PM

FindMyWayBack said:

have you considered bankruptcy? Did Stepchange suggest it?

Homeowner with equity

Jack_Bauer87 · 5 December 2022 at 7:11AM

fatbelly said:

What's the state of play with the BMW?

Who are you banking with now?

Is your mortgage on a fixed deal - how long left?

Token offers are really only a short-term strategy but there may be no good solution for you at the moment.

The mortgage deal has around 3 years or so to go. The bmw finance is what i owe them
as my car got repossessed around a year ago.

I completely understand tokens are short term its why in really worried as there no chance to improve my income.

Jack_Bauer87 · 5 December 2022 at 7:15AM

The soa is accurate in terms of my bills, but the food clothes presents are not there alot worse. But them
numbers im hoping to stick to, but just seems its so hard because something always comes up unexpectedly.

Debt and credit file

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