Santander and DMP

Grumpelstiltskin

Right there will be a way forward. Don't panic.

What you want to do is put up a SOA on here and you will get advice .

This is the link.

SOA Calculator (lemonfool.co.uk)

Format for MSE and copy and paste it on here.

fatbelly

If there's more going out than coming in, even when you are paying nothing to the debts, then a dmp is not going to work, whoever you do it with. In your first post you thought you were going to be debt free in 2 years. 

Let's have a look at that soa.

LilMissM

I'll redo the budget and send it to you (or post on here?) and see what you think.

Just a thought, but given the terrible terrible mess I'm in, do you think I would be better getting like a DRO or something like that? I mean, my credit score is going to be crap now anyway and to be honest after this experience, I don't think I ever want credit again. I feel horrible 😞 Could something like a DRO be better for me. I know I said previously that I dont care how long I'm paying the debts off for, but I don't want to be paying for the rest of my life and right now that's how it's looking to me.

Can't believe I'm actually asking this question. 

fatbelly

Format for MSE and post it in this thread.

Can't answer your question until we see it

Rob5342

What's different between the budget you have just done and the one you did with Stepchange originally?

LilMissM

[tt][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 0

Number of cars owned.................... 0[b]

Monthly Income Details[/b]

Monthly income after tax................ 1658

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 350[b]

Total monthly income.................... 2008[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 577

Management charge (leasehold property).. 0

Council tax............................. 154

Electricity............................. 75

Gas..................................... 75

Oil..................................... 0

Water rates............................. 39

Telephone (land line)................... 0

Mobile phone............................ 23

TV Licence.............................. 13

Satellite/Cable TV...................... 66

Internet Services....................... 0

Groceries etc. ......................... 225

Clothing................................ 50

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

Car parking............................. 0

Other travel............................ 40

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 15

Pet insurance/vet bills................. 50

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 50

Haircuts................................ 20

Entertainment........................... 40

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 1512[/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

Credit card....................1042......261.......0

Loan...........................6149......274.......0

Loan...........................6319......0.........0

Family member..................4500......125.......0

Overdraft......................621.......0.........0[b]

Total unsecured debts..........18631.....660.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,008

Expenses (including HP & secured debts). 1,512

Available for debt repayments........... 496

Monthly UNsecured debt repayments....... 660[b]

Amount short for making debt repayments. -164[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 0

Total HP & Secured debt................. -0

Total Unsecured debt.................... -18,631[b]

Net Assets.............................. -18,631[/b]

[i][/i][/tt]

LilMissM

Rob5342 said:

What's different between the budget you have just done and the one you did with Stepchange originally?

I didn't put in for things like vet bills, clothing, haircut etc. I just put like the actual bills. When I spoke to the chap at Santander yesterday he said to definitely include these sort of things because I don't want to be in such a dire situation that I can't even afford to buy myself a new pair of shoes. I also have seven cats and for the most part they don't cost me a lot at the vets, but every now and then I do need money for vet bills and I should've included things like monthly flea treatment etc. Looking back on it now it just wasn't a very accurate budget planner. Santander sent me after I had spoken to him yesterday and I took his advice and filled it in more accurately and cried.

I have had a terrible start to the year financially already. I started a new job in December, was ill with flu two weeks in so didn't get a full wage then. January the washing machine broke so I had to buy a new one. I also had a horrendous migraine (I am diagnosed with chronic migraine and have three monthly treatment at the Walton Centre) so was off work with that and again, didn't get a full wage and then I discovered last month that the tax office had changed my tax code in January to the emergency tax code for some reason, even though it was correct in December, so I was over £400 short in my wages for February. Hence me using my overdraft and finding myself in this now seemingly unfixable situation.

fatbelly

Well it looks like a dmp to me but not one you should rush into. Save that surplus income for a few months.

I think offering £496 per month is going to be too tight. Make your food budget £60 pw = £260 pm and maybe think about some cheap contents insurance

If the dmp pans out at £400 per month that clears your debt in under 4 years and you might be able to do a little better, later

Rob5342

4 years is a reasonable length for a DMP. If you are able to save some money you might be able to reduce the length by making some reduced settlement offers.

Your satellite TV is expensive. Could you have something like the advert supported Netflix instead? You will.need to put some money into an emergency fund to cover anything that crops up.

I'd.try living on the budget now and see how it goes, and put the DMP payment.amount into.your emergency fund. With a £400 DMP.payment you should be able to build up an emergency fund of at least £1600 before the debts default.

LilMissM

Awww if I could clear these debts in less than 4 years I would be so happy with that. Can you guys help me do a DMP and give me guidance along the way? I've already had a text off one of the loans saying I have missed a payment How many months should I wait before I contact them with my DMP?

Thank you all so much for your help with this x