Stepchange setting up a DMP, is this for the best?

DjangoUnchained

personally i wouldnt use stepchange. They cant do anything that you cant do better yourself and on your own terms.

Martico

kmt1235 said:

I have contacted Stepchange to cancel the DMP now. 
Another question I have, if I were to default on my accounts, what impact will that have on say my phone contract? When it is due for renewal, will they just cancel it and I wont be allowed to carry it on? 

Phone contracts aren't a problem - if you fail to pay, they just cut the service. It's not a long-term credit relationship

fatbelly

£75 surplus is the maximum for a Debt Relief Order

kmt1235

Oh ok I hadnt thought about a debt relief order. If i were to stretch my spending overall to make the surplus less than £75, is that an option, or a big no no? 

Grumpelstiltskin

Lets see your SOA first, that will give us a better idea of what your best option is.

kmt1235

I have done the SOA now, sounds so silly but how do i post on this? I have selected format for print, do i just copy and paste onto this? so sorry!

kmt1235

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary	Amount(£)
Total monthly income	1,911
Monthly expenses (incl. HP & secured loans)	1,807.25
Available for debt repayments	103.75
UNsecured debt repayments	0
Amount left after debt repayments	103.75

Personal Balance Sheet Summary	Amount(£)
Total Assets (things you own)	1,800
Total Secured & HP Debt	-0
Total Unsecured Debt	-8,720.55
Net Assets	-6,920.55

Household Information

Number of adults in household	1
Number of children in household	1
Number of cars owned	1

Income, Expense, Debt & Asset Details

Income	Amount(£)
Monthly income after tax	912
Partners monthly income	0
Benefits	795
Other income	204
Total monthly income	1911

Expenses	Amount(£)
Mortgage	0
Secured/HP loan payments	0
Rent	575
Management charge (leasehold property)	0
Council tax	0
Electricity	100
Gas	80
Oil	0
Water Rates	25
Telephone (land line)	0
Mobile phone	68
TV Licence	13.25
Satellite/Cable TV	115
Internet services	40
Groceries etc.	400
Clothing	30
Petrol/diesel	150
Road tax	14
Car Insurance	27
Car maintenance (including MOT)	20
Car Parking	0
Other travel	0
Childcare/nursery	0
Other child related expenses	0
Medical (prescriptions, dentists, opticians etc.)	0
Pet Insurance/Vet bills	0
Buildings Insurance	0
Contents Insurance	0
Life Assurance	0
Other Insurance	0
Presents (birthday, christmas etc.)	35
Haircuts	20
Entertainment	65
Holiday	0
Emergency Fund	30
Total monthly expenses	1807.25

Secured & HP Debt Description	Debt(£)	Monthly(£)	APR(%)
Mortgage	0	(0)	0
Secured & HP Debt totals	0	-	-

Unsecured Debt Description	Debt(£)	Monthly(£)	APR(%)
Very	1376.24	0	0
Aqua	3256.13	0	0
Capital One	1353.1	0	0
FloGas	196.74	0	0
Next	539.55	0	0
Simply Be	1166.79	0	0
NewDay	832	0	0
Unsecured Debt totals	8720.55	0	-

Asset Description	Value (£)
Cash	0
House Value (Gross)	0
Shares and bonds	0
Car(s)	1800
Other assets (e.g. endowments, jewellery etc)	0
Total Assets	1800

Comments on the results

You have sufficient monthly income to meet your expenses and your minimum monthly debt repayments with £103.75 left over. You can use this to pay off your debts more quickly or to build/top-up an emergency fund. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at www.LemonFool.co.uk

Grumpelstiltskin

You need to format for MSE and copy and paste on here,
You need to add the APRs on all of the debts.

A quick thought Food £400 how old is the child?
TV £115 and yet no contents insurance? What would you do if your house got on fire?

kmt1235

Ok i will have a go.
My child is 4, the food cost includes all toiletries, cleaning products, school lunches, work lunches, and I also babysit 4 nieces and nephews x3 times a week so their dinners are included too. 
And yes youre right I dont have any contents insurance, I never really thought about it but really should get cover 

Grumpelstiltskin

You can't afford to feed nieces and nephews why aren't their parents paying for their food?

Food is high do you buy top brands or supermarket essential brands?