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Questions about dmp vs defaulting
Comments
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dobbysock said:We have a shared account (Santander) where we go half on all utilities.
Then set up one in your name into which he has a standing order paid every month.
The person who has not made a mistake, has made nothing0 -
RAS said:dobbysock said:We have a shared account (Santander) where we go half on all utilities.
Then set up one in your name into which he has a standing order paid every month.0 -
Kent Reliance have signed the Mortgage Charter (https://www.gov.uk/government/publications/mortgage-charter/mortgage-charter) so you should be able to get a new fix when your current one ends without affordability checks. A DMP does not put this mortgage at risk but means you cant remortgage with a different lender.
Our mortgage is about to go up by approx £300 per month
Is that moving onto a new fix, what rate, or moving onto their Standard Variable Rate?
Could you redo a Statement of Account with the increased mortgage amount please, using our format here which goes into more detail eg on the debts: https://www.lemonfool.co.uk/financecalculators/soa.php1 -
[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 2Number of children in household......... 1Number of cars owned.................... 2[b]Monthly Income Details[/b]Monthly income after tax................ 3295.47Partners monthly income after tax....... 0Benefits................................ 0Other income............................ 0[b]Total monthly income.................... 3295.47[/b][b]Monthly Expense Details[/b]Mortgage................................ 416.7Secured/HP loan repayments.............. 187.00000000000006Rent.................................... 379Management charge (leasehold property).. 0Council tax............................. 77.5Electricity............................. 35Gas..................................... 0Oil..................................... 0Water rates............................. 16.5Telephone (land line)................... 0Mobile phone............................ 47TV Licence.............................. 6.68Satellite/Cable TV...................... 0Internet Services....................... 14.25Groceries etc. ......................... 150Clothing................................ 50Petrol/diesel........................... 0Road tax................................ 8Car Insurance........................... 32Car maintenance (including MOT)......... 0Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 135Other child related expenses............ 25Medical (prescriptions, dentist etc).... 0Pet insurance/vet bills................. 0Buildings insurance..................... 0Contents insurance...................... 5.98Life assurance ......................... 17.91Other insurance......................... 0Presents (birthday, christmas etc)...... 100Haircuts................................ 40Entertainment........................... 16.99Holiday................................. 0Emergency fund.......................... 0Ring doorbell .......................... 1.75[b]Total monthly expenses.................. 1762.26[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 370000Shares and bonds........................ 0Car(s).................................. 0Other assets............................ 0[b]Total Assets............................ 370000[/b][b]Secured & HP Debts[/b]Description....................Debt......Monthly...APRMortgage...................... 133906...(416.7)....6.29Hire Purchase (HP) debt ...... 0........(187)......0[b]Total secured & HP debts...... 133906....-.........- [/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APRMbna...........................8467......400.......24Lloyds.........................8508......380.......0Sainsbury......................4046......140.......0Sainsbury’s ...................9000......272.......0Virgin.........................11112.....211.......0Aqua ..........................1187......49........0Zopa...........................1000......49........0[b]Total unsecured debts..........43320.....1501......- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 3,295.47Expenses (including HP & secured debts). 1,762.26Available for debt repayments........... 1,533.21Monthly UNsecured debt repayments....... 1,501[b]Amount left after debt repayments....... 32.21[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 370,000Total HP & Secured debt................. -133,906Total Unsecured debt.................... -43,320[b]Net Assets.............................. 192,774[/b][i]Created using the SOA calculator at www.LemonFool.co.uk.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
were not sure what the apr is for for each card/loan as when we looked on statements there were a few different aprs- none are 0%I have halved outgoings (utility bills) that we go half on. I have not put my (partners) incomeWe are shared ownership so the house is worth 370,000 but we own 40% never missed mortgage payments.We have contents but our service charge (included on rent) covers our buildings insurance.He has a work car which he claims petrol back for and is not responsible for tax and insurance0 -
ManyWays said:Kent Reliance have signed the Mortgage Charter () so you should be able to get a new fix when your current one ends without affordability checks. A DMP does not put this mortgage at risk but means you cant remortgage with a different lender.
Our mortgage is about to go up by approx £300 per month
Is that moving onto a new fix, what rate, or moving onto their Standard Variable Rate?
Could you redo a Statement of Account with the increased mortgage amount please, using our format here which goes into more detail eg on the debts:
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dobbysock said:ManyWays said:Kent Reliance have signed the Mortgage Charter () so you should be able to get a new fix when your current one ends without affordability checks. A DMP does not put this mortgage at risk but means you cant remortgage with a different lender.
Our mortgage is about to go up by approx £300 per month
Is that moving onto a new fix, what rate, or moving onto their Standard Variable Rate?
Could you redo a Statement of Account with the increased mortgage amount please, using our format here which goes into more detail eg on the debts:0 -
Hoenir said:dobbysock said:ManyWays said:Kent Reliance have signed the Mortgage Charter () so you should be able to get a new fix when your current one ends without affordability checks. A DMP does not put this mortgage at risk but means you cant remortgage with a different lender.
Our mortgage is about to go up by approx £300 per month
Is that moving onto a new fix, what rate, or moving onto their Standard Variable Rate?
Could you redo a Statement of Account with the increased mortgage amount please, using our format here which goes into more detail eg on the debts:0 -
We each have separate accounts (both nationwide) and transfer a set amount once a month into a joint account (Santander) where all our utilities come out from. No overdraft on this account.Should we close the shared Santander account and have the bills come out of one of our accounts instead? we already have a financial link through the mortgage so Is there any point?0
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Any suggestions/help?0
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what is the HP debt and when do those payments end?
they are close to being able to manage, a lot depends on how things are split with partner. eg both spending £100 a month on gifts is well over the top. But £150 for half groceries is low and an emergency fund and household good replacement amount is needed.
A DMP is probably sensible, it will impact being able to remortgage with another lender but that isn't going to be possible with that amount of debt anyway and while interest is added its very difficult to reduce the card balance fast.0
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