DMP / Bankruptcy / Self Plan - SOA included

racheyb007

Hi, 

I need advice on whats best for me pls if someone can help: 

[font=courier new][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................ 2000

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

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

Other income............................ 10[b]

Total monthly income.................... 2010[/b][b]

Monthly Expense Details[/b]

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

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

Rent.................................... 665

Management charge (leasehold property).. 0

Council tax............................. 142

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

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

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

Water rates............................. 56

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

Mobile phone............................ 55

TV Licence.............................. 14

Satellite/Cable TV...................... 46

Internet Services....................... 18

Groceries etc. ......................... 300

Clothing................................ 30

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).... 0

Pet insurance/vet bills................. 21

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

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

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

Other insurance......................... 25

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

Haircuts................................ 0

Entertainment........................... 0

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

Emergency fund.......................... 0

(Unnamed monthly expense)............... 0

Lotteries............................... 0

Ipad.................................... 50

Toiletries.............................. 30[b]

Total monthly expenses.................. 1692[/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

Loan ..........................2496.56...50........0

AO ............................735.......27........0

SCS............................716.......52........0

Council Tax....................7012.36...0.........0

EON Next ......................6369.25...0.........0

Friend.........................1300......100.......0

Next PLC.......................550.......27........0

Paypal Credit .................998.......50........0[b]

Total unsecured debts..........20177.17..306.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,010

Expenses (including HP & secured debts). 1,692

Available for debt repayments........... 318

Monthly UNsecured debt repayments....... 306[b]

Amount left after debt repayments....... 12[/b]

[b]Personal Balance Sheet Summary[/b]

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

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

Total Unsecured debt.................... -20,177.17[b]

Net Assets.............................. -20,177.17[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

RAS

We need some context, couple? adult child? Why no second income? Etc

racheyb007

I get £100 off my daughter (19) 
Single
I work full time

Grumpelstiltskin

You have put other income £10, should this be the £100 your daughter gives you?

Mobile phone £55 1 or 2?

I Pad £50 renting it or buying it?

No haircuts?

Other insurance £25, what is that?

racheyb007

You have put other income £10, should this be the £100 your daughter gives you? Yes 

Mobile phone £55 1 or 2? 1 mobile 

I Pad £50 renting it or buying it? Contract with O2

No haircuts? i can add 

Other insurance £25, what is that?  Didn't get the option but its Appliance and union fees

Grumpelstiltskin

OK  When does your phone contract finish so you can go Sim only?

Again when does the I Pad contract finish?

Appliance insurance, how much is it and what does it cover?

RAS

You need the APRs in that SOA, but with large CT and utilities debts, you really need to stop paying the the consumer credit until you've cleared at least the CT.

So it's time to open a new basic bank account (doesn't require a credit check) with a banking group to whom you owe nothing.

ManyWays

Are the electricity and gas figures realistic for ongoing charges, ignoring what happens to the arrears?

katsu

I would cancel the appliance insurances and the paid for TV. That will give you over £50 back a month which will help you get the debts down faster. 

£56 for water rates for 2 seems high.  Can you get a meter? 

£50 a month for presents seems a lot as you said you have an adult daughter living with you and are single. Can you buy for less people/ spend less?