Please look at my SOA

System

This discussion was created from comments split from: DMP mutual support thread part 13 !!.

Cat_Queen

HI everyone,

I've been lurking a while and thought it was time to be brave and post.  I've just started a debt free diary called Time for Change in which I talk about how I ended up in my current financial situation (currently unable to link it). 

I've recently (in the last twelve months) come out of a very coercive friendship which over the space of three/four years put me into a lot of debt - to the point where my secured and unsecured payments were more than what I was earning (I was using matched betting to cover the difference). I moved to an overseas location with my job last year and entered into a DMP with Payplan  a couple of months after my move.

I wish I'd known then, what I know now after reading these forums as I would have built up emergency fund and let everything default prior to entering into the DMP.

I am in a more privileged position than most and I have slightly inflated some of my expenses above to add to my emergency fund as that's something that PayPlan doesn't really allow. 

Here is my very rough Statement of Affairs and Personal Balance Sheet - I am in a very fortunate position where my employer covers the majority of my housing costs and pays me a cost of living allowance (I am currently living and working in The Netherlands). 

My Total debt is around £48,000 down from £52,000 when I first started the DMP.

Household Information

Number of adults in household........... 1

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

Number of cars owned.................... 1

Monthly Income Details[/b]

Monthly income after tax................ 3100

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

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

Other income............................ 1250

Total monthly income.................... 4350

Monthly Expense Details[/b]

Mortgage................................ 1168

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

Rent.................................... 120

Management charge (leasehold property).. 235

Council tax............................. 0 - Costs covered by employer

Electricity............................. 0 - Costs covered by employer

Gas..................................... 0 - Costs covered by employer

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

Water rates............................. 0 - Costs covered by employer

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

Mobile phone............................ 30

TV Licence.............................. 0 Not required in Europe

Satellite/Cable TV...................... 35

Internet Services....................... 35

Groceries etc. ......................... 400 - For me and 3x cats

Clothing................................ 35

Petrol/diesel........................... 200

Road tax................................ 0 Not Required in Europe, paid as part of my insurance

Car Insurance........................... 100

Car maintenance (including MOT)......... 40

Car parking............................. 10

Other travel............................ 100

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

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

Medical (prescriptions, dentist etc).... 25

Pet insurance/vet bills................. 163

Buildings insurance..................... 0 - Property is leasehold so covered as part of the service charge

Contents insurance...................... 20

Life assurance ......................... 6

Other insurance......................... 8

Presents (birthday, christmas etc)...... 25

Haircuts................................ 25

Entertainment........................... 130 - Pays for yearly subscriptions to a snowdome/choir subs and 1x meal/night out per month - Again this could be cut but its beneficial for my mental health and fitness

Holiday................................. 50 - Probably not needed but is currently going into my EF

Emergency fund.......................... 100

Tax Bill................................ 100

Estate Agents Fees/insurance............ 180

Device Plan............................. 34 - Paid off in Oct

Meals at Work........................... 50

Total monthly expenses.................. 3424

Assets

Cash.................................... 0

House value (Gross)..................... 200000

Shares and bonds........................ 0

Car(s).................................. 1000

Other assets............................ 0[b]

Total Assets............................ 201000

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 101900...(1168).....5.1

Total secured & HP debts...... 101900....-.........-   

Unsecured Debts

Description....................Debt......Monthly...APR

PayPlan DMP....................32600.....478.......0

Credit Spring..................689.......194.......28 - Paid off in Oct, not part of DMP

Mum............................12500.....250.......0

Total unsecured debts..........45789.....922....... 

Monthly Budget Summary

Total monthly income.................... 4,350

Expenses (including HP & secured debts). 3,424

Available for debt repayments........... 926

Monthly UNsecured debt repayments....... 922

Amount left after debt repayments....... 4

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 201,000

Total HP & Secured debt................. -101,900

Total Unsecured debt.................... -45,789

Net Assets.............................. 53,311

I am currently in the process of building an emergency fund by stealth and have several savings pots/sinking funds across my Revolut App for the monthly stuff like car expenses, property repairs and vet bills etc.

My DMP review is in Sep/Oct time. Question is, do I put the £194 credit Spring payment and the £34 Device plan payment towards the DMP amount or do I use it to start building a settlement fund for later on down the line.

sourcrates

Moved to general forum for you.

Brie

You are paying a mortgage.  Is that property in the UK?  What's happening with it when you're elsewhere or are you back and forth a lot?  If you are renting it out are you including that in your income?  If you're not then you must have utility costs to cover.

I don't understand these 2

Estate Agents Fees/insurance............ 180

Device Plan............................. 34 - Paid off in Oct

Is the total amount you pay on your DMP going to creditors or do PayPal get a percentage?

But well done for starting this.  It's a bit complicated by your situation but it's a great start.

ManyWays

Brie said:

Is the total amount you pay on your DMP going to creditors or do PayPal get a percentage?

PayPlan not PayPal! (I think you knew that but for anyone else reading, this is such a common typo)

PayPlan don't charge for DMPS. 

ManyWays

Out of curiosity, how many debts are in the Payplan DMP and how many have defaulted so far?

Is the tax bill £100 the amount you are putting aside for next tax bill or paying arrears on the last one? If its for arrears, when will they be cleared? 

My inclination would be to put the amount saved into a settlement fund.

Do you have an emergency fund building, or is that £100 line effectively just a buffer each month? Someone working abroad needs to have enough to cover an unplanned trip home. 

mark_morales

I was just curious how many debts are in the DMP and whether there have been any defaults yet. Is the £100 for paying off old debts or for future taxes? And do you have a real emergency fund, or is that £100 your monthly safety net? It might be worth making one, especially if you're not in your own country.