Desperately need debt help

MissLB

I have been in contact with payplan and they have agreed I can go with a DMP. They have come up with £400 per month, I finish paying almost £200 in student loan next month so can I think comfortably pay £600. 

I am particularly concerned
about DIY would it be possible to explain to me why this is a better option? I have looked at many threads and researched as much as I can, thank you for everyone being helpful. I asked the advisor and they were adamant I’d be able to grow my credit file after 6 years, after the defaults drop off. I spoke of AP markers but they didn’t seem to think this would be an issue? Is this because they are working for the lender? They seem quite blasé about any affect on credit for any suggestion. 

I am just about to look into affordability template letters. 

Thank you

MissLB

swingaloo said:

I would take your name off that quickly.

Argh thank you, I hadn’t meant to post the last picture! I will repost without my personal details. I’m new to forums and there format 

MissLB

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary	Amount(£)
Total monthly income	3,500
Monthly expenses (incl. HP & secured loans)	2,625
Available for debt repayments	875
UNsecured debt repayments	1,699
Amount short for making debt repayments	-824

Personal Balance Sheet Summary	Amount(£)
Total Assets (things you own)	429,000
Total Secured & HP Debt	-332,000
Total Unsecured Debt	-62,050
Net Assets	34,950

Household Information

Number of adults in household	2
Number of children in household	1
Number of cars owned	2

Income, Expense, Debt & Asset Details

Income	Amount(£)
Monthly income after tax	3500
Partners monthly income	0
Benefits	0
Other income	0
Total monthly income	3500

Expenses	Amount(£)
Mortgage	750
Secured/HP loan payments	655
Rent	0
Management charge (leasehold property)	0
Council tax	125
Electricity	75
Gas	75
Oil	0
Water Rates	20
Telephone (land line)	0
Mobile phone	25
TV Licence	15
Satellite/Cable TV	60
Internet services	25
Groceries etc.	200
Clothing	100
Petrol/diesel	50
Road tax	0
Car Insurance	45
Car maintenance (including MOT)	40
Car Parking	0
Other travel	0
Childcare/nursery	100
Other child related expenses	100
Medical (prescriptions, dentists, opticians etc.)	10
Pet Insurance/Vet bills	0
Buildings Insurance	10
Contents Insurance	10
Life Assurance	10
Other Insurance	0
Presents (birthday, christmas etc.)	25
Haircuts	25
Entertainment	50
Holiday	0
Emergency Fund	25
Total monthly expenses	2625

Secured & HP Debt Description	Debt(£)	Monthly(£)	APR(%)
Mortgage	280000	(750)	4.2
Secured Debt	39000	(300)	6
Hire Purchase (HP) Debt	13000	(355)	0
Secured & HP Debt totals	332000	-	-

Unsecured Debt Description	Debt(£)	Monthly(£)	APR(%)
HALIFAX CREDIT CARD	7000	230	28
HALIFAX CREDIT CARD	1800	100	26
Lloyds credit	6000	284	29
Virgin Credit Card 2	12000	360	26
Virgin credit card 1	10000	215	0
Shop direct	500	30	0
PayPal credit	2000	50	0
Novuna loan	14000	200	0
Next	850	30	0
MBNA loan	7000	200	0
Lloyds overdraft	900	0	0
Unsecured Debt totals	62050	1699	-

Asset Description	Value (£)
Cash	0
House Value (Gross)	420000
Shares and bonds	0
Car(s)	9000
Other assets (e.g. endowments, jewellery etc)	0
Total Assets	429000

kimwp

Are those numbers definitely your half of the bills? (TV licence is the full amount)

Your clothing is high, you can cut that down to essentials only.

Do these numbers represent your actual spending (from your bank accounts) or are they just guesses?

Defaulting will give you some time to build up.an emergency fund as well as be on your credit record for less time than arrangements to pay.