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Help with self managed dmp 80k CC and loans

2

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  • Brie
    Brie Posts: 15,755 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    No child benefit?  Has your wife transferred her tax allowance to you?  Check to see if that can be back dated if she hasn't.  Check to see if she's entitled to anything else.  Benefits Calculator - entitledto - independent | accurate | reliable

    Creditors aren't going to be happy with £1 a month but they will be happy that you are engaging with them.  As long as that continues that's great.  

    If you are both having mental health issues you might want to get debt and mental health forms signed by your surgery.  The link is on here DFW Sticky-Provit/Statute Barred Letters, Defaults, Mental Health Help and Guidance, all here. — MoneySavingExpert Forum.    Please note that you cannot be charged to get this completed as per rules set by the BMA.  This form might strengthen any requests you might have to get creditors to assist you. 

    And please when you are contacting them don't be afraid to do so via their bereavement teams - they may be more sympathetic and more knowledgeable regarding what is possible compare to your average customer service person. 
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

    Check your state pension on: Check your State Pension forecast - GOV.UK

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
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  • Brie
    Brie Posts: 15,755 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Interest just needs to be included as zero so we know.  And the child benefit needs to be added in as does anything else she receives that is considered income.  The point is that these are not just your debts but the household's debts and as such need to reflect the whole household.  
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

    Check your state pension on: Check your State Pension forecast - GOV.UK

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
    ⭐️🏅😇🏅🏅🏅
  • wobbhjelly
    wobbhjelly Posts: 14 Newbie
    10 Posts
    I have done this again 
    I’ve included my wife’s loan that I pay for as -350 a month 

    [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......... 1
    Number of cars owned.................... 0[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 3650
    Partners monthly income after tax....... 0
    Benefits................................ 100
    Other income............................ 0[b]
    Total monthly income.................... 3750[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 590
    Secured/HP loan repayments.............. 375
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 228
    Electricity............................. 110
    Gas..................................... 110
    Oil..................................... 0
    Water rates............................. 108
    Telephone (land line)................... 0
    Mobile phone............................ 65
    TV Licence.............................. 15
    Satellite/Cable TV...................... 15
    Internet Services....................... 45
    Groceries etc. ......................... 750
    Clothing................................ 10
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 20
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 20
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 21
    Other insurance......................... 17
    Presents (birthday, christmas etc)...... 15
    Haircuts................................ 5
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 100[b]
    Total monthly expenses.................. 2659[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 375000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0[b]
    Total Assets............................ 375000[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 179000...(590)......1.49
    Secured Debt.................. 37000....(375)......5[b]
    Total secured & HP debts...... 216000....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Castle community bank..........1476......10........0
    Castle community bank..........8291......40........0
    Zopa...........................2258......20........0
    Nationwide (wifes).............9000......350.......NaN
    Santander .....................8900......30........0
    HSBC weston....................8943......20........0
    Lloyds.........................4700......1.........0
    Lloyds.........................3800......1.........0
    ACI updraft ...................6200......20........0
    Tesco .........................17784.....40........0
    Tesco .........................3555......10........0
    Zopa loan......................2965......20........0[b]
    Total unsecured debts..........77872.....562.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 3,750
    Expenses (including HP & secured debts). 2,659
    Available for debt repayments........... 1,091
    Monthly UNsecured debt repayments....... 562[b]
    Amount left after debt repayments....... 529[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 375,000
    Total HP & Secured debt................. -216,000
    Total Unsecured debt.................... -77,872[b]
    Net Assets.............................. 81,128[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
  • Grumpelstiltskin
    Grumpelstiltskin Posts: 5,750 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    OK Your revised SOA shows you should have no  problem paying your debts but you are showing the token payments of £1 on some debts we really need to see what the payments should be if you paid the normal amount.

    Then we can see what your position should be.
    If you go down to the woods today you better not go alone.
  • wobbhjelly
    wobbhjelly Posts: 14 Newbie
    10 Posts
    Grumpelstiltskin said:
    OK Your revised SOA shows you should have no  problem paying your debts but you are showing the token payments of £1 on some debts we really need to see what the payments should be if you paid the normal amount.

    Then we can see what your position should be.
     Hi I defaulted on the debts and that’s why I put the token payment ,

    these was the payments before . I guess I just kept taking out my credit thinking my wife would return to work I know this wasn’t the correct thing to do 
    My wife’s mum also died at the begging of the year and we was expecting some sort of inheritance. But her father took all this for himself after promising us some :

    [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......... 1
    Number of cars owned.................... 0[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 3650
    Partners monthly income after tax....... 0
    Benefits................................ 100
    Other income............................ 0[b]
    Total monthly income.................... 3750[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 590
    Secured/HP loan repayments.............. 375
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 228
    Electricity............................. 110
    Gas..................................... 110
    Oil..................................... 0
    Water rates............................. 108
    Telephone (land line)................... 0
    Mobile phone............................ 65
    TV Licence.............................. 15
    Satellite/Cable TV...................... 15
    Internet Services....................... 45
    Groceries etc. ......................... 700
    Clothing................................ 10
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 20
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 20
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 15
    Presents (birthday, christmas etc)...... 15
    Haircuts................................ 5
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 100[b]
    Total monthly expenses.................. 2586[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 375000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0[b]
    Total Assets............................ 375000[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 179000...(590)......1.49
    Secured Debt.................. 37000....(375)......5[b]
    Total secured & HP debts...... 216000....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    Castle community bank..........1476......40........0
    Castle community bank..........8291......220.......0
    Zopa...........................2258......68........0
    Santander .....................8900......280.......0
    HSBC weston....................8943......210.5.....0
    Lloyds.........................4700......153.......0
    Lloyds.........................3800......110.4.....0
    ACI updraft ...................6200......149.6.....0
    Tesco .........................17784.....320.......0
    Tesco .........................3555......110.......0
    Zopa loan......................2965......91........0[b]
    Total unsecured debts..........68872.....1752.5....-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 3,750
    Expenses (including HP & secured debts). 2,586
    Available for debt repayments........... 1,164
    Monthly UNsecured debt repayments....... 1,752.5[b]
    Amount short for making debt repayments. -588.5[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 375,000
    Total HP & Secured debt................. -216,000
    Total Unsecured debt.................... -68,872[b]
    Net Assets.............................. 90,128[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]


  • wobbhjelly
    wobbhjelly Posts: 14 Newbie
    10 Posts
    Sorry I forgot to add that at the beginning of the year my wages was 4300 a month but these have been cut back in July to what I current earn . Unfortunately getting another job is not really worth it as what I earn now is the average for the industry . Also my job is flexible that I can check in on my wife and get my son from school 
  • gwynlas
    gwynlas Posts: 2,400 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Nothing much to add but many of us on here have had similar levels of debt without the added loss that you have sufferred.
    As suggested talk to the bereavement teams at each of your creditors they just might write off some more recent debt/
  • ManyWays
    ManyWays Posts: 1,692 Forumite
    1,000 Posts Fifth Anniversary Name Dropper
    Have all your debts actually defaulted, with a default date showing on your credit record?
    I am asking because sometimes people use the phrase "defaulted" to just mean they stopped paying, but it is a great help if a default date shows on your credit reports, so could you check? 

    The following SOA lines all look implausibly low, you want a budget you can actually live on:
    Clothing................................ 10
    Other child related expenses............ 20
    Medical (prescriptions, dentist etc).... 0
    Presents (birthday, christmas etc)...... 15
    Haircuts................................ 5
    Entertainment........................... 0

    My first thought is that if the debts have defaulted, and if you update the SOA to have more likely numbers, then a debt management plan through Stepchange could be a good for you, relieving a lot of stress and making it much less likely any of your creditors will go to court. 

    And my second thought is that you should send affordability complaints to all of your lenders (not the current debt collectors), it may be hard to predict which you will win so dont waste time but just send these off. These complaints become harder to win the further back the lending decisions were so kick these off now. 
  • tigergambit
    tigergambit Posts: 266 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    If your wife is not earning are you claiming her tax allowance?
  • wobbhjelly
    wobbhjelly Posts: 14 Newbie
    10 Posts
    tigergambit said:
    If your wife is not earning are you claiming her tax allowance?
    I didn’t think this allowed as I earn over 50k ?
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