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Self managed DMP advice
Comments
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OK thanks, £1000 is partners IVA. All are interest frozen now. Car on PCP.
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I agree that an SOA would be helpful for us to advise you better. Also it would include things like how many in your household as £800 a month for groceries is quite high if there are just 2 of you.
Also - to get the full picture it might be a good idea to include your partner's debts as well plus anything that they are paying for in the household. Is an IVA their best solution??
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It's hard to see why a £1000-a-month IVA would be the best option for someone in rented accommodation.
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Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2100
Partners monthly income................. 3300
Benefits................................
Other income............................ 0
Total monthly income.................... 5400
Monthly Expense Details
Rent.................................... 1100
Council tax............................. 188
Electricity............................. 115
Gas..................................... 115
Water rates............................. 65
Mobile phones........................... 100
TV Licence.............................. 15
Satellite/Cable TV...................... 119
Groceries etc........................... 800
Clothing................................ 100
Petrol/diesel........................... 400
Road tax................................ 18
Car insurance........................... 95
Car maintenance/MOT..................... 33
Medical................................. 50
Pet insurance/vet bills................. 24
Contents insurance...................... 15
Life assurance.......................... 25Haircuts................................ 50
Entertainment........................... 200
RAC..................................... 28
IVA..................................... 1000
Toiletries.............................. 18
Secured/HP loan payment................. 328
Total monthly expenses.................. 5001
Assets
Cash.................................... 0
House value............................. 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Car HP..........................15000.....328.......14.9%
Total secured & HP debts.......15000
Unsecured Debts
Description....................Debt......Monthly...APR
Zopa loan......................12631.....0.........0%
Newday..........................4526......0.........0%
BOS.............................3002......0.........0%
Tesco...........................240.......0.........0%
Capital One.....................356.......0.........0%
Simply Be.......................525.......0.........0%
NCO Europe......................1300......0.........0%
Newday 3........................1385......0.........0%
PayPal..........................1499......0.........0%
Virgin..........................1731......0.........0%
Vanquis.........................1991......0.........0%
Halifax.........................2035......0.........0%
Newday 2........................2462......0.........0%
Zopa CC.........................2665......0.........0%
Total unsecured debts...........36348
Summary
Total monthly income.................... 5400
Total monthly expenses.................. 5001
Amount left after expenses.............. 399
Total secured & HP debt................. 15000
Total unsecured debt.................... 36348
Net position............................ -5134
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It was the advice from stepchange and they put him in touch with the company. His debt was over £70k
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£800 includes pet food and special food accepted as needed
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"Other essential costs" is this your partner's IVA payment? Sometime repayments to family loans or other costs are also included under this sort of heading.
Who is your partner's IVA firm? And who is your DMP firm?
Were your partner's debts very large? If so bankruptcy rather than an IVA may have been a good option for them.0 -
Yes the £1000 is his IVA. I suggested bankruptcy but he was swayed as was told an IPA would be much more tighter and thinks like the £800 for food/dog wouldn’t be accepted. My main concern is leaving the DMP but being more assured that a CCJ isn’t more likely by self managing
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£70,000 plus. Through The Debt Advisor.
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Look CCJs are not just magicked out of thin air and only a small proportion of debts get that far normally if the debts have been ignored for a long time.
You have to change your mind set and realize you are in charge not your creditors. You are only a number on a computer to them they are not interested in whether the money you pay to them comes directly from you or from vultures.
I suspect both you and your husband have been taken in and you have been fed the untruth that the fee charging firms are the best thing since sliced bread.
If you go down to the woods today you better not go alone.0
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