DMP Creditors percentage calc

Iwanttobefree · 21 June 2017 at 3:19PM

Hi all

Is there a DMP creditors calc so I can simply enter the amount left for my creditors, my creditors debts and it shows me how I should split it without having to enter all the other details about my finances too?

Failing that. whats the formula I should be using?

Debts   was paying
£5604.71  £34.80
£6004.29  £40.00
£4456.83  £29.59
£2271.15  £15.78
£2559.00  £16.50
£3761.00  £22.96
£955.82   £14.89
£458.55    £5.20
£442.18    £6.28

unfortunately, my £186 a month I had available has now dropped to £41.06

It was initially done by stepchange (who worked out the above figures based on the original debts)

Or as the payments will be so small, should I simply pay each one £5 (I'm sure I can find the extra £4 somehow) I'm basing this on just looking at stepchanges page where the minimum amount they pay any creditor is £5

Iwanttobefree · 21 June 2017 at 3:44PM

I've worked it out thanks to the details on

https://www.nationaldebtline.org/S/steps/step4/Pages/Step_4_03.aspx#

I times the amount I have available bu each debt and divide by total ouotstanding debt.

So my total debts are £26.513.33

My available money is £41.06

My first debt of £5604.71 is worked out like this

5604.71 x 41.06 = 230,129.3926
230,129.3926 / 26.513.33 = 8.6797619
So I pay that creditor £8.70

But this works out I'm paying the following amounts.

Debts was paying
£5604.71   £8.68
£6004.29   £9.28
£4456.83   £6.90
£2271.15   £3.52
£2559.00   £3.96
£3761.00   £5.82
£955.82    £1.48
£458.55       71p
£442.18       68p

which goes against stepchange saying the minimum they will pay any creditor is £5.

Should I offer them £5 each or the above amounts?

Many thanks

Keezing · 21 June 2017 at 3:48PM

You're best off using the Nedcab web site, they will do all of this for you automatically and generate the letters for you:

https://nedcab.cabmoney.org.uk/dmp.asp

Iwanttobefree · 21 June 2017 at 3:59PM

Thanks but I've got all the spread sheets and creditor addresses set up and I'm managing it for me and my wife.

Some of the debts are hers hence the letters have to be in her name, some of them are mine hence have to be in my name.

Keezing · 21 June 2017 at 8:59PM

Iwanttobefree wrote: »

Thanks but I've got all the spread sheets and creditor addresses set up and I'm managing it for me and my wife.

Some of the debts are hers hence the letters have to be in her name, some of them are mine hence have to be in my name.

That doesn't change my advice.

You're making a lot of work for yourself for no reason.

DMP Creditors percentage calc

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