Dmp Help Please

jonnym8083

hi i am thinking about a debt management plan i have many debts with different creditors and was wondering wether when working out my monthly budget if they will take into account my commission. i have a basic salary and my monthly commission does vary so how would they work out a monthly income for myself.

Deep_In_Debt

Hi and welcome

If you do go on a dmp, then please use one of the free companies such as CCCS, Payplan or CAB and do not go for a fee paying company.

Is your commission paid monthly? The reason I ask, is if it's a one off thing then it could open a can of worms with creditors if you pay them more one month and less for the months after - they may think you are hiding something. Complicated creatures are creditors!

It may be best to save your commission and then it will put you in a position to offer F&F settlements on your debts in the future and for those unexpected emergencies.

Do contact one of the free companies I have suggested though. They will advise you further.

Good luck.

sunshine38_2

Hi, Welcome to the Board

I'm on a DMP with CCCS and as far as I know they would just base your figures on your regular pay only. There is another thread "Ask a CCCS counsellor a question" - I think it's a sticky at the top of the page - and they may be able to help you on there.

Another possibility is to have a look at the CCCS website - there is an area where you can put your details in and it gives you a result as to whether they think a DMP would be an option for you. There is no obligation and you dont have to sign up for anything.

I know some people use Payplan rather than CCCS to help them. It's just a matter of who suits you.

There is also a DMP Mutual Support thread which you could have a read through while you are debating on what action is best to take for your circumstances.

Best of luck with everything. Feel free to ask any questions.

Sunshine

Nargleblast

If you do a DMP through one of the debt counselling charities (CCCS, Payplan etc) then they will look at several months worth of payslips showing the variation in commission payments and come to an agreement with you as to what your guaranteed income is - i.e. the minimum amount of take-home pay you will have each month. A DMP can be reviewed from time to time to take into account any variation of income or expenditure, so what you agree on at the start is not set in stone. I always think it is better to go through one of the debt counselling charities rather than struggle through on your own - after all, they have the knowledge and the expertise, and if we were all up to speed on matters financial we would not be in debt in the first place! Well done for taking the first step and good luck.