Working out payments?

boo80

I'm trying to start my DMP, and have a little over 15k borrowed from 5 creditors, does anyone know if there is a tool that will help me work out how much to pay whom?

Many thanks, maths is not my strong suit!!! :huh:

~Beanie~

It all depends on how much income you have left over after paying all essential bills etc. and you then share this pro-rata between them.

For example, if you have £200 per month available to repay your debts with and you owe Joe Bloggs Ltd £7500 which is 50% of your total debt, you would pay them £100 which is 50% of your available debt repayment money.

boo80

Oops, sorry, forgot to say that, I have £243.71 available to pay me creditors but no idea how to share this out fairly as the debts vary greatly in amounts. Anyone know of a tool I can use? Thanks

Numpty_Monkey

Are you doing your DMP on your own, or with one of the Non-profit Debt Counsellors' List

boo80

On my own, unfortunanlty as I'm self-employed and pregnant it doesn't look like they can help me

Numpty_Monkey

On the SOA calc, from here http://www.makesenseofcards.com/soacalc.html

Fill in the details (you can post the results on here:A) or not

there is a a bit near the bottom for " Creditor Offer" click that button and it should do it for you

Numpty_Monkey

boo80 wrote: »

On my own, unfortunanlty as I'm self-employed and pregnant it doesn't look like they can help me

Unfortunatley being self employed does seem to cause problems
National Debtline have some very usefull stuff, and the brainy people on here do aswell:D
and the people on this thread DMP Mutual Support Thread (Part 5) are :A
Some of them are doing their own DMP's:T

boo80

Thanks Numpty, that's been a great help. This is a little half hearted as I've already done one with BDL, but the figures are right. There is no rent and some of the other bills are missing as my partner takes care of those.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 375
Partners monthly income after tax....... 0
Benefits................................ 153.67
Other income............................ 0
Total monthly income.................... 528.67
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 25
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 190
Clothing................................ 20
Petrol/diesel........................... 20
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 285

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds TSB CC..................6250......125.......0
Lloyds TSB Loan................5423.61...155.......0
Lloyds TSB OD..................1200......30........0
MBNA Loan......................930.......93........0
Capital One CC.................2100......100.......0
Total unsecured debts..........15903.61..503.......-

Monthly Budget Summary
Total monthly income.................... 528.67
Expenses (including HP & secured debts). 285
Available for debt repayments........... 243.67
Monthly UNsecured debt repayments....... 503
Amount short for making debt repayments. -259.33
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,903.61
Net Assets.............................. -14,903.61
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.