What are reasonable expenses?

lxpeanut

When you start with the DMP I'd recomend using the figures from your current expenditure as long as that leaves you with a decent amount to offer your creditors. You can then look and see what you can live without and decide how quickly you want to pay off your debts once the DMP is up and running. There are things I could cut from my expenditure but I've decided that the slight decrease in time on the DMP isn't worth living without them. Some people are willing to cut down to the absolute basics so they can be debt free a lot sooner but ultimatly its a choice you need to make otherwise the DMP is not going to work for you.

Digitalscooby

lxpeanut wrote: »

When you start with the DMP I'd recomend using the figures from your current expenditure as long as that leaves you with a decent amount to offer your creditors. You can then look and see what you can live without and decide how quickly you want to pay off your debts once the DMP is up and running. There are things I could cut from my expenditure but I've decided that the slight decrease in time on the DMP isn't worth living without them. Some people are willing to cut down to the absolute basics so they can be debt free a lot sooner but ultimatly its a choice you need to make otherwise the DMP is not going to work for you.

That's exactly where I am coming from at the moment. £50 per month might mean a lot to me as regards living expenses but its a chink in the debt and will mean I repay in lets say 52 months instead of 53.5. I assure you I'm not being greedy here, just trying to be realistic.

The guy at National Debtline didn't help by saying I was putting the acceptance of my DMP at risk if I didn't agree to the guideline figures. Implying CCCS would reject the DMP.

Thank you all for your comments which are just as diverse as I expected!

DS

euronorris

I'm not sure about how CCCS would view it and that's not the most important part. Your creditors have to believe that you are paying as much as affordable in order to 'get on board' with the plan. And I believe that some are trickier than others.

Have you been over to the DMP support thread? I'm sure the peeps there could offer a good idea of what's reasonable. But then, it is quite individual I guess.

I don't have a home phone and my mobile is paid for by work so I assume that if I was on a DMP, I could use the spare 10-15 quid from that to balance something more expensive.

How about that SOA? It often helps to have a second pair of eyes go over this stuff and provide insight into things. We often don't see the wood for the trees sometimes and an outside perspective can be very valuable.

MrsTinks

He wasn't implying CCCS would reject your DMP - but that your creditors would If they think you're still not taking thiings seriously then they can refuse to stop interest on your accounts etc and are more likely to seek CCJs and charging orders... CCCSs concern is a genuine one...

fatbelly

Ames wrote: »

So even amongst the 'experts' there's different approaches and opinions! Remember, that all the experts are doing is recommending, it's your debt and your life, and at the end of the day you need to do what's best for you.

Ames - this is very true.

A good adviser will tease out the options, and point out the pros and cons of each option.

The actual decision is yours