New DMP with CCCS

GeorgeUK

I pay £25.80 for Denplan, due to go up to over £27 in January.
water rates?
petrol, road tax, car insurance?
building & contents insurance?

gettingready

Thaks George.

Water is included in the rent.
I do not drive so do not have car expenses.
Do not have insurance either.
My insurance is for a dog and a cat - I can not get this cover cheaper.

Hmmm

dancingfairy

300 pounds a month does sound a lot of money on pets.
However you could definitely spend about 200 pounds (even some say that is a lot for 2) on food, the food at work could go, tobacco could be cut down/got rid of alltogether, laundry (25 a month - do you actually spend this?) that's at least 200 pounds saved to go towards the pet expenses already.
That's without saving on the electric/gas and public transport costs , sky , mobile/internet costs etc.
Oh and it might be useful to have contents and buildings insurance as well.
df

Charco_2

What size are your debts? ***(just went and found your other post on the bankruptcy section and you say it's around £30-40k)***

You Also mention however that you had a DMP before with another company and that you couldn't stick to it - with such unrealistic budgetting I'm not surprised!

There are various savings you can make within your current budget as DancingFairy has already pointed out - I'm a terrible budgeter so i wouldn't presume to comment too much - but even with those savings, that's just trying to find some of the shortfall you already have because of your two pets!

Currently you are looking at paying £811 which at your guestimated level of debts would see you in a DMP for a little over four years - if interest and charges are stopped which is really anybody's guess! (I would also have thought that £811 was a huge repayment!)

However moving along, is there any particular reason why CCCS talked you out of Bankruptcy? Assets to save? Job affected?

Unless you can reduce your repayments and cut a few corners on your expenditure then i cannot see your DMP lasting very long... It's unrealistic! You're almost £300 short for your pets alone!

I do wish you luck (and i'm really not trying bring you down or anything)
Think long and hard about the affordability of this arrangement before making too many payments to it... you'd probably have payments to make in your bankruptcy too but they'd be much more affordable and you'd know that it would be over in probably three years!

gettingready

My previous DMP fell as due to long term sickness I went on half pay at work for almost 6 months. That is why I could not keep up with the payements.

I have no assets, my job would not be affected by BR but I was kind of told that with such a large "surplus" I would not "qualify" for BR and in any case the BR calculation "surplus" would be more than the £811 on DMP.

£811 per month is not very realistic, I could pay £600.

Not sure if to go ahead with DMP - trying to renegotiate the figures or still try the BR route.

Sigh....

Thanks for yoru advice everyone,very much appreciated.

Charco_2

I'll check that out, but i'm not sure what the "qualification" for bankruptcy is also i think your contibutions to the bankruptcy are more likely to be HALF what your DMP payments would be!

gettingready

Thanks - I was told that SOA allowances n case of BR are much harsher and so they create a larger "surplus".

I do not own any assets (rent my place from the council, do not have a car etc etc) so I thought the BR was a better option, even just for the lenght of time (3 years for sure not more less 4 years with no sure debt free at the end as all depends on interest being/not being frozen etc etc).

Completely confused now to be honest - and still problems locating some of the current creditors as debts were sold on several times now I guess....

Thanks

Charco_2

Sorry, just went for a quick peek at a couple of bits of info i could find and a quick chat.

First thing is, the calculation of the Disposable Income for Bankruptcy would be done most likely on guideline figures supplied by the CCCS. However there are a number of other categories that you could have allowances for that are not included on your current calculations.

ALSO I cant find the source at the minute but I believe that if the calculations for your Disposable Income came in at over £600 for bankruptcy you would be expected to contribute 70% if this! Which is a far cry from the £811

gettingready

Charco - thanks a lot for that.

You see, on the BR forums everyone was telling me to go for DMP because of that large "surplus" calculated on figures that are simply going to be next to impossible for me to maintain.......

I was also told that a Judge in Court can actually refuse a BR application - again, based on that surplus....

gettingready

Just found it, it is at most 70% of the "surplus" in case of the BR.

So in the worst scenarion, if the surplus in case of BR was again calculated at £811 - I would have to pay £567 into BR for 3 years.

As I said above, I think I could pay £600 so....

So even the worst scenario on BR is better than the DMP.

Also, my current salary is "frozen" (pay protection) till June 2012 (so just over 2 years) then - a big drop in income so DMP possibly not the best option from that point of view too.

But - how/where can I find out about possible refusal of BR application?

Thanks a lot