DMP - Which companies accept & which fight it?

Wonder_Girl

spud30 wrote:

WG,

Will do it now, but my appointment is only 2 days away !!! We get paid monthly, but the wages are pro-rata'd so we get paid during school holidays. Pay day is 15th of month I think.

2 days! well that’s plenty of time

Well was your first week a full week? is it the same weekly amount you will be getting all the time? if so then times this by 52 to give you your yearly wage, then divide by 12 for monthly

spud30

Not that easy WG,

I'm a lunchtime assistant, term time only. They calculate our wages so that we get paid the same every month - I will get paid in August even though I wont be working

I do have more hours lined up, starting from September and I'm currently appealing my dismissal from my last job :mad:

Again any additional income would be saved, not splashed on take aways !!!

kickingkay

spud i work in a school too same boat i get my salary calculated pro rata,
as for more wages in sept you can always revise your income in sept if there is more money spare if they are paying you through the holidays they should have already worked out how much you will earn a yr (make sense?) your hourly rate gets cut and spread over the yr
you have been given some great advise from wonder-girl, and like she said 2 days is plenty of time and you can always add details if you need too they are here to help and help they will, as for allowence they wont say oh you dont go out much so we wont give you taht trhey say you are intitled to this money for your family entertainment a day out a month could cost your more so take it save it but use it! after all they dont want you to get into debt again as much they they are helping you i think they try to re-educate you too but without knowing it me too lol
take cae lol]
klare

spud30

OK guys,

Here goes. We have 7 debts, 2 are with same company (CC and overdraft)

Hubby take home pay £715.00 4 weekly
Child Benefit £116.60 4 weekly
Child tax credit £313.00 4 weekly

£1,144.60 monthly £1239.98


Rent/Mortgage £313.07
Water (supply & waste) £64.58
Council tax £161.00
Gas £32.00
Electricity £54.00
Building and contents insurance £33.33
Landline + internet £30.00
Satellite/cable rental £46.00 unable to cancel until Dec
TV licence £11.07
Repairs, service contracts £33.00
Road tax £15.00
Car insurance incl Breakdown £41.67
Fuel & Parking £40.00
Food, toiletries & cleaning £300.00
Pet insurance £32.74
Clothing and footwear £10.00
School trips/activities £10.00
Medicines/prescriptions/dentist/optician from housekeeping


Total £1,227.46

I am only working 1 hour a day at the moment, hoping to increase as soon as I can. Hopefully it will make the difference between us being able to set up a DMP or not.

Do you think I should reduce the food from £300?

Wonder_Girl

Righty then,

7 debts means a min monthly deposit of £35

Can I just ask if you have looked into Working Tax Credit? I would have a look here to check, it’s pretty accurate mostly http://www.entitledto.co.uk/

Also can I ask how old your children are?

And you haven’t included anything for your wage at this point, that’s fine, but you will need a figure for your appointment. If you know what your annual wage is then we have a magic tax and insurance calculator that will let us work out how much you should be getting each month

So based upon these figs minus your wage you have a monthly surplus of £12.52, I’m hoping you will earn more than £22.48 pcm which is what you will require to be offered a DMP.

There are 2 areas that would be classed as “over guidelines” firstly your sky, but as you explain that can’t be reduced until December, and your pet insurance, However your food bill is “below guidelines” we would expect for a 2 adult 2 child family no less than £315. So for the purpose of your budget I would suggest that you brought your food upto £315, and your pet insurance down to £17.74. this totals the same, but by being within guidelines in all areas your creditors are more likely to accept the offer.

I hope that makes sense to you, it’s a case of balancing things out.

Also there are areas missing that we would expect to see. What we don’t want is to leave you short at the end of every month and unable to leave your home!

I would expect to see –

Clothing for a family of 4 - £40 min
Hairdressing???
Sports & Hobbies £40 min
Pocket money???
Sundries and emergencies £40 min

However IF you really don’t go out and do any hobbies you could say that and keep your sky package after Dec if you forfeited your sports & hobbies cash. But the other things I really would expect to see. Although the guidelines for hobbies etc and sundries is £10 per person per month if you really felt you could go without or maintain a smaller amount we would support that to.

Other than that your budget is groovy, good to go, nothing there that would cause your creditors to reject the budget

spud30

Thanks WG,

I dont get working tax credit, Entitled to said I would, but I assume I earned too much in April, May and June, prior to my dismissal.

My kids are 10 and 8.

Would I be better off putting the Sky money down as sports and hobbies? I dont think with the amount of debt we have that we deserve any other leisure activities.

Clothing is usually bought at Tesco, so included in £300 budget. OH works at Tesco, so our £300 goes a little bit further due to his staff discount.

I'm pretty sure I will earn more than £22.48 per month, but will ask to make sure tomorrow. OH has also just got a pay rise of just over 3%, no payslip received as yet, but imagine his salary should go up to around £736 4 weekly.

Hairdressing - I do OH, DD and DS. Will have to train one of em to do mine !!!!


I'm really panicking now - it's going to be tight isn't it.

Wonder_Girl

It's going to be OK, i promise!

I would give WTC a chase, they are not exactly organised

10 & 8's groovy, just sometimes if they are older it's worth putting them as adults for the sake of food etc.

If you want to bung the syk under hobbies i think that would be fine, but just cos you are in debt doesn't mean your not allowed to leave your house until your debts are cleared

The deal you have with Tesco is brill, no probs about the clothing then.

With OH's expected pay rise a DMP should be fine, even without your wage! I think the best thing for you to do at the mo is find out how much your going to be getting paid (ask work they should be able to tell you). and then we will have a better understanding of your surplus. but as it is it's all good!

Although i still think you should maybe bung a bit in sundries and clothing just to give you a bit of breathing room!

WG x

spud30

If we bung anything into sundries, we wont even have our £35 per month bare minimum.

Dont forget, I will be working more hours from September, so we will get a bit more breathing space then.

I also did an extra 2 1/2 hours at school last week, and am covering the same shift this week. This is all extra money, but not regular enough to call it my salary, just a bit of overtime.

It will hopefully mount up to give us a cushion in case the car gets poorly etc.

I can feel a sore throat coming on.....will be sooo bad by Tuesday !!! :rotfl:

Wonder_Girl

But with Hubbies pay rise the £35 is just about there and these calculations are all based without your wages.

It great that you will be getting more from Sept, and I’m sure the lovely peeps on here could advise on maybe reducing some of your bills etc.

Your right about the extra time, we can’t count it if it’s not reliable.

First things first you need to ask what your expecting to take home each month, but I think with your wages you should be able to make the min payment, and in September maybe do an increase.

The hardest part is setting it up initially, once it’s up and running tho it’s easy to make changes to the budget when things change.

You will be fine, and you will have the best nights sleep come Tuesday night

ozzyfan_2

Just wanted to wish you good luck for Tuesday Spud

Don't worry, everything will be fine.

My budget was tight too when I had my first appointment but with my advisors help we managed to juggle the budget so I was able to start my dmp. My debt & income was similar to yours when I first started it too. And as WG says its really easy to increase the payments to your dmp when you have an increase in your income. I've done mine 2 times since my initial appointment

So try not to worry, you really are doing the right thing

Will be thinking of you on Tuesday & let us know how you get on