How do you work out who gets what?

Just_me_5

Hi I am a newbie & now realise after reading posts on this site I am NOT alone in debt.

I am considering a DMP & possibley sorting it out on my own, after a very unhelpful man from CCCS (I now feel worse than I did before I called this morning & that was bad!)

If I have a surplus of £300 per month to pay creditors off how do I work out who gets what? I understand that the one I owe most to gets the most but exactly how much?

Please help!

Also is there anywhere on the forum that tells you what all the abbreviations mean??? :cool:

Thanks

Just_me

LilacPixie

is there a particular abreviation you are struggling with?? just ask and someone will tell you, i can't think of anywhere theyare actually listed.

Most people seem to work out amounts to each creditor on a percentage basis. say you owe 10k in total and have £100 excess. creditor A you owe 3k or 30% or total debt so you offer them 30% of excess. Creditor b who you owe £100 only gets 1% of your excess

GeorgeUK

They used to be listed but can't find the thread now.
DMP - Debt Management Plan
DCA - Debt Collection Agency
SOA - Statement of Affairs
LBM - Light Bulb Moment

I would suggest posting up a SOA before doing the DMP, but i guess it's down to how much debt you are struggling with. A DMP will affect your credit rating so if you are just about managing it may be better to try to find savings in your expenditure rather than go for the DMP. If CCCS weren't helpful, you could try Payplan - they're free too.
https://www.makesenseofcards.com/soacalc.html

If I have a surplus of £300 per month to pay creditors off how do I work out who gets what? I understand that the one I owe most to gets the most but exactly how much?

Total all the debt you have (x)
Each individual debt (y)
Calculation: y ÷ x = z
z * 300 = how much to pay each creditor

tnkabel24

hi i used the national debt line soa to work mine out as that does it on a pro rata basis automaticly for you