Have you found it easy or hard living with the type of payment plan you're on ???

Mics_chick

Thanks for that DID but what are F&Fs???

milliemonster

I have read through this thread with interest as this is something I may have to consider, I may be shortly changing my job which would mean a 70% pay cut for me and we would probably struggle to meet the minimums, at the moment both me and oh have intact credit ratings and have always met our repayments and overpaid.

What concerns me about a DMP is how tight your SOA is, what expenses they allow you to account for each month before deciding to dish out what is left for your creditors, do they allow for things like, clothing, car repairs, xmas, holidays? I don't mean huge amounts but something! so that you can still have a bit of a life while trying to repay everything?? I just wondered this as I have noticed a lot of people on DMP's saying that they are putting some money aside to save up for a F&F, so where does this 'savings' money come from??

Also, how much is allowed for groceries??

swampduck

Have you considered posting a statement of affairs?
That way fellow MSE'ers may have ideas on how to cut your costs on everyday things.
You say that you are upto date and not in arrears with anything at the present time - IMO you may not need to head into DMP just yet.
A statement of affairs allows for everything from car repairs to food shopping to clothes etc. and it all takes account of your own circumstances.
Everyone's situation is different so you can have an SOA tailored to your specific needs.
For example you may spend £500 per month on food but if you downsize a brand you can make savings immediately and if you visit other boards you can find tasty cheap meals which others have made which may mean you can spend less on food. A saving of £50 could be your minimum payment on one debt - the possibilities are endless and you can realise these opportunities with the help and advice from these wonderful guys!

Swampy