Living with a Debt Management Plan

Tixy

littlefaster wrote: »

I dont suppose you could give me an idea of how much allowance they gave you for things like
Food
Fuel
Clothes
Phone
Dentist/Prescription
Haircuts/Day to day stuff?

Any idea or rough estimate would help!
x

Hi, I don't know about Payplan's maximums (they usually start by asking what you actually spend rather than giving allowances) but they should be pretty similar to the CCCS guidelines - which you can see if you enter your information into the online cccs debt remedy calculator.

It might also be worth you posting a statment of affairs on here, as if you are spending more than would be considered reasonable on here people should be able to make some suggestions as to how you can reduce them. We use this calculator - http://www.makesenseofcards.com/soacalc.html

nicolascowen

littlefaster wrote: »

I dont suppose you could give me an idea of how much allowance they gave you for things like
Food
Fuel
Clothes
Phone
Dentist/Prescription
Haircuts/Day to day stuff?

Any idea or rough estimate would help!
x

single person figures let me know if you need more
housekeeping £191 per month
fuel £170 to include fuel insurance and car tax
clothes £10 per month per person
Phone £19 + £20 for mobile
Dentist etc we use £10 but some include in your housekeeping
day to day stuff out of housekeeping

we are always very keen to make sure that our clients can afford the plan long term as there is absolutely no point in entering into this unless you can stick to it, although it does take some change in lifestyle

littlefaster

Thanks for that.. that doesnt seem so bad.. and is actually maybe allowing for slightly more than I spend at the moment..

Will maybe just have to list more old books and dvd's and other trinkets on ebay so I can try to get a few more £'s here and there.

Payplan are calling me back after 5pm tonight.. so will wait to see what my case officer says.. trying to supress the nerves!!

Tixy

nicolascowen wrote: »

single person figures let me know if you need more
housekeeping £191 per month
fuel £170 to include fuel insurance and car tax
clothes £10 per month per person
Phone £19 + £20 for mobile
Dentist etc we use £10 but some include in your housekeeping
day to day stuff out of housekeeping

we are always very keen to make sure that our clients can afford the plan long term as there is absolutely no point in entering into this unless you can stick to it, although it does take some change in lifestyle

Some paid for services do seem to allow bigger 'allowances' than the debt charities, perhaps as an enticement for people to not mind paying their fees. But on this board we always recommend using one of the free services.
Most people would think housekeeping/groceries at £191 was high and as most want to clear their debts as soon as possible they prefer to pay as much as they can to their creditors. And of course the larger the figures on your SoA the more likely creditors are to reject the plan or decide not to freeze interest.

nicolascowen

Interestingly these guidelines are from the British Bankers association in line with the CCCS requirements but thanks for commenting

eyeopener2

Thats odd Nicholas but my figure for housekeeping from CCCS for a single person is £120. That figure was generated by the CCCS debt remedy and not by me.

I just hope the op sticks with the free services rather than opting for a paid service.

Good luck and Littlefaster and you won't regret using Payplan or CCCS

Tixy

nicolascowen wrote: »

Interestingly these guidelines are from the British Bankers association in line with the CCCS requirements but thanks for commenting

My pleasure nicola.

CCCS certainly don't use that as a blanket figure for all debt management plans. The expenses on a budget need to be tailored to a person's circumstances. Obviously there is no point putting in £191 for housekeeping if that mean the client only ends up with £50 to put towards a debt management plan, far better to put this in at say £120 and then use the remainder towards repayments.
On the debt remedy tool they use a figure around £150 I believe as a starting point.

Squirrel29

I've been allowed £280 for two adults food shopping and even £36 per month for entertainment/hobbies. I've been struggling to budget £160 a month for food. You also won't have to declare eBay stuff. I intend to save any overtime etc for a rainy day fund as obviously my access to credit cards is thankfully gone!!

littlefaster

Woo! I thought I would let you all know how i got on!

My case officer suggested that she thought an Iva would be the way forward.

She has worked out that if all my creditors agree to me entering into an Iva, then my repayments would
Be £268 a month!!! Better than nearly £500 as they are currently!

Plus she has budgeted so I can spend a bit more on food as I don't have any sky etc.

Just got to hope I am accepted for an Iva now. More nerves!

But for the first time in ages I feel excited!

Anyone else got experience of an Iva with payplan?

Thanks!!

Squirrel29

No IVA experience but there is an IVA section on this forum. Just wanted to say I'm glad you have some piece of mind. It's the best phonecall I've ever made!