DMP Payment ratio help

U2fire

Hi, i have to re-work on my payments to my creditors from my income surplus. Payplan had worked out for me but i have to re-gig one creditor, how is it worked out? Many thanks

pmf63

I am sure someone with a lot more experience than me will come along and correct me if I am wrong but generally, proportionately. Look at how many creditors you have and how much you owe them and calculate the proportion of your available funds so they all get a share that is proportionally related to what you owe them.

If you had 3 creditors and you owed them 2k, 1k and 1k and you had £10 available you proportion it so the 2k gets £5 and the 1k's get £2.50 each.

I hope this makes sense.

pmf63

To find the proportions you need your total owed and the amount owed to each creditor and divide the amount owed to a single creditor by the total owed, then multiply by the amount you have available for repayments.

eg total owed 10 000 four creditors and the first you owe 3500 so 3500/10000 = 0.35 Say you have £150 available each month 0.35 times 150 = £52.50

I would round it to £50 then do the same with the other creditors