Dmp or diy

dithedancer

im fed up of shelling out money for credit cards and wondering if i will have enough in my account at the end of the month to spend on a treat. i did a budget planner for national debtline and told if i gave everything i had left to my creditors to share it would take 2 1/2 years to clear. i have one bank account that my wages go into this is where all my utility bills, mortgage and insurances payments go out of and i have another account that my other credits like CTC, WTC, and pension go into that pay for my credit cards etc my downfall is i don't know what dates my credit payments in the bank are going to fall on. my wage account is ok i know what date my money goes in, but my other account, my credits are paid every 4 weeks. i find myself getting in a panic wondering whether i will have enough to pay my bills if i spend over a certain amount. i will do a SOA but my question is am i better doing it myself or doing a DMP i think i can do it quicker than i have been told if i am strict. i have a car to sell, a hopefully good tax rebate, a loan that will be paid off and leave me £200 better off in june/july and some savings 0f about £1000. other peoples feed back would be appreciated, especially if someone could tell me how to budget with 4 weekly payments, so what should i do DMP or DIY.

Tixy

Does your SoA show that you can meet your monthly minimum repayments? (and can you?) If you can then you won't be eligible for a DMP and if you can clear your debts within 2.5years then I would say this is the route to take and to protect your credit rating.

dithedancer

My SOA
Income
Wages 839.89 a month
Benefits 323.39 every 4 weeks
Pension 213.03 every 4 weeks
Sons board 80.00 every 4 week
Total income 1456.40
Out going
Mortgage 160.66
Council tax 72.00
Water rates 24.70
Home insurance 34.80
Life insurance 18.03
Gas 47.00 i can reduce this slightly
Electric 47.00 i can reduce this slightly
House keeping 240.00 son pays for food etc as part of his board
Tv licence 12.37
Petrol, car tax, car ins, AA 68.00
Meals for work and school 12.00
Clothing 20.00
Sky, broadband ,phone 22.50
Mine and daughters contract phones 40.00 tied for 2 year
Heating insurance 16.34
Emergency fund 50.00
Hair cuts 6.00
Entertainment 40.00
Total out going 931.40

Credit debts
DWP owe 1000 pay 100 a month this will be paid off by xmas
Tesco mastercard 2547.37 pay 76.00 at 15%
Barclaycard 1220.27 pay 26.00 at 15%
Mbna 2016.58 pay 25.00 at 6% for life
Bank loan 986.24 pay 197.58 will be paid off june/july
Ge money 2000 pay 25.00 at high interest unsure what it is till i get contract out.
Nationwide 1200 will pay 120 at 0% for 17 month
Ive just started to move some of these cards to 0%
As i said in my last post i have 2 cars one is for sale this could take some off. i am expecting a rebate from hmrc, my loan will be paid off soon. The dwp loan will be paid off at the end of the year. I have £1000 in my emergency fund so i have got to make a decision. A DMP or DIY. I did speak to national debtline they suggested a dmp but im not sure.

Tixy

Hi
So breaking down your figures you have £1507 coming in (averaged monthly income)
Outgoings £931
Debt repayments £569.58 (although this is obviously higher than minimum repayments as you seem to be paying more than the minimum off nationwide.
Which would mean you can afford your repayments and have just £7 left over. I don't think you would qualify for a DMP if you have put in all your expenditure.

dithedancer wrote: »

My SOA
Income
Wages 839.89 a month
Benefits 323.39 every 4 weeks 350
Pension 213.03 every 4 weeks 230
Sons board 80.00 every 4 week 86
Total income 1456.40 1506
Out going
Mortgage 160.66
Council tax 72.00
Water rates 24.70
Home insurance 34.80 have you shopped around for this recently? (seems quite high but hard to judge without knowing house value)
Life insurance 18.03
Gas 47.00 i can reduce this slightly
Electric 47.00 i can reduce this slightly this looks quite high, have you shopped around for the cheapest supplier and best tariff recently?
House keeping 240.00 son pays for food etc as part of his board how many for? just you, son and daughter? if so it should be possible to do this for less (although its a reasonable figure to put in if considering a DMP).
Tv licence 12.37
Petrol, car tax, car ins, AA 68.00 does this include an allowance for servicing, MOT, new tyres etc?
Meals for work and school 12.00
Clothing 20.00
Sky, broadband ,phone 22.50
Mine and daughters contract phones 40.00 tied for 2 year
Heating insurance 16.34 have you shopped around for this recently?
Emergency fund 50.00 if you already have £1k saved then I would start using this for debt repayments.
Hair cuts 6.00
Entertainment 40.00
Have you budgeted for xmas/birthday presents?
Total out going 931.40

Credit debts
DWP owe 1000 pay 100 a month this will be paid off by xmas
Tesco mastercard 2547.37 pay 76.00 at 15%
Barclaycard 1220.27 pay 26.00 at 15%
Mbna 2016.58 pay 25.00 at 6% for life
Bank loan 986.24 pay 197.58 will be paid off june/july
Ge money 2000 pay 25.00 at high interest unsure what it is till i get contract out. Likely to be the highest apr I would think - find out and if it is divert any extra cash to this.
Nationwide 1200 will pay 120 at 0% for 17 month this is more than the minimum (I would guess) you would be better to pay more to the expensive aprs and just the minimum here.
Ive just started to move some of these cards to 0%
As i said in my last post i have 2 cars one is for sale this could take some off. i am expecting a rebate from hmrc, my loan will be paid off soon. The dwp loan will be paid off at the end of the year. I have £1000 in my emergency fund so i have got to make a decision. A DMP or DIY. I did speak to national debtline they suggested a dmp but im not sure.

I would think with potential to use the car funds and a tax refund to reduce your debts you should be able to easily manage without a DMP.
But I would ensure you are paying off your debts in the right order to pay the least interest (so don't pay more than you need to the 0% card).

I would go for a snowball approach not a DMP.