Emergency money

tomandjerry

Hi all,

How much money is allowed for any emergency while on a DMP?

Thanks,
taj

CLAPTON

say about 10 per person so for a couple and 2 kids £40 per month

tomandjerry

CLAPTON wrote:

say about 10 per person so for a couple and 2 kids £40 per month

Thanks Clapton, that's ALL??!! :eek: I have to find an extra work then. :rolleyes: .
taj

madduck

A big part of a DMP is to look at budgeting. What kind of thing would you envisage as being an emergency - could it possibly be the kind of thing that you could be budgeting for ie car maintenance, birthdays presents, etc?

tomandjerry

madduck wrote:

A big part of a DMP is to look at budgeting. What kind of thing would you envisage as being an emergency - could it possibly be the kind of thing that you could be budgeting for ie car maintenance, birthdays presents, etc?

Travel tickets, deposit for a house/flat rent (want to move out of the recent accomodation some time before summer next year), these kinda thing. Or just spare cash for my own piece of mind.

Taj

madduck

In terms of travel tickets - is this a regular occurence? For example, I have a very small allowance in my DMP for the occassions when I have to use public transport.

Are you doing a self administered DMP or are you getting the help support of CCCS/Payplan/CAB? If you are getting support - have a chat with however is providing it re the deposit and how best to budget for that. I'm on a CCCS administered DMP and I've always found their help to be invaluable. It is great having their support whenever the wheel falls off things - as they sometimes do. You'll probably find that at least one of your creditors seems to know just when you are at your lowest/most vulnerable and decides just then to turn the knife. A chat with someone who knows the dirty tricks they use can be just what you need to get your head straight again.

In terms of the spare cash for your own piece of mind - that is probably the hardest thing about getting used to a DMP. You'll find that your life is well budgeted out. You have to learn discipline. Saying that though - a well balanced DMP will leave you some (fairly limited) lea way. It is checks and balances though. If you want more money to spend say on a night out - you need to say save money on your food budget for a few weeks to afford it. Found that really hard to get used to. Part of the reason that I'm in the mess that I'm in is that I'm not very disciplined when it comes to money (or the old Madduck wasn't).

I'm living on the thought that in about 5 years when I'm totally debt free (and almost mortgage free by that stage as well) I'll have at least £1000 in todays terms every month free to do what I want with. Given that I'm getting used to budgeting - can't wait!!!

tomandjerry

Thank you for your reply.
What if I get money from, let's say, matched betting and these sort of things? Will this money have to go to my creditors or I could save it and pay one big lump once or twice a year?
I travel abroad 3-4 times a year, I suppose I should start saving now before my DMP is in place. My new app is on 12 of this month. I'm with CCCS.
Today would be a payment day for my loan (sent them a token) and I already received a message to contact my bank. I leave it to CCCS.

I cancelled PPI on one of my cc today. :T I have one more to cancel (I paid a token of £5 a few days ago).

taj