Sending budget to creditors?

FinallyLearnt

I've now got my income and expenditure worked out as per that National Debtline website but wondered if I need to send the full details to my creditors? Or should I just send Income - x Expenditure = y Remaining = Z?

Tixy

Depends why are you sending an I&E to creditors?
If you are offering reduced payments to creditors, or asking them to freeze interest then its usual to include a bit of breakdown of your expenditure (you don't legally have to, but they don't have to freeze interest or accept reduced payments either. This is so that they can see that you are not spending money on luxuries and are offering to pay all you can reasonably afford.

I wouldn't send them a list of your other creditors - if you are splitting payments pro-rata between them I would simply write
'total unsecured debts £3000, available for repayments monthly £180'
'Debt to X (this creditor) £400, pro-rata monthly payment £24'

FinallyLearnt

Sorry, I should have said I'm offering reduced payments. I can produce a budget that's between the fully detailed one and the x, y, z one easily enough - thanks.