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Not sure whether to go DMP route
Comments
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Just realised that the child benefit changes take place in January rather than April. Thought I'd post here as I mentioned the changes earlier on this thread.Allypops
Married with 2 children
SPC5 # 1837- -
DMP started April 2011 34.5% paid [STRIKE]£78800[/STRIKE]
DFD: June 2019 DFW Long hauler #2860 -
I have spent the last few days getting exact figures for my debt and looking at the budget I would use going into a DMP with the CCCS. Its pretty much finalised (although I am working on reducing costs further if I can). At the minute it recommends an IVA but I am confident I can avoid this route as I believe things could change by a fair amount in 12 months (PPI claim, bonus and hopefully the wife can get a full time job), and therefore I could reduce the term of the DMP to below 5 years.
Any thoughts on the belowfigures? My friend thought £480 seemed low to feed a family of 5 but to me that seems reasonable. What I dont want to do is budget too low so that we really struggle, but I also want to pay off as much as possible.
Now looking into what bank to move to in preparation for the DMP. Nervous and excited about the prospect of doing this as im sure it will be tough at first, but I have read so many positive things on this forum from users who have taken the plunge to get on top of their finances
Housing
Amount CommentsRent £200
Mortgage £832
Water £65
Council tax £144
Gas £90
Electricity £80
Household Services
Amount CommentsBuilding/contents insurance £25
Telephone/mobile/internet £70
TV licence £13
Satellite £6
Life insurance/pensions £16
Transport
Amount CommentsSpares/servicing £30
Road tax £37
Insurance £57
Breakdown cover £9
Fuel/parking £240
Food & Housekeeping
Amount CommentsFood, toiletries, cleaning £480
School meals/meals at work £20
Misc. Goods & Services
Amount CommentsSchool trips/activities £15
Medicine/prescriptions £10
Dentist/opticians £15
Hairdressing £20
Personal & Leisure
Amount CommentsClothing/footwear £70
Sports/hobbies/entertainment £34
Children's pocket money £30
Sundries & Emergencies
Amount CommentsSundries/emergencies £20
About You
DetailsDate budget created 25 Sep 2012
No of adults 2
No of dependants 3
Your Income
AmountTake home pay £2,814
Partner's take home pay £293
Child Benefit £204
Total Income
£3,311
Total Expenditure
£2,628
Surplus (Deficit) £683Budget Comments
Please note: Payments are not being
administered byThanksMark0
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