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Not sure whether to go DMP route

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Comments

  • 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 #286
  • 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 Comments
    Rent £200
    Mortgage £832
    Water £65
    Council tax £144
    Gas £90
    Electricity £80
    Household Services


    Amount Comments
    Building/contents insurance £25
    Telephone/mobile/internet £70
    TV licence £13
    Satellite £6
    Life insurance/pensions £16
    Transport


    Amount Comments
    Spares/servicing £30
    Road tax £37
    Insurance £57
    Breakdown cover £9
    Fuel/parking £240
    Food & Housekeeping


    Amount Comments
    Food, toiletries, cleaning £480
    School meals/meals at work £20
    Misc. Goods & Services


    Amount Comments
    School trips/activities £15
    Medicine/prescriptions £10
    Dentist/opticians £15
    Hairdressing £20
    Personal & Leisure


    Amount Comments
    Clothing/footwear £70
    Sports/hobbies/entertainment £34
    Children's pocket money £30
    Sundries & Emergencies


    Amount Comments
    Sundries/emergencies £20
    About You


    Details
    Date budget created 25 Sep 2012
    No of adults 2
    No of dependants 3
    Your Income


    Amount
    Take home pay £2,814
    Partner's take home pay £293
    Child Benefit £204
    Total Income


    £3,311

    Total Expenditure


    £2,628

    Surplus (Deficit) £683
    Budget Comments
    Please note: Payments are not being

    administered by
    Thanks
    Mark
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