dmp & savings

ashden

We are on a DMP with Payplan too and we do save money every month. Our budget allows for hair cuts, clothing etc - we don't need to spend this every month so that part of the budget gets put into the savings as soon as we get paid - we can dib into the savings if we need to. We also save the monthly allowance for car tax, insurance, maintenance etc as this is usually an annual expenditure. We keep a spreadsheet so we can keep track of how much is in the savings for motor expenses, lifestyle etc.

If at the end of the year we're way ahead and have more savings than we'd realistically need for day to day living we'll make a lump sum payment to our creditors - Payplan have said we can do this.

The important thing is to make sure your savings account isn't linked to any of your creditors - Payplan can advise you where to keep your money.

Ash x

preciousb

ok one question ashden you say we can make lump sum payments to creditors does this have to be done directly to them or through payplan?

ashden

Through Payplan. Payplan will split the payment amongst your creditors.

preciousb

thats great thank you for letting me know