Stepchange/Payplan for DMP - Do they require Income from Benefits per months? or week

Galeeno

When using Stepchange or Payplan for a DMP, and they require income and expenditure,

then if the income is from benefits, (which comes every 2 weeks,)

do they require this as a monthly income figure?

or the 2 weekly figure?


Note- the 2 weekly figure x 2 = amount X

but the if 2 weekly amount x 26 (weeks) = Y

Y/12 = the amount per month they get.


Do the DMP company require X or Y ?


Lets say the amount per 2 weeks is £200. in one month they will get
{ £200 x 26} / 12 = £433


but the £200 x 2 = £400 *as per month they get 2 x £200.

Which figure to the DMP team need, for the income ?

National_Debtline

Hello there,

We generally go with monthly figures. As such if you get your money fortnightly you would multiply that amount by 26 and then divide by 12 as this gives you the calender monthly amount.

Hope this helps!

Best wishes,

David @ NDL.

Payplan_company_representative

Hi Galeeno,

We can accept you payments on a fortnightly basis so that you can budget accordingly and make payments when you receive benefits.

Very often on Income and Expenditure statements the figures will be shown as monthly (in which case it will be calculated thus: amount x 26 = Y then /12).
But as I say, the flexible payment option suits whatever is best for you.

I hope that helps, but please do not hesitate to contact me should you require any further information or assistance.

My e-mail address is: samuel.jepson@payplan.com