DMP annual review and error in budget

beckstar1975

Hello

I've been in my DMP for 4 years and just realised there's an error in my budget - we have accounted for travel twice. We both receive season ticket loans for work so our travel is accounted for in our salary, yet I've included it in the spreadsheet too.

Totally my fault as when we started we didn't have the loans, and then when we updated the budget I just didn't think to remove them.

I've recently updated our budget with PayPlan due to DH new job, and then we've had the reminder for the Annual Review which is when I've noticed.

The amount difference is £400 a month - but honestly haven't noticed the money as so many things have been going wrong (plumbing, sick mother in hospital, old car needing repairs, kids outgrowing all their clothes and school clothes at once etc etc) that I just didn't notice, I find our budget too tight as it is to be honest.

I am also not happy that they seem to want to push us towards alternative solutions including a consolidation loan when we should be clear in under 3 years.

So, what should I do? COme clean with payplan or just go it alone (with the new figures of course, should shave nearly a year off although no idea how we'll manage)

beckstar1975

PS - if it's any odd's I've just accounted for £200 of this with tax credit overpayment and money I give to Church a month, so it's just £200 that's gone missing. SO I could only afford to up it by £200 a month

glentoran99

beckstar1975 wrote: »

Hello

I've been in my DMP for 4 years and just realised there's an error in my budget - we have accounted for travel twice. We both receive season ticket loans for work so our travel is accounted for in our salary, yet I've included it in the spreadsheet too.

Totally my fault as when we started we didn't have the loans, and then when we updated the budget I just didn't think to remove them.

I've recently updated our budget with PayPlan due to DH new job, and then we've had the reminder for the Annual Review which is when I've noticed.

The amount difference is £400 a month - but honestly haven't noticed the money as so many things have been going wrong (plumbing, sick mother in hospital, old car needing repairs, kids outgrowing all their clothes and school clothes at once etc etc) that I just didn't notice, I find our budget too tight as it is to be honest.

I am also not happy that they seem to want to push us towards alternative solutions including a consolidation loan when we should be clear in under 3 years.

So, what should I do? COme clean with payplan or just go it alone (with the new figures of course, should shave nearly a year off although no idea how we'll manage)

A dmp should allow you to manage, if youve no idea how youll manage your paying to much, i would leave it as it is

xgingerx

Leave it as it is, save any extra in a savings account and use towards full and final later on

Monkeyballs

Hi,

I'm inclined to agree with others, but maybe look closely at your outgoings to try to be a but more savvy and make a small increase to your monthly payment.

That said;

beckstar1975 wrote: »

I am also not happy that they seem to want to push us towards alternative solutions including a consolidation loan when we should be clear in under 3 years.

!!!!!!? Is it Payplan pushing you to consolidate or am I just misreading? I'm on strong painkillers so it could be my brain LOL you shouldn't be taking on any new credit (eve if it is a consolidation loan) while on a DMP and if you took out a loan you could risk your existing DMP and be up for fraud for taking on a new agreement knowing that you'll not be able to make the full repayments...

Again, this makes sense in my head apologies if it's gibberish on my post lol

MB x

beckstar1975

Sadly I am not making it up they are recommending loans and or equity release to people now, which just seems crazy to me. They are unrecognisable from when we signed up 4 years ago, frequently get calls 'offering' us help reclaiming PPI, insurance etc etc

Thanks for your help, will leave as is but try and manage money a bit more closely for a while to fully track spending.