DMP Mutual Support Thread - Part 12

SuzyN

Defected...

The same happened to me.

I just made a spreadsheet on my laptop and then took my total debt and worked out what percentage each creditor owned of the total and then in another column calculated that percentage of the available money for bills.

Hope this helps

defected

SuzyN

thanks glad its not just me. Im rubbish with things like percentages though, an excel spreadsheet would do but i dont know how to turn my left over into a percentage to each creditor?

SuzyN

Quick example with random numbers...

Debts - 500 / 7500 / 1320 / 800 /4021
Total amount - £14141
Avail for debt repayment.. £306

So...

Take an amount eg 7500 (you know that this is roughly half of what you owe so know the calculation should bring you to ROUGHLY half of 14141 and half of £306.

1) 7500 / 14141 = 0.53
Then 0.53 x 100 = 53 %

So the 7500 is 53% of the debt so needs 53% of the payment.

2) 306 / 100 = 3.06
Then 3.06 x 53 = £162.18 (amount to pay)

To double check they are all correct then you can also calculate that the payment of £162.18 is 2.16% of the total debt to that 7500 creditor. The totals paid should all be the same percentage of the creditors debt.

To work this out...

162.18 / 7500 = 0.00216
0.00216 x 100 = 2.16%

Hope this makes sense - just replace my figures with your real figures.

On excel you can type in the formula for each so if you change the numbers it changes the calculations automatically for you.

If you need the formulas let me know and I'll add them tonight for you.

Red_Athena

Well I did it! DDs cancelled, money transferred to a clean bank account. Just waiting for the pack from Stepchange (how long should this take, roughly?) and I'll write a holding letter to my creditors. Will be saving this month's payments for an emergency pot. I have my spending budget, I will stick to it!

I've seen that there are diaries that people have started to track progress, I may do that if I think I'll post enough. For now I'll continue reading back a liitle

Suseka97

defected wrote: »

SuzyN
thanks glad its not just me. Im rubbish with things like percentages though, an excel spreadsheet would do but i dont know how to turn my left over into a percentage to each creditor?

SuzyN has reached the right numbers -but if you don't mind my input all you need to do is divide the total amount you have available to share between your creditors by the amount of total debt and then multiply that by the amount owed to each creditor.

So using SNs example:

£306 / £14141 x £7500 = £162.29
£306 / £14141 x £500 = £10.82
£306 / £14141 x £1320 = £28.56
£306 /£14141 x £800 = £17.31
£306 / £14141 x £4021 = £87.01

I believe that's what the NEDCAB site calculations do and means you don't really need to concern yourself with percentages.

Hope that's useful to you and others

SuzyN

lol yes you can also do it that way which is definitely way quicker - I just wanted to see the percentages too

Sx

DMP_Tiger

I think this got overlooked with the high activity. I need to send my letters detailing my offer to each creditor but I'm not sure whether to send the whole sheet containing all of the creditors so that they can see I am treating them all fairly. Thank you

DMP_Tiger wrote: »

Morning all

I think I am ready to begin my DMP properly after 3 months of token payments. I will write to each creditor confirming from my I & E that they've all had, exactly how much I have to split between my creditors and how much I am going to pay them each month. Do I need to tell each creditor what I am paying my other creditors or do I just tell each creditor what I will be paying them only?

sourcrates

DMP_Tiger wrote: »

I think this got overlooked with the high activity. I need to send my letters detailing my offer to each creditor but I'm not sure whether to send the whole sheet containing all of the creditors so that they can see I am treating them all fairly. Thank you

Hi,


Yes, sorry, been very busy on the forum this week.


Although you do not have to do so I think its best practice to send the full copy to each creditor, that way, there can be no argument that you are prioritizing one creditor over another.

DMP_Tiger

That's great, thank you. No need to apologise, I appreciate everyone's help.

booksandbacon

First payday just gone without any payment going to the creditors, that sent the ol' anxiety levels a bit high :eek: even though my wages are safe I still get a bit of a sweat on checking my bank balance :rotfl: but offer letters sent out this morning, DMPLand here I come! :j