If you are applying for a Debt Management Plan you will need to complete a living expenditure budget. You can get a free copy of our DMP living expenses guide here.
Included in this article:
- Why is your Living Expenses Budget important?
- Get a free copy of our Expenses Guide
- How to use the Guide
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Debt Solutions Living Expenses Guide
If you have a debt problem you will need to complete a living expenses budget. What types of expenditures are allowed in your budget? Where can you get a guide to your allowable living expenses? To find out more please visit http://beatmydebt.com/self-help-guides-resources/living-expenses-guide
Why is it important to get your Living Expenses Budget right?
Your Debt management Living Expenses Budget needs to be right. This is because your expenses figures are used to work out your disposable income. This is what you will have to pay into your DMP each month.
If you underestimate any of your expenses or miss out important ones the total budget you calculate will be less than you need to live on.
If your living expenses budget is too low the amount you work out that can pay towards your debts will be too high. If you start a Plan on that basis you will continue to struggle with the payments.
Struggling to get your head round all of this? We can help. Call us (0800 077 6180) or complete the form below. The advice is free and confidential.
Get a Free Copy of our Debt Management Living Expenses Guide
Our Living Expenses Guide gives a comprehensive list of the expenses you should include in your monthly budget.
The guide also recommends expenditure limits for each variable category that you should stay within to ensure that they are acceptable to your creditors.
Remaining within the guidelines will help ensure that your creditors accept the reduced payments you offer in your DMP proposal.
The guide is free. To get a copy click the “Download Living Expenses Guide” button at the top right of this page (or at the bottom if you are using your mobile).
How to use the Living Expenses Guide
The guide MUST be used for guidance purposes only. Every individual’s situation is different. The figures acceptable to your creditors in each category may be higher or lower than those indicated depending on your circumstances.
Some of the figures given in the Guide may seem restrictive. However they are known to be generally acceptable to Banking creditors. If you want to start a Debt management Plan you must be prepared to live within a restricted budget
If you feel that you need to spend more than the recommended amounts you should always include these figures in your budget.
You must be prepared to justify any additional expenditure you include. Your creditors might not accept your reduced payment offers if any of your expenses are deemed to be unreasonably high.
Thinking about starting a debt management plan but need more advice? Call us (0800 077 6180) or complete the form below. Its free and confidential.
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