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Budgeting

Your budget is a statement of all the money you’ve got coming into your household and all the money you spend, each calendar month. We created your personal budget when you first contacted us.

Your creditors use this budget to assess your individual situation. We have an excellent reputation with creditors for creating realistic and workable budgets so they know you’re paying as much as you can afford.

Budgeting effectively will help you to manage your money and make sure that you repay your debts in the quickest time possible. Learning to budget properly will also help you in the future, when you’re debt free, as you’ll be able to save for the things you want and keep a good grip on your household bills.

For help with budgeting why not:

  • Check our MoneyAware blog, here you’ll find lots of useful information on budgeting and clever hints and tips to make your money go further
  • Visit MoneySavingExpert.com for useful hints and tips about budgeting and saving money. There are also lots of articles posted by users who have experienced financial difficulties

FAQs

Your budget clearly shows what your income is and what you spend on living costs. This is the information your creditors need to decide whether your offer of payment is fair and realistic.

Your creditors won't consider a reduced offer of payment without a budget. They expect us to update your budget regularly and inform them of any changes.

A budget also helps you to understand your finances and live within your means.

We can send this for you, simply contact us to let us know the creditor details.

If your income or expenses have changed recently, please contact us for a review before we send out your budget.

You can view and print your current budget online.

Most creditors receive the DMP offer, along with your budget and creditor list, electronically but some are sent through the post. The majority of large creditors have access to a secure online service where they can view these details and update us with basic changes to balances or account numbers.

We send proposals to each creditor at the start of your DMP and we send updates when required. Your creditors are sent a copy of your budget, a list of your debts, a copy of your DMP agreement and an offer of payment in writing. Copies can be sent to any creditors if requested.