Stepchange/PP DMP-Income from Benefits per Month?

[flamingate]

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 ?

[Adam Davies]

Hi

I would times by 26 and divide by 12 to give a true monthly figure

Regards

[ClareSilver]

Me too or if it's paid lunar monthly then x 13 / 12 to give a true monthly figure

[Michael Peoples]

If someone is on benefits paid fortnightly the I&E could be done on this basis and payments made fortnightly. This would make it easier for the client to manage the payments and given that these companies are funded by the banks surely they could do this.

[MelanieGiles]

I have a lot of clients who receive their benefits four weekly, or their salaries, and we allow them to make 13 four-weekly payments, rather than 12 monthly payments. Psychologically, a smaller payment always seems to be the better optiom, and much easier for budgeting.

[PayPlanSamuel]

Hi Flamingate,

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.