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Tel: (0113) 242 3343 Email:

08 October 2015
Step 5 - Budgeting


Make a list of your non-priority bills.  These will include the items in the following list.

Non-priority creditors.....................................Balance owing
Credit cards £
Store cards
Personal Loans
Bank Overdraft
Utility bills (from an old supplier)
Credit agreements (fridge, cooker furniture etc)
Interest free credit/Buy now pay later

If you have met all your household bills etc but find out that you have nothing left to repay the contractual payment on your monthly credit commitments then you will need to work out an affordable repayment plan, enabling you to repay the debts at a smaller amount over a longer period of time.

Payments will need to be calculated on a ‘pro-rata’ basis. This means that the creditor who has the largest balance would receive the larger payment and the creditor with the smaller balance would receive a smaller payment.

Click here to see how to work out ’pro-rata’ payments.  These payments could then be offered to your creditors. Creditors are more likely to accept a reduced payment a) if you are making reduced payments to your other creditors, b) they are receiving a payment based on an equal proportion of debt/monies available. 

If you have no disposable income left to offer creditors then a small token payment of £1.00 is an acceptable amount. Creditors are not usually happy to accept such a small payment, but as you are offering something then it shows that you accept that you owe the money and are willing to pay but you are unable to offer a higher payment until such time as your circumstances improve. 

  •  Leeds Credit Union Welcomes Minister Visit  Economic Secretary to the Treasury, Harriett Baldwin, visited Leeds today to see first-hand the contribution the city’s successful financial services sector makes to the UK economy.  •  What a Difference a Year Makes  Leeds Credit Union is celebrating the positive impact their loan shop on Roundhay Road has had on Leeds by holding an open day on its first birthday on 20 August 2015.  •  Suspected loan shark arrested following operation in Leeds  A 45 year old man has been arrested on suspicion of illegal money lending,following an operation in Leeds.

The England Illegal Money Lending Team (IMLT) working in partnership with West Yorkshire Joint Services Trading Standards and West Yorks
Leeds City Credit Union Tel: (0113) 242 3343 Email: Web: