Considering a DMP

dancingfairy

O.K so you appear to have 2 options here.
Either dig deep and get yourself out of this hole by cutting back to the minium and selling everything nailed down and paying it all back like that. This gives you the satisfaction of knowing that if the worst happens you will cope and learning what the bare minimum is we need to survive and the opportunity to be creative about money.

Or go on a DMP with CCCS or someone else that doesn't charge. This will of course make your life appear more manageable in the short term, you might get interest stopped but which would trash you credit rating.

It's really up to you. Basically both methods seem to be sucessfull and whichever you choose theres loads of support on here.

Good Luck
df x

andreweduk

rayday2 wrote: »

Have you tried the online debt remedy on the CCCS website that will usually give you a good idea of whether you can cope paying your debts off without a solution like DMP etc and they do help you think about things to budget for too.

I think your honesty was good in your SOA. You know yourself what your priorities are and where your spending is.

I tried to be as honest as I could.

Do you think I'll be able to open another bank account with another bank? Or will my credit rating mean they won't let me?

I really want to be able to just have ENOUGH money, not be rich, or go out all the time, just have enough to pay my rent each month and cover my bills and not worry about going to the cash machine to check my balance. I'm just trying to find out the best way of getting there and hopefully be able to pay off some debts, rather than just paying interest and charges!

rayday2

You can get an account even if you are bankrupt the only down side is that you possibly won't get a cheque book and you will possibly not get a visa or delta card it will probably be one of the others that I can't remember the name of but shops accept.

The most important thing is to get a bank account not related to any people you owe money too the following link may help you with a few reminders though:

http://www.payplan.com/debt-library/miscellaneous.php

Halifax group and Lloyds could merge, so have A&L and Abbey and also GE Money company behind many store cards are Abbey now.

andreweduk

Seems Yorkshire Bank, Nat West or Co-Op should be ok then

Cheers!

andreweduk

Ok, so I've made the first step and applied for a Step Account with Nat West

This whole thing is so scary, but if it means I get on top of my problems, it's worth it!

andreweduk

Another quick question I have?If I take out a DMP, when do I stop making my own payments to creditors?

debtmuncher

just out of interest what area of work are you in as you are getting paid by cheque...can that be changed?

andreweduk

debtmuncher wrote: »

just out of interest what area of work are you in as you are getting paid by cheque...can that be changed?

I work for a very small company and we've asked the boss about getting paid into our accounts, but he say's they can't do that and that cheque is easier for them. It's not too bad, so long as I dont rely on the money being available straight away!

RAS

What it actually means Andrew is that they get to keep your salary in their account for a few extra days. Some mentally you get paid on the 15th but actually every month it is the 19-21 before you get the money, depending on whne you bank it and weekends etc.

andreweduk

I've had a good think over the weekend about my debts and have come to the conclusion that a DMP is the way to go, but it scares me, lots!!

If I add up what goes out of my account each month, in terms of bills and repayments, I'm left with about £150, which when HSBC take about £75 in charges, I have to pay £50ish a month for a basic bus ticket, then there's food aswell, I can't go on as I am.

I've applied for a Step Account (which I think is ok, looking at who my debts are with) and am going to transfer all my direct debits (rent, council tax, utilities) over to that one. I've also had a think about my spendings and have switched to cheaper brands of pet food, toilet roll etc, but I was already spending very little on food etc.

I've had two credit card bills come through which are due at the end of the month, one for £150 and one for £65, but I'm not sure what to do with these at the moment, I'll probably try paying them when I've been paid at the start of November.

I seem to be hesitating in filling in my thing with CCCS's website, I guess I'm just a bit scared of it all

Thanks for all your help so far and I'll keep you posted!