New to the site, new to taking control...but very very anxious.

yellowpoodle

Hi All

I have spent the past few days on this site, reading the posts and trying to get the courage to post.

I have been recommended a DMP to clear my debts and have sent off for the pack via CCCS, I swing from feeling really positive to feeling really tearful, and a lot of things are scaring me:

• Will my creditors accept? (seen negative things about HSBC on here)
• Will I have to tell employers? (I do jobs that need company credit cards)
• If creditors refuse, will it make the situation worse? (at the moment I have missed no payments)
• If it came to it (fingers crossed it won't) would bailiffs/banks etc be able to take my pets (have a pedigree dog who is my best friend and couldn't cope)
• Will I ever in future be able to get another mortgage?
• Would I be able to move in with my Boyf while on a DMP and rent my house out?

I know that I have done the right thing in seeking help before I get any court judgments, non payments etc... but am scared that going down this track - i.e. trying to be sensible will mean that I will end up in much more trouble. As it is, at the moment I just have no money at all for 2 weeks of month and have to live on beans on toast or charity, and panic about bills (leaving everyone until threatening or red then paying on CC which makes it all worse). But I can cope with a poor diet and not going out. But, would be devastated to go to court or have things repossessed.

DMP says debt free in 5 years, that would be amazing....and fingers crossed I will earn more money with new job soon which would mean that I could be debt free sooner, but just want some reassurance

Thank you

Little_Miss_Uni-Debt

Hi there YellowPoodle!Congrats on your first post and in starting your road to becoming debt free. I can guarantee that MSE will provide you with lots of useful info and much needed support! I know it has done for me!Firstly when you get your DMP pack through you'll be required to sort out your budget - which can take longer than you think to work out, so start now!!! How about posting your Statement of Affairs on here and then we can work through your budget with you, so that you can put together a really stong payment plan that will make you feel more positive!If you use the MakeSenseofCards online SOA calculator - fill it in and then copy and paste it back on MSE for us to consider. http://www.makesenseofcards.co.uk/soacalc.html When you've got this all sorted a lot of initial questions will be answered.

yellowpoodle

Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 1701

ExpensesAmount(£)
Mortgage 572
Council tax 71
Electricity 30
Gas 30
Water Rates 20
Telephone (land line) 20
Mobile phone 20
TV Licence 12
Satellite/Cable TV(internet) 21
Groceries etc. 100
Clothing 30
Petrol/diesel 20
Parking 3
Building and contents insurance 41
Presents 20
Haircuts 15
Entertainment 40
Total monthly expenses1065

Secured Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 106000 (572) 8.2

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
CREDIT CARD 6000 258 18.9
PERSONAL LOAN 5314 184 14.9
PERSONAL LOAN 1438 79 14.2
CREDIT CARD 9000 96 14.9
STUDENT LOAN 72500 4.3 have deferred
CATALOGUE 378 39 24.9U
nsecured Debt totals29380656-

Asset Description Value (£)
House Value (Gross) 114000
Shares and bonds 6000
Total Assets120000


Just to say I have a company car, that is why there is only fuel.
My shares are locked in for min 4 years.
Hope that this makes some sense....

Help is greatly appreciated.

fermi

Hi.

Make sure you click the format for MSE button in the SOA calculator.

MummyOnAMission_2

hi there! congrats on making the first step towards doing a DMP ive just started one and have no regrets. it is scary but everyone on here helps so much. You will be able to have abit of your life back now so try relax and just ask ask ask anything! I keep askingall sorts and get lots of help back. you are in the right place!
good luck

yellowpoodle

fermi wrote: »

Hi.

Make sure you click the format for MSE button in the SOA calculator.

I didn't leave it open but hope new view will help!

Miss_Piggy_2

Hello and welcome to the site!

Yes, its all very scary at first. But then just think how much scarier it will be if you carry on as you are now? I had to sit down and really be honest with myself. A DMP was the only sensible option and I can quite frankly say I have never regretted doing it. I have a long way to go but its fantastic to see my debts decreasing.

Good luck

Miss P
xx

SkintNalsy

Hi! I don't have any advice I'm afraid as I'm new to the site too but just wanted to say welcome and well done for taking this step! :T

halight

Hi mate well done for taking control... Im on a DMP its been 4 years since i started mine im now coming to the end of it. And its the best thing iv ever done no regrets at all

Good luck and all the best

Dex

No real advice just wanted to say good luck im sure (in fact) i know that this is a positive step on the right direction

Dex

Jesthar

Heya,

Well done on posting! :T

Just one query - did you really mean £72,000 for your student loan? Or has an extra zero slipped in?

~Jes