informal agreements

Tixy

Nearly 100% for the defaults - if you end up paying any creditor very near to the minimum sometimes they don't issue a default, but otherwise you would expect to get them.
CCJ - less likely but it can happen.

As MrsT says post a statement of affairs and maybe they'll be an alternative way to deal with your situation which won't impact in your credit scrore.

ajt15

i have about £200 pounds a month left after all my outgoings. Done a calculation elsewhere.

MrsTinks

That wasn't really the question Unless we can see your SOA then we won't know if you're paying over the odds for something and can get a better deal, if you are spending too much on food or entertainment etc. This isn't because we're a nosey bunch - if you can't meet you minimum payments then you'll have to persent this to your creditors and if you are spending more than twice what you ought to on say entertainment they will be VERY unsympathetic and the chances are much higher of you getting CCJs...

If you want help then post it up... if you prefer giving your SOA to your creditors without anyone checking it first - best of luck.

ajt15

ok i earn £1170 a month after tax
I pay £200 min payment on £9600 card
110 on £5600
234 on 6500 loan (left to pay)
rent 200 (not at mo paying after christmas)
out goings

99 pounds on a ring that has 6 payments left no interest
80 on petrol
50 on phone
£12 on a hospital fund
my bank account plus costs £12 a month

total 997 i dont buy food its covered by others.

997 total out

left 173 ish

Tixy

You need to work out how much you have left before any unsecured debt repayments to see if you can afford the minimums - from the info you have put in the post above it looks like you can but you need to make sure you budget for everything - for things you don't pay each month you should enter 1/12 of the annual cost into your budget. Once you start a DMP you agree not to take on anymore credit at all until it is finished so you need to save up for these annual items in advance.

So
Income 1170

Expenses
Rent £200
Petrol £80
Car Insurance ?
Car Tax ?
Car MOT & servicing ?
Phone £50
Clothes ?
Haircuts ?
Entertainment ?
Presents ?
Hospital £12 (what is this? if savings or charity donation then will be disallowed by creditors)
Prescriptions/contact etc ?
Any other essential items ?

Total Expenses £342 +?

Secured debt
Ring Balance 594 Payment £99

Amount left for unsecured debt repayments (income less expenses less secured debt) £?

Unsecured Debts

Card Bal £9600 Minimum £200
Card 2 Bal £560 Minimum £110
Loan Bal £6500 Minimum £234

Total minimum debt repayments £544

If your total expenses that you have ommitted are less than £185 then a DMP will not be suitable for you. If you can meet you minimum repayments you are better to do this rather than wreck your credit rating.

Is there a reason you have a plus bank account? are you using any of the benefits you get? usually people pay more for these accounts than the benefits are worth so consider switching to a 'normal' current account.
Do you have an overdraft? Are you currently paying anything off this?