Iva/dmp?

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Hi all,

After reading some of the other posts in this forum, it's given me a lot of hope knowing that I'm not the only one who is in a pretty terrible financial situation.

Right, my situation might lead to me getting a bit of grief, but here goes.

I'm 26 years old, I currently have 8 creditors and 36000 of unsecured debt. 3 loans, 5 cards.

All accounts are up to date with the minimum payments in respect of the cards, and the monthly repayments on the loans. However, my credit score has taken a bit of a dive after a few rejections for 0% balance transfer cards etc...

I earn 18000 per year and bring home 1177 net per month. My outgoings on debt are approximately 800 per month, so I can meet the minimum, go to work, pay for my petrol, pay my mobile bill and have maybe 150 quid left a month to spend on myself.

I've only been at my current job for 6 months as I've changed career and have started working in IT (ironically enough I was trained by Advent who went bust last month before I completed my course). I'm due my first quarterly bonus after my probation period in March - not sure how much this will be but my colleagues estimate it at being roughly £1000 before tax/NI/student loan.

So right now I basically live a life of work, pay debt, and work more. Which is fine to me - I ran up the debt and I should pay it off. However, my girlfriend is pregnant and we need to find a place. Currently we both live with our respective parents and that isn't an option going forward. She only works part-time as she is in her final year of college. She brings home around 400 per month and only has a 30 per month phone bill.

My one loan only has 30 months left at roughly 250pm. My plan was to save my March and June bonuses, move out (GF is due in August) and then try and get by on her SMP, child benefit and my combined bonuses for a while until that loan is paid off and then start attacking the CC's. This will allow us a very basic lifestyle, and as I get more qualified and more experience hopefully my salary will go up and the debt will reduce. However, this could take a while until i'm clear if I stay in the same situation?? It's worrying me sick that I'll get into debt problems.

I want to buy a house eventually, and I'm wary that an IVA or DMP will totally ruin my chances of a mortgage?

What would be the best option? I was thinking carry on paying the minimum's until we move in together, and seeing where I am in terms of salary and how much we have saved, then re-evaluating the situation? If i need an IVA or maybe a DMP for a year or 2, then fine... just any advice would be nice.

Thanks in advance.
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