DMP - help and advice, is it the right option for me?

Flipped27

Me and My husband owe about 25,000 on cards, have a loan for 11,000 and a loan for 5,000.

We can JUST afford the minimum payments (at the moment). Someone suggested a DMP to me - we don't own our house but we do have a car - would they try and take our car?

TIA

Flipped

Numpty_Monkey

On a DMP I can't think of a reason why or how they could take your car
A DMP, is you are paying less than you are contractually obliged to pay
your creditors will add defaults (1 per account)

If you are going to do a DMP go with Non-profit Debt Counsellors' List

Tixy

Hi Flipped

A DMP is 'just' an informal agreement with your creditors (usually administered by a third party) to pay less than the contractual amount each month.

Your car should not be at risk at all (well for the sake of completeness - in theory a creditor could try to take out a CCJ against you and then if you didn't keep to the court ordered CCJ repayments baliffs could be instructed - but you are a long way from that point - and its not likely to happen).

If you are struggling the next step is to speak to one of the debt charities listed here- http://forums.moneysavingexpert.com/showthread.html?t=2077631 who will explain the full process and implications of a DMP.

If you haven't already it might be useful to complete a statement of affairs using the link in this post http://forums.moneysavingexpert.com/showthread.html?t=107280 and post the results on here. You may find that people on here can recommend money saving tips for areas of your budget where you can reduce your costs.