Where do I start??

mondbond007

Hi Everyone.

The OH and myself are in need of some desperate advise. Ive tried to find out for myself but get very confused
We have 2 secured loans which total to a monthly payment of £515.34. We did have various other debts which we counsoladated into a debt management programme and the monthly payment on this is £260.23.
Our financial situation is no better off and I have reduce and still currently reducing our household bills.
My question is should I try and get an unsecured loan (credit rating is poor though!) on the 2 secured ones and then transfer them over to the dmp?

savvykaz

If you post a full SOA then you will get lots of advice & support

rog2

mondbond007 wrote:

Hi Everyone.

The OH and myself are in need of some desperate advise. Ive tried to find out for myself but get very confused
We have 2 secured loans which total to a monthly payment of £515.34. We did have various other debts which we counsoladated into a debt management programme and the monthly payment on this is £260.23.
Our financial situation is no better off and I have reduce and still currently reducing our household bills.
My question is should I try and get an unsecured loan (credit rating is poor though!) on the 2 secured ones and then transfer them over to the dmp?

There must be an alternative. The only people advocating borrowing yourself out of debt are the lenders themselves. Stick around and you will get the right advice. Worth following the links at the top of page as well.

southernscouser

Firstly who is your DMP with? If it's not The CCCS or Payplan ditch them immediately! Cancel the standing order/direct debit or whatever! :eek:

Secondly I believe it's against the terms and conditions of your DMP to obtain more credit! :think:

lynzpower

I dont think you can move secured loans to unsecured can you?

mondbond007

Monthly wages £2000
Child benefit £69.80
Tax credits £45

Total income £2114.80


Household outgoings

Morgage £587.08
House insurance £34.71
Council tax £95
Gas £41.81
Electric £25 (key metre)
Digital TV £15
TV licence £10
Line rental,calls,broadband £65
Water £19.59
Pet insurance £11.61 ( cats x2)
Payg mob x1 £5
contract mobile £50
Food and other shopping £300
Car tax/parking/petrol £55
Childcare £136 (with funding)
work lunches £45
Birthdays, christmas £40
( we have a big family but at christmas we are only aloud to spend £2.50 on each adult so 1. it cuts the cost and 2. it adds a bit of fun!!)

CREDIT BILLS

Secured loan 1 £321.14
Secured loan 2 £194.62
DMP £260.23

Total outgoings £2311.79

Help!!

mondbond007

DMP is with Byrom and Keeley we have only just gone with them and havent paid them anything yet.

Ataneh

Have you heard of this website? RiskfreeProfits? It's just a suggestion...I can see that you are in pretty bad shape, the rich are getting richer because, money makes money...
Good luck.

lynzpower

right first off, the DMP should be affordable to you, its not. I cant see what the point of it is as you will still be overspending even with the DMP in place from the off

lynzpower

Ataneh wrote:

Have you heard of this website? RiskfreeProfits? It's just a suggestion...I can see that you are in pretty bad shape, the rich are getting richer because, money makes money...
Good luck.

:spam: and also you are not allowed links in your sig

southernscouser

mondbond007 wrote:

DMP is with Byrom and Keeley we have only just gone with them and havent paid them anything yet.

Then don't! Stop straight away! Cancel any standing orders or anything else like that!

There are 2 charities, The CCCS and Payplan that can setup a DMP with you free of charge. Byrom and Keeley will take a cut out of that £260 every month when it should be going to your creditors where as the 2 I mentioned won't take a penny. This basically means that you will be debt free much quicker.

I urge you to call one of them today. The CCCS are probably more popular for some reason (thats no splurge on Payplan who are eqaully as good) but they probably are a bit busier.

Contact details can be found in this thread near the bottom.

Can you post a new SOA without the DMP and instead the debts you have that would have been in it?

Please please please ditch them! Ask anyone on here and The CCCS and Payplan are so highly thought of and more importantly free!

All the other companies who do DMP's are just leeching scumbags! :mad: