Debt problems - questions about DMP and IVA

TooMuchDebt_2

msmicawber wrote:

I'm sorry, I just re-read my post and it looks very businesslike and unsympathetic, which I definitely didn't intend.

No problem I have beat myself up over this for the last week, so a little more won't hurt... only joking, just trying to stay positive.

I understand what I have done is completely stupid and irrational. I was young and not clued up, thinking everything would be alright when it quite clearly isn't.

I never want to see, touch or use a credit card again. Thinking of buying anything right now is making my physically sick.

msmicawber

Thanks for the update, TMD. You really do need to budget for all these things because it's going to take you some years to clear these debts and you're going to need to renew your car insurance, buy some new clothes (I don't mean turn into Colleen the WAG, but just keep yourself smart for work, etc.). If you do go down the IVA/DMP route, you will need to be very clear how much money you truly need to live on otherwise you run the risk of overestimating how much you can repay then defaulting because a family wedding comes up, or you need a new suit or pair of shoes.

Have you looked at the budget planner that you can download. I'm an old hand at living on naff all and paying off debts, but I still found it very useful.

I wish your partner luck in her job hunt as that would help you enormously. As would moving closer to your place of work. I'd advise you to look at your tenancy agreement, as it's likely you can be released earlier than next February provided you give sufficient notice.

msmicawber

I'm sorry - we've all given you loads of homework! It'll all be easier to sort out once it's complete and clear. There's no point beating yourself up about it - it's done now, and you're sorting it out. It feels insurmountable at this stage, but it isn't and you are still very young, so have plenty of time ahead of you to clear this, then save for a deposit and buy yourself a property in the long run.