Help with dmp or any other option

tracy24582_2

i am looking for some advise please on a DMP, i am currently in around £10,000 worth of debt and it is crippling me every month after 2 weeks of having my wages i have nothing left and then my partner ends up with nothing left because i had to have the rent transferred to his account because i just couldn't afford it, i need help with this because i cannot do it on my own i have exhausted every loan company to try and get a loan to consolodate because i just want rid of these so so badly but i am getting charged over £250 worth of interest every month. has anybody ever being through a DMP and know what is involved also i am making my minimum repayments every month but then i eventually always end up going £100 overdrawn. as i am still making the repayments is my likelihood of them accepting a DMP not good. Also i have a few catalogue accounts that only have balances of £40.00 and £50.00 do these have to be included as they are only very small sums that i can clear once i have a bit of extra money? also does my overdraft get taken away if i do a DMP i know its a lot of questions but i am so scared and deciding whether to take this option is driving me crazy, i have my driving test next week and all this is just making me sick i dont know what to do anymore i just want to run away from them any help or advise would be much appreciated for a messed up 21year old girl who just wants to sort her life out and regrets everything she has done with money i have even considered going bankrupt to get rid of them i know it cripples your credit file but i dont care to be honest i'd be 28 once it goes off my file so that wouldn't be to bad but i just dont really understand whats involved with bankruptcy either i just really don't know what to do for the best anymore and its heartbreaking feeling this low and alone. :-(

barbiedoll

Okay, okay, take a deep breath and calm down, it's not all bad news. On the plus side, you have a job, you have somewhere to live, you have a partner and you're well on the way to becoming a driver (good luck with the test by the way )

The best way to let us help you is to post up your Statement of Affairs (SOA) There is a link to the template on the thread "Help for first time posters and SOA link"

We can see where your money is going and help you to cut your outgoings so that you can manage your debt repayments. To be honest, if you are having trouble repaying your debts now, consolidation is never a good idea, so it seems as though your best bet is to contact one of the debt charities, and maybe set up a DMP. As many of us will testify on here (me included) a DMP can be a lifesaver and can help you to pay off your debts whilst still having money left to live on. You will have to do your bit though and learn to live within a budget and you will not be able to obtain credit for at least the next 6 years due to the status of your credit file. If you google "Consumer Credit Counselling Service" or "Payplan" you will be able to find out a little more about how the plans work. I know that CCCS have an online calculator to help you decide what the best option is for you, I guess Payplan will have something similar. On no account should you ring any of the companies that advertise on tv or in magazines, they will charge you a monthly fee and you will end up with more debt if you are not careful.
I know you are really worried about this, most of us on here have been in the same situation at some point. There is help out there for you, well done for recognising that you have a problem and very well done for finding this site. We can help you to sort this out, I promise!

lindann_2

Do a soa, then sign up for a dmp, payplan, or a cccs, you will have to work out what going out, important debts as rent/mortgage, electric, council tax, etc.. then you may have to use a basic bank account if debts are link to bank. DMP will take the heat of your creditors, to a point, No good adding to debt with loans etc. When you done a soa, there is links here to one, it is not easy to get out of debt, but its easy to be in debt. If you do go down dmp it six to seven years depending how you pay it off, people here will be best give you more advice, get it sorted. At least you will be in control not debts controlling you.. best of luck..

tracy24582_2

thanks everbody here goes

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 978
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1778

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 6
Council tax............................. 113
Electricity............................. 30
Gas..................................... 70 cant get this down any further due to having high quarterly bills over christmas so changed to monthly cause it was crippling me every 3 months
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 11
Mobile phone............................ 30 me and my partner pay 15 each which is not bad would pay more on payg
TV Licence.............................. 12
Satellite/Cable TV...................... 40 in a contract with hd now
Internet Services....................... 0
Groceries etc. ......................... 150 itsusually around this but prob 100 the past couple months due to havin no money
Clothing................................ 0
Petrol/diesel........................... 140 partners is more due to travelling 30 mins to work n 30 mins back
Road tax................................ 40
Car Insurance........................... 140 mine is expensive due to being a young driver
Car maintenance (including MOT)......... 16
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1370


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................1778......39........18
credit card....................1853......37........18
credit card....................1797......39........18
catalogue......................74........5.........25
catalogue......................90........5.........25
catalogue......................90........5.........25
catalogue......................550.......40........22
catalogue......................429.......21........40
credit card....................600.......25........35
credit card...................809.......40........40
credit card....................1851......40........18
Total unsecured debts..........9921......296.......-


Monthly Budget Summary
Total monthly income.................... 1,778
Expenses (including HP & secured debts). 1,370
Available for debt repayments........... 408
Monthly UNsecured debt repayments....... 296
Amount left after debt repayments....... 112

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,921
Net Assets.............................. -8,921

OMG its awful looking at it this way :-(

tracy24582_2

WOW THANKS FOR HELPING PEOPLE...........................NOT!!!!!!!!!!!!! ask me to go through everything financial then just leave me hanging
nice one