Secured loan or DMP???

Limana68

Hi there folks

Just wondering if anyone can offer any advice/experiences on their situation if you have had debt problems.
We have debts of approx 32 K and are struggling to survive, we have more money going out than coming in at present .
I am in full time work partner works around my shifts as we have 2 young children to look after, and last few yrs we have basically got by via credit cards etc.We live in a rural area so childcare is a no no otherwise partner would be working alot more.
We are thinking of getting a secured loan to pay off everything and to have a fixed payment for next 10 or so yrs, but am alls toying with the idea of a dmp with cccs or payplan however that will mean getting a bad credit record for yrs. Is this correct do you know as we are hoping to re mortgage in 3 yrs time.

I know I should post my soa on here but I feel so ashamed, we are both absolutely useless with money and budgeting, I can not see us ever getting straight, but I really want to for my kids, I just want to be in control of my finances!

Hope someone will at least say hello!

L

regularsaver1

Hi

I think an idea would be to post on the DFW board and post your soa (don't feel ashamed, people can help give ideas)

Do that first then consider the options after

good luck with it

Lisa

hopeless_case_2

Hi there I was like you and realising you need to do something is the first major step.Do you have any bank charges you could claim back? Any late payment fees from credit card companies etc. If you do these could all help.
Secured loan could be good idea then you could add it to your mortgage in 3 years time when you do remortgage.
Hope this helps: