is this the right thing to do!

madandsad

hello just after a bit of advice please,do i keep plodding along paying minimum payments on everything and getting nowhere as i have been for some years now or do i go ahead with this dmp i have been talking to cccs just scared of starting it off,there are a few things that are stopping me i am worried about the phone calls that are constant (other peoples posts) going to court, baillifs coming to the house,these things are stopping me from going ahead with it,whats it like being in a dmp ? is it really that bad? really hope someone can give some advice, 23,000 of debt on 3 loans and 4 credit cards :mad:

ellesbellesxxx

I am not on a DMP but from what I have heard, it is a fantastic way of getting back onto your feet and starting over.
Sure someone else will be along in aminute but good luck to you

madandsad

thanks ellesbelles i just dont know what to do for the best for us all i feel like i have let my wife and children down:(

ellesbellesxxx

Dont feel like that - you would be surprised how many people feel that when they start over with their finances, they start all over again and actually find enjoyment in the simple things in life - walks, parks... all free and all Perfect for spending time together

charlyze2

Hi madandsad

welcome the the forum firstly.

Its always scary when the realisatin hits that there is so much debt and it looks like a never ending struggle.

I would suggest maybe posting a SOA so that the lovely people on here can take a look and see if we can help you save some money anywhere
Link is a sticky at the top of the forum page.

Unfortunatley debt happens and it usually happens slowly and you dont realise that your in a pickle until too late. Dont feel as though you have let your family down.

charlyze2

topcat9

Hi Madandsad - Talking to CCCS should have allowed you to take a long, hard look at your finances. If you can see that there is a way out of your situation without entering a DMP then obviously that would be preferable, but for many people the truth is that they are going to be facing those phone-calls/baliffs/nasty letters in a few months anyway if they carry on as they are and it is easier to do that (and often can be avoided) with someone like CCCS supporting you.

If you enter a DMP, whether you will have lots of hassle or not seems to depend on things such as how much you owe, what your repayment offer is and what the particular companies you are with are like. There is loads of advice around here on this depending on the specifics of your situation.

Declaring an interest, we are in a DMP with Payplan, have had very little creditor hassle and I wish I'd done it sooner (in part, so those defaults on my credit file were nearer to reaching their six-year expiry date!) We've pulled together as a family to get through this time and it has given us peace of mind for the first time in years.

Keep reading the forums, check out all your options and good luck!

rennes123

Just go for it. We have 50k worth of debt several crediors,did the same thing,just paid the minimum each month,the phone calls were relentless,the stress unbearable,signed up for a DMP with cccs and never looked back. It was a struggle in the first few months,the credit card makes life so easy doesnt it,like a crutch. Once that went we had to economise,ie spend what we had,it was kinda fun,and now sometimes we have money over,not alot,but its amazing what I can do with 20 quid these days. I never want to look at a piece of plastic or have another loan again,we are getting by,we still have bad days but,to a degree we are back in control. Do not feel you have let anyone down,the fact you are on this forum and are wanting to sort yourself speaks volumes,you should be proud.

Squirrel29

Your posts are very reassuring. I'm just starting on the DMP journey. Thankyou.

madandsad

thank you for your comments is it right i should open a bank account with a company who is not linked to anybody who i owe money to,i will also put my soa on later when i get in from work thanks again