DMP - think I made a mistake

CH27

Mookiemoo wrote: »

It will because I havent started the DMP yet

I wanted an IVA but because I have a share in a house I can't go that route


I can stop the DMP now before I begin it and tallk to my credit cards tomorrow

I used pay plan who several of my friends got IVAs through but when IVA was not an option (due to house) they offered a DMP and it seemed so nice - paying X amount in one payment - declaring 30K and paying everything else through my company

Seems I'm going to have to try to fix this

That seems very dishonest:undecided

Mowgli87

Fair enough... I wont pretend to understand as I have no experience of how it is to be a contractor.

Were the implications of a DMP not explained to you? I believe you need to default until a creditor will consider dmp agreements? (at least thats what my DMP company told me)

The damage is done, so my advice would be to ride it out in terms of the DMP. As for renting, perhaps seek advice from CAB? As i said, I have a very poor credit file with several defaults (due to a dmp!), and I havent had an issue with renting properties, I move whenever my tenancies end which is at least every 12 months. Could you be undesirable as a tenant due to being a contractor/self employed? Just a guess, Im no expert.

Where do you live? Have you looked into renting from a private landlord?

dancingfairy

Your expenses seem awfully high - is there any way to cut them down at all?
Also paying debts off for 10 years is an awfully long time - perhaps you need another look at things.
Also a few points regarding the jointly owned house:
1) if your ex decides for any reason to not pay the mortgage it will fall to you to pay
2) if your creditors get wind of it they will start applying for charging orders.
3) perhaps the best option would be to try and split the house - either by selling and splitting the proceeds or getting ex to buy you out?

At the moment it comes across very much as trying to afford a lifestyle that you can't afford .
df

TakingControl

If you really want help, you need to put up and honest SOA for people to try and help. Surely as a contractor you should be able to look at your last 12 months of income and expenditure and take an average per month?

Even if you estimate everything a little higher/lower than it is, its a starting point.

If not I am afraid you won't be getting a lot of useful suggestions as statements like 'groceries, typical insurances (I assume her contents and car) etc' isn't helpful. I survive on £110 a month groceries, so would that assume you are doing the same? Or more? Or less?

Hope you see where I am coming from

climbgirl

Mookiemoo wrote: »

60 a month covers sky , unlimited calls including international and unlimited BB

You could certainly improve that if you wanted to - we pay £11 a month for our landline and £7 a month for unlimited broadband.

For international calls I use skype (free!) or if the connection is dodgy I use an international calling card that is half a penny per minute. I talk to family overseas for hours every month and it costs me around £3.

Sky is a personal choice although personally, I think it's mostly a waste of money, especially when you can use all the on demand internet service for the channels these days. You can create your own viewing schedule if you really hate what's on normal TV!

Danni-R

Doh! Wrong thread.

TakingControl

Mookiemoo wrote: »

Its a bit difficult to do an SOA

Income GRoss - 450 per day plus VAT

Right so you can earn on your next 6 months contract £9000 a month + VAT assuming you work 20 days. So you would be earning after tax (assuming 40% here) something around £7000 for the next 6 months.

Now making further assumptions due to lack of a SOA -

Rent - around £750 a month
Utitlities (water/gas/electric) - say £80 a month (or less seeing you might be working away from home)
Other bills like insurance etc - say £200 a month (that is an estimate on average car insurance, council tax etc)
Groceries allowing a nice £300 (due to lack of SOA)
So far we are totalling £1330 with the above

You stated you don't buy clothes and I assume you don't go out a lot due to lack of funds but will add £170 entertainment etc to the above totalling £1500 expenditure (assumption).

Which would leave you with £5500 a month spare for the next 6 months.

If I were you, I would put away £1500 a month into a high interest easy access savings account and throw £4000 at my debts. That way you save for periods without a contract and still repay your debts and at that level, you wouldn't need a DMP at all as this is quite a sum to use for debt repayments.

So if my assumptions are correct, I really don't see what the issue is?

natsplatnat

ceejaydee23 wrote: »

and I know I'm no judge and jury, BUT how on earth would this person become so much "in debt" if they were never on the electrol roll? As surely thats one of the biggest things that any place giving any kind of credit would look at, as the proof of residence?

I finally 'got round' to putting myself on the electrol roll last November - at that moment in time I had over £20k of credit available to me.... having never been on the roll before! This included a personal loan and many credit cards . Never had a problem with not being on 'the roll'!

backinbusiness

"The 15K is just two months money"

?????

Mowgli87

backinbusiness wrote: »

"The 15K is just two months money"

?????

I know right... like a kick in the teeth.