Advice Please

Melmac

Hi

We have about £17k of unsecured debts, with the usual mix of creditors but aour main 2 are Barclasy at £3k & Cahoot at £11k.

Other small debts are catalogues, sore cards etc that we could pay if the 2 larger debts were dealt with.

What do peaople advice? should we do a DMP & include everything or just include the 2 main creditors?

ANY advice would be helpful as don't really no what our options are.

I am unable to work and we are on income support and have 4 young children.

Thanks in advance for any advice

looby75

welcome to the boards, you have come to the right place the information and support you will get from posters here is invaluable.

To start a DMP you have to include ALL debts no matter how small they are. You can't bee seen to be giving preferential treatment to any one co you owe money to. If it's at all possible pay off as many small debts as you can before you start a DMP, but if you can't pay any off in one go then include them all.

I highly highly recommend that you contact the Consumer Credit Counselling service, they set my DMP up for me, and have pretty much taken all the stress and hassle away from me.

Good luck and again, welcome to MSE.

looby75

just bumping this for other posters more knowledgeable than myself.

safeashouses

We have just decied to enter into a DMP as we felt that would mean we knew exactly where we were each month. I think that since they then freeze the interest that would be the best route? Good luck - we have 4 small children too and I have decided we need to do this for their sake, I don't want them to remember their childhood as always being a struggle.

CLAPTON

safeashouses wrote:

We have just decied to enter into a DMP as we felt that would mean we knew exactly where we were each month. I think that since they then freeze the interest that would be the best route? Good luck - we have 4 small children too and I have decided we need to do this for their sake, I don't want them to remember their childhood as always being a struggle.

why not start a new thread with your SOA and details

safeashouses

CLAPTON wrote:

why not start a new thread with your SOA and details

What is a SOA? Sorry to be dense.... but also, I don't want to bore people! So I haven't started a thread as I thought poeple might not be interested :rotfl:

safeashouses

CLAPTON wrote:

why not start a new thread with your SOA and details

What is a SOA? Sorry to be dense.... but also, I don't want to bore people! So I haven't started a thread as I thought people might not be interested :rotfl:

CLAPTON

sorry i should have explained... a soa is a statement of affairs..basically details of income, spending and debts...presumably if you have decided to enter a DMP then you will have produced one already... who are you entering a DMP with?

see this for further details

http://forums.moneysavingexpert.com/showthread.html?t=107280

safeashouses

OK I will do that today so people can see what our situation is