Debt Management Plan

Phoebe-

No way, my Mum is a nurse, so we are both banned from mopeds/motorbikes, no matter how cheap the cost! She's seen way too many accidents.

Phoebe-

And the car is only worth like £150/£200 anyways!

Tixy

Phoebe- wrote: »

There's no point in doing that tbh, cos he earns £400 per month, and his only outgoings are £250 which goes on car insurance & petrol.
He has no other outgoings, hence a SOA being pointless :P and owes about £4.5k

What about road tax, car maintenance/servicing/MOT, tyres etc?
What about clothes, haircuts, entertainment, presents? Does he not have a mobile phone?

If he had no other outgoings at all then he'd be saving £150 a month and have no debts. To have debts he has obviously been spending more than this.

He needs to work out how much he spends a month and on what, and he then needs to work out if he can afford the minimum payments on his debts each month.

Grumpelstiltskin

Phoebe- wrote: »

No way, my Mum is a nurse, so we are both banned from mopeds/motorbikes, no matter how cheap the cost! She's seen way too many accidents.

She hasn't seen any car accidents then?

If she is so against a moped and for a car would she pay some of his costs?

Phoebe-

Our Dad pays for all car things, plus my brother is wanting to train to be a mechanic so does as much as he can himself, family friend MOT's the cars etc.
Mum pays his car tax, and for new tyres when he needs them to help him out, and also pays for his phone bill.

Depth_Charge

Phoebe- wrote: »

Our Dad pays for all car things, plus my brother is wanting to train to be a mechanic so does as much as he can himself, family friend MOT's the cars etc.
Mum pays his car tax, and for new tyres when he needs them to help him out, and also pays for his phone bill.

Hi Phoebe

Reading this it does not sound like he will have much or any realistic / sustainable current disposable income available for a Debt Management Plan - so this route will probably mean small or token offers.

If there is not a minimum amount of monthly disposable income available in the region of say £50 or £100 then it may be difficult to get an organistaion to administer a DMP - the option likely being self managed.

Without further information or a SOA then it would be difficult to realistically guide on any debt solutions or remedies.

Full advice from one of the charities such as CAB, CCCS or National Debtline on all options would really be the way to go but they would need all details of debts, income, assets and circumstances etc to be able to advise properly

Might give some pointers looking at these Debt Remedy resources / tools as to give a guide or pointers -

https://www.mymoneysteps.org/

http://mymoney.nedcab.org.uk/moneyadvice/

https://debtremedy.cccs.co.uk/start.aspx

Take care & best of luck

Grumpelstiltskin

Phoebe What has he spent the money on? £4.5 K and his car is only worth £200? Has he anything he can sell?

He needs to address his spending as it looks likely if he gets an apprenticeship that he won't be earning good money for a while yet and he will have to struggle financially and learn very fast how to manage his money.

What about his phone? Can he downgrade? end his contract?