DMP self management or not?

Issuma

zenshi wrote: »

OK, looks like I will have to self manage but I'm now wondering what to do if I can't cope with it all

I only have £40 to spread between my creditors! If you can only get DMP if you have £100 spare....am I going to fall before I've even begun?!

If you only have £40 a month to spread between your creditors it might be a good idea to post a SOA for the good people on this site to have a look at, very often there are areas where you can cut back to free up a little bit more money each month, as previously mentioned your priority debts are your Mortgage, Council Tax and Utility Bills, you need to make sure your up to date with those before you start offering money to credit card companies in the mean time you could just send token payments of £1 a month to the credit card companies until you get straight with the other accounts, I would ring Stepchange and let them help you with this.

You can always change to self managing at a later date when your in a more stable position.

zenshi

I just filled out the SOA template but my iPad won't let me copy and paste it

redraddish

Hi Zenshi

Can I please suggest you go onto the stepchange website. Their help has really taken that pressure off of feeling I had lost all control (and hope!)
Even tho you are worried that you dont have enough to satisfy the debtors, if you go onto their site and use their calculation tool in about 20 minutes they will let you know what the best course of action is. You could then decide whether to do it yourself, or use their free service.

I have only just started the (long) road but believe me, when you feel you have taken back control of the situation it makes a world of difference to your life. Its not easy - but its worth the pain.

Whatever you decide I wish you good luck

zenshi

I have rung Stepchange but because I'm self employed I have to speak with a specialist in that dept but they aren't available till next Friday.....obviously very busy!