At what point

darren_clarke

At what point did you realise you need a DMP or to start clearing all your debts, as i have debt ( less than 4 K) but it is manageable at the moment, i have good weeks when i have money and bad weeks when i seem to be skint, but i dont feel like i need a DMP

I was wondering what was the turning point for people on here?

matttye

If you're being asked to pay off more than you can afford and the creditors aren't helping you come to an arrangement, or if crippling interest rates are adding debt faster than you can pay it off (or the majority of payments are going towards interest rather than the debt itself).

I've never been in a position where I've needed a DMP myself but that ^^ would probably be my criteria.

Find_The_Real

My DMP turning point when was I didn't have enough income coming in to pay my essential bills and debt, would not be able to meet the minimum payments and my bills before I even thought about food.

If it is more a bit of a budgeting issue rather than not enough income for the month then may I suggest you think about doing a daily spend spreadsheet seeing what the money it actually spent on and then setting a budget for the month and trying to stick to it. Hard I know but it can be done.

A DMP will trash your credit file so if you can manage by making changes to what you spend each month then it would be the best way to go. You may even find you can make enough changes to pay off more towards the debt and clear it quicker.

eyeopener2

Turning point is usually not being able to pay a minimum payment, or sinking deeper and deeper into debt. Not being able to sleep worrying about debt is usually a good marker as well.

Your situation seem s like it could be a budgeting problem, so it's probably worth exploring where your money goes before taking any other actions

Happytohelp88

your local CAB or Step change can help offer free advice and support.