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coming to the end....................

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Having been on a debt management plan since 2009, paying almost £1000 per month on top of a mortgage of the same amount, our debt has reduced to around £20,000. A recent onslaught of huge outgoings resulting from ageing dog and 2 old cars have left us completely out of means to get to the each of the month. Both myself and partner are in long term, secure, well paid jobs and would like to take matters into our own hands and come off the DMP. Obviously we have a poor credit rating, but without the huge payment to DMP we could easily afford repayments on a £20,000 loan, or even £10,000 to pay the credit cards that are most obstructive, leaving us more disposable income to distribute amongst the rest. Please can anyone advise?

Comments

  • beanielou
    beanielou Posts: 95,398 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Cant really advise.
    But welcome to MSE.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • joanne109
    joanne109 Posts: 270 Forumite
    You could ask a moderator to transfer the post to the main debt free wannabe board, someone there is more likely to be able to help
    Good luck

    Joanne
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