Dmp

batchy_21

Hi All

Im after a bit of advice. I have just come through a divorce and didnt do well. I have £20000 of un-secured debt and i cannot afford to repay it as well as have a normal life.
Im not a homeowner and have no assests.

I also now pay maintenance for my two kids. The debt are two loans, credit card, overdraft and my parents. The overdraft is 0% so is the credit card until july 2014.

One of the loans is in joint names with my ex wife, the court ordered me to pay £8000 and she pays the rest she paid her side but i cannot borrow the funds to clear it and now im concerned im going to get in trouble for breaching a consent order ! This also means we are financially linked.

I have done some research and thought a DMP would probably be the best idea. I am still in the process of looking through the pages on here but its quite confusing can i do a DMP and not effect the ex wifes rating ?? can i disassociate from her in another way ?

I thought stepchange looked okay until they recommended i still paid only £50 less then what im paying now !! Im probably going to give it ago myself. If anyone could post up any template letters and financial calculators that might help i would be really grateful.

Thanks guys all the best

Depth_Charge

Hi


General DMP info including pros & cons, providers & numerous self help resources.


http://mymoney.nedcab.org.uk/moneyadvice/remedy_4.asp


DC

UpToMyNeckInIt

Batchy,

Good advice from DC.

Very sorry to hear of your personal situation.

How long would your proposed DMP last?

Have you considered bankruptcy? You have a considerable debt, and no assets to protect - it could be an option.

Worth speaking to CAB as well as 'Stepchange' - they would suggest a DMP, as they are funded/sponsored by banks and other creditors, and a DMP provides them the best return, but it may not be the best option for you.

In addition to the various guides here on MSE, it is worth a look at the 'Debt Camel' website (google it), which is aparently run by a CAB advisor. There is a very good 'layman's terms' comparason of all your options.