Newbie - DMP?

Eyeswideshut_2

Hello,

I'm new to the forum and would like some advice please!

I am in a mess with debts, struggling to pay, defaults coming out of my ears and just generally dreading the postman each day or the phone ringing. I'm desperate to be one of those people who can answer a 'blocked number' call on their phone without being scared of who it might be.

I have applied with Noddle for my credit report and also for my hubby's, both make dire reading and it needs sorting ASAP so I am thinking a DMP might be the way forward but am a little unsure how it all works and haven't yet plucked up the courage to phone them.

I understand you complete a form showing income and expenditure? Do they then leave you with a reasonable amount of money to live on or do they literally leave you with just enough to scrape by each month? I'm just terrified, so used to burying my head in the sand and pretending that we have money to burn when the reality is we are in trouble. We have two kids and I feel like a terrible mother for getting us into this mess.

Any advice on the process or what to expect would be greatly appreciated.

Thank you.

Sickofthisdebt

Hi Eyeswideshut

I'm sure more knowledgable people will be by soon to give you some advice but I didn't want to read and run.

You can go to Stepchange and complete their online debt remedy tool. I've did this a few weeks ago and it's very simple to complete and they will then give you an assessment of whether a DMP is suitable or if another solution is more suitable for you.

There are others like Payplan you can approach as well if you don't want to go with Stepchange.

I think the idea with the budget is to give yourself wiggle room and to set up an emergency fund.

It is scary facing up to debt. My DMP hasn't started yet but I already feel better that I am dealing with my debt.

Best of luck

Tixy

Hi and welcome to the forum.

You are not a terrible mother for ending up with some debt you cannot manage.

The income & expenditure statement you put together with the dmp provider is done between you - they will give you an indication of what lenders are likely to considerable reasonable in some areas, but it is also tailored for your circumstances and your family.

Whilst there won't be lots of room for luxuries, for many people they will find they have far more to spend on essentials like food/kids clothing etc than they managed whilst they were trying to juggle debts.

Do speak to one of the debt charities or fill in the online debt remedy at stepchange. They can talk you through your options, whether a DMP is likely to suit you and the implications of entering one.
The phone call won't commit you to anything and you can them think it through before you make a decision.