DMP or not?

Irishmummyof2

Have been trying to manage our debts and repay some of but seem to be getting nowhere fast.
I contacted stepchange and made a list of outgoings and incomings.

Monthly income is £1902
Monthly outgoings is £1731
Monthly contractual payments £1492
15 creditors
total unsecured debt is £7115

Would you enter a dmp or try and manage these yourself? My biggest concern is Vanquis, obviously the interest is high and they are known to hound people. I really can't have them hassling me at work and can't remember if they have these details. I owe them close to £500.

I am very nervous about entering a dmp. I am not sure why, maybe it facing up to my debt problem.

Any advice much appreciated

rockm87

Hi
I'd start by completing this: http://www.stoozing.com/calculator/soa.php

so we can really see what is going on, and see if we can help!

Irishmummyof2

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1050
Partners monthly income after tax....... 234
Benefits................................ 468
Other income............................ 150
Total monthly income.................... 1902

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 65
Gas..................................... 0
Oil..................................... 65
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 50
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 434
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 248
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 23
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 42
Haircuts................................ 34
Entertainment........................... 32
Holiday................................. 0
Emergency fund.......................... 0
loan family............................. 35
Total monthly expenses.................. 1709


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
provident......................712.......0.........0
bpo collections................71........0.........0
bpo collections................113.......0.........0
vanquis........................500.......0.........0
santander......................613.......0.........0
pra group......................124.......0.........0
mkdp...........................287.......0.........0
mariosta.......................749.......0.........0
lucas credit service...........34........0.........0
lowell financial...............71........0.........0
lowell financial...............397.......0.........0
lowell financial...............34........0.........0
hoist portfolio................185.......0.........0
credit union...................3000......0.........0
ccs collect....................225.......0.........0
Total unsecured debts..........7115......0.........-


Monthly Budget Summary
Total monthly income.................... 1,902
Expenses (including HP & secured debts). 1,709
Available for debt repayments........... 193
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 193

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,115
Net Assets.............................. -6,615

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

rockm87

Just to make sure this is correct, you have £193 left each month to service you bills?

Irishmummyof2

Thats left after I have paid rent, phone , school direct debits etc.
The rest is to pay the outstanding debts.

rockm87

ok well that is good, you can certainly knock off a few of the smaller ones quite easy.

I'd try the snowball calculator :
http://www.stoozing.com/calculator/snowball-calculator.php

National_Debtline

Hi

If you can’t afford the minimum contractual payments on your debts I think it depends on the type of person you are as to whether a free DMP or self-negotiation would work best for you.

Some people like to feel completely in control of their own affairs and prefer to self-manage, other people like the fact that a DMP means one monthly payment and they don’t have to deal with creditors themselves.

James
@natdebtline