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DIY DMP After Failed SC?
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liamc2016
Posts: 1 Newbie
Hi all,
I got myself on a DMP with Step Change back in August 2014 after a period of about 18 months of just putting my head into the sand and letting my debts get the best of me.
All went very well for the first few months, but then the payments stopped due to my Daughter being born, and spending all bar about 4 weeks in hospital from October 2014 to August 2015, meaning work dried up and our time was spent looking after her and her brother, and the debts took a back seat.
My question is, now I'm in the position where all of my debts are now finally defaulted (I've been told last week that the last holdout, Barclaycard, have finally defaulted our CC account) and with DCA's, would it be worth doing a DIY DMP, or would you suggest going back to SC again?
SOA attached below.
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................ 1675
Partners monthly income after tax....... 240
Benefits................................ 110
Other income............................ 0
Total monthly income.................... 2025
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 18
Mobile phone............................ 50
TV Licence.............................. 13
Satellite/Cable TV...................... 27
Internet Services....................... 5
Groceries etc. ......................... 300
Clothing................................ 35
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 208
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1968
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................6263......0.........0
Halifax........................5577......0.........0
Natwest........................5851......0.........0
Halifax........................748.......0.........0
Next...........................727.......0.........0
Nationwide.....................1495......0.........0
Total unsecured debts..........20661.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,025
Expenses (including HP & secured debts). 1,968
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 57
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,661
Net Assets.............................. -20,661
Created using the SOA calculator
I got myself on a DMP with Step Change back in August 2014 after a period of about 18 months of just putting my head into the sand and letting my debts get the best of me.
All went very well for the first few months, but then the payments stopped due to my Daughter being born, and spending all bar about 4 weeks in hospital from October 2014 to August 2015, meaning work dried up and our time was spent looking after her and her brother, and the debts took a back seat.
My question is, now I'm in the position where all of my debts are now finally defaulted (I've been told last week that the last holdout, Barclaycard, have finally defaulted our CC account) and with DCA's, would it be worth doing a DIY DMP, or would you suggest going back to SC again?
SOA attached below.
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................ 1675
Partners monthly income after tax....... 240
Benefits................................ 110
Other income............................ 0
Total monthly income.................... 2025
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 795
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 18
Mobile phone............................ 50
TV Licence.............................. 13
Satellite/Cable TV...................... 27
Internet Services....................... 5
Groceries etc. ......................... 300
Clothing................................ 35
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 208
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1968
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................6263......0.........0
Halifax........................5577......0.........0
Natwest........................5851......0.........0
Halifax........................748.......0.........0
Next...........................727.......0.........0
Nationwide.....................1495......0.........0
Total unsecured debts..........20661.....0.........-
Monthly Budget Summary
Total monthly income.................... 2,025
Expenses (including HP & secured debts). 1,968
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 57
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,661
Net Assets.............................. -20,661
Created using the SOA calculator
0
Comments
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Hi
I think this will really come down to personal preference. Some people like the fact that Stepchange will do most of the leg work once the DMP is set up, and one payment per month keeps things simple. Other people like to be more in control of their own finances and prefer the self-managed route.
The end result should be the same though so I wouldn’t say one option is better than the other.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Each site in http://www.cabmoney.org.uk/ has resources and an online DMP to run your own if you decide on that option. You can use any of the CABmoney sites listed there to do your DMP, even if you are not in their area.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Are you circumstances likely to change anytime soon? As in are you likely to be in a better financial position? If not then personally I would be seriously considering bankruptcy. You can't lose your home, with just £57 a month to pay off debts you will be paying them off for quite some time.
Maybe not what you want to hear but of I was in your position I would just wave the white flag, it's not as if you will have cleared the debts anytime soon at £57 a month so your chances of getting credit this decade are nil (not that you want any I'm sure!)
Good luck0 -
you seem to have a car but have made no provision to save for car tax , insurance, MOT : is that because you plan to throw it away once they come round for payment?0
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If you got your debts under £20k couldn't you go for a debt relief order?
I don't know a lot about them, but I'm sure National Debtline or Stepchange could advise (or some others, more knowledgeable than me) on this forum.
Link to stepchange information http://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspxDFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0
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