I'm Drowning in debt -

Hi,

Wondering if I can ask for some advice? I've been in debt for a couple of years., my own stupidity and take full responsibility for my own actions.
I'm on a dmp with Stepchange, but due to various factors, car (needed for work) and tax. I took out a payday loan and a vanquis card to cover these costs. This was a couple months ago and I'm really struggling. Stepchange mentioned I can't take out credit on a dmp. Which I fully understand.
I have to do something.., will it be acceptable to go to another dmp plan?

Comments

  • fusionx212
    fusionx212 Posts: 327 Forumite
    can you provide some figures,
    you need to have open discussions with vanquis and payday company. advise them of your hardship.

    I would also be questioning why you were offered credit by these companies if you are on a DMP, your priority here is to talk them and ask them for a payment plan or a break.
  • Ilona
    Ilona Posts: 2,449 Forumite
    Hi. Go to Stepchange and tell them what you have done, you are best staying with them. Don't run away from your responsibilities, and don't believe any of the hype that fee charging debt management companies give you. They will fleece you. If you want to swap try Payplan or Christians Against Poverty, also free.

    Ilona
    I love skip diving.
    :D
  • AdviceSought
    AdviceSought Posts: 205 Forumite
    Hi Ilona, I'm looking to start a DPP.

    Are Payplan better than Stepchange?
  • sourcrates
    sourcrates Posts: 28,549
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    edited 1 July 2016 at 11:26AM
    Hi Ilona, I'm looking to start a DPP.

    Are Payplan better than Stepchange?



    Do you mean DMP (debt management plan) ?


    Or DPP (debt payment program) or DAS in Scotland ?

    Stepchange don't try to sell you extra products and services, wear as payplan do, although they have stated they wont be doing this any longer, apart from that no real difference.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Ilona
    Ilona Posts: 2,449 Forumite
    Hi Ilona, I'm looking to start a DPP.

    Are Payplan better than Stepchange?

    I am not familiar with their criteria, but from what I read, they offer similar services, so the choice is yours. There are others on here who have experience of both providers so they are in a better position to advise you. People generally like Stepchange.
    Ilona
    I love skip diving.
    :D
  • DCFC79
    DCFC79 Posts: 40,595
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    Hi Ilona, I'm looking to start a DPP.

    Are Payplan better than Stepchange?

    Give both a call and see which service your happy with.
  • AdviceSought
    AdviceSought Posts: 205 Forumite
    sourcrates wrote: »
    Do you mean DMP (debt management plan) ?


    Or DPP (debt payment program) or DAS in Scotland ?

    Stepchange don't try to sell you extra products and services, wear as payplan do, although they have stated they wont be doing this any longer, apart from that no real difference.

    Was a DPP, although as I'm in Scotland, I guess it's a DAS.
    Ilona wrote: »
    I am not familiar with their criteria, but from what I read, they offer similar services, so the choice is yours. There are others on here who have experience of both providers so they are in a better position to advise you. People generally like Stepchange.
    Ilona

    Many thanks. Have already spoken with Stepchange, but haven't committed yet.

    Going to be preparing the paperwork for them over the weekend. Is it likely it will be in place by my next salary at the end of this month, or more likely the first payment will come from my salary at the end of next month?

    All the debts I'm looking to have covered in this plan have had their payments taken for this month, so would probably be useful for me if it was August as it would give me a bit of breathing space that way.
  • quackers82
    quackers82 Posts: 70
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    How much have you got for budget with Step Change with regards to Car expenses? I put my car maintenance at £80 a month originally and Step Change did not like this and said it was too high !! I had to argue it was not they really seem out of touch with how much a car costs to maintain.

    I would try and get things sorted with Step Change but make sure you get this car maintiance part of the budget increased as its obviously to low if you have had to take out additional credit.

    There is also the option of doing the DMP by yourself i believe there are some people on here who can point you in the direction of the templates.
  • £80 a month for a limo maybe... not a Vauxhall Corsa type of car.
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