Advice on DMP

mayz

. Hi everyone

I just found this forum at weekend and wish I'd found it a while back. Hope someone out there can advise on my query. Briefly I have debts of £37k and I am now trying to find a solution as I cannot make all mthly pyts. My take home pay is £1300 and taking all expenditure into account I have £110 per month left over. I am seriously considering giving up car as it is not an absolute necessity and this would give me an addt'l £60 -£70 per month towards my debt. I want to pay back the full debt as opposed to any other method (for my own satisfaction). I am going to contact CCCS and ask them to assist me with a DMP
What I wondered was is there anyone out there with similar debt who has managed to set up a DMP paying £170 per month. I have calculated that excluding interest it would take 18 years however I still feel I would rather go down this route if poss.

Thanks in advance for any advice.

mayz

WorriedMart

Hi Mayz and Welcome to the board!

It's certainly possible to have a DMP paying £110 or £170 a month with 37k of debt. Like you say it will take a while to get it all paid off, but if the stress and worry is relieved then I'd say it’s worth it!!

I’m paying £250 on about 28k and it will take around 10 years. To be honest, the worry that’s been taken away from me and my family makes the DMP the best thing I have ever done.

There may be other options better suited to you (Im no expert) but CCCS will go through everything when you call them.

Well done for making the first step!

Martin

pinkkat8910

Hi Mayz

CCCS will run a DMP on whatever surplus you have left after all your other 'non creditor' outgoings!

So whether you have £100 or £500 left over they'll sort it for you :money:

All the best with CCCS - keep us posted won't you?

If you need any advice feel free to PM me

rayday2

Yes the whole point of a DMP is you turn it completely round on its head instead of cutting back to afford to pay cards and loans you set a good budget which covers everything from dental to Christmas and then decide what you have left over to pay the cards and loans.

Definately eased the pressure in this household. First thing to sort after speakign to CCCS is that you have a bank account not connected to any debtors so that they can't pinch your wages etc so shop around if thats the case for an unrelated bank account before you start speaking to your creditors!