SOA and questions about DMP

Chandelier.

National Debtline has given some great advice and bankruptcy does seem a good option in your case. Head over to the bankruptcy board for advice, they're great. The debt will then not linger over your head for 17 years which seems a long time for the amount of debt. Yes your credit file will be trashed but it also will be with a DMP. There many pros and cons to each option. Who knows if you take the bankruptcy option, once you move back up north you'll have more disposable expenditure and maybe even save. As long as you learn from this you hopefully won't find yourself in this position again. There's the initial fee for the bankruptcy and it's not as scary as it seems.

Good luck!

biker_rob

datlex wrote: »

It certainly is a lot cheaper in the North East and depending on what job you do, not a huge difference in salaries. (But remember it's grim up North, we don't want too many folk cottoning on to it being nice) Depending also on your son's plans Durham, York, Northumbria and Teesside are all decent universities.

I moved from the Hartlepool area down to Surrey 30 years ago and have been here since. However, apart from my son there is no real need for me to stay here. I always used to joke that I would end up moving back home and it looks like that will happen, not that I'm complaining. I'm lucky (or unlucky depending how you look at it lol) that I work for the NHS so my pay scale is the same wherever I work. With cheaper rent and cost of living then it will help clear my debts. Looking at the type of property on rightmove, I would save £350-400 a month in rent alone, depending where I live.


After a lot of thought and more discussion with SC I have decided to go the DMP route. Although it is not the recommended option, I have my reasons for this but ultimately I know I can work hard modifying my budget and working extra shifts every month so I can bring the final date forward.


I'm up for the challenge. Get ready for lots of questions on the support thread!


Thanks all for your advice.

MallyGirl

Good luck - you are starting out sounding very positive

National_Debtline

biker_rob wrote: »

I moved from the Hartlepool area down to Surrey 30 years ago and have been here since. However, apart from my son there is no real need for me to stay here. I always used to joke that I would end up moving back home and it looks like that will happen, not that I'm complaining. I'm lucky (or unlucky depending how you look at it lol) that I work for the NHS so my pay scale is the same wherever I work. With cheaper rent and cost of living then it will help clear my debts. Looking at the type of property on rightmove, I would save £350-400 a month in rent alone, depending where I live.


After a lot of thought and more discussion with SC I have decided to go the DMP route. Although it is not the recommended option, I have my reasons for this but ultimately I know I can work hard modifying my budget and working extra shifts every month so I can bring the final date forward.


I'm up for the challenge. Get ready for lots of questions on the support thread!


Thanks all for your advice.

Hi again Rob


It sounds like you have thought this through carefully, and with an extra £350 to £400 per month available for your debts you could pay them off in a much more reasonable amount of time.


I'm sure you will find lots of support and answers to your questions on the DMP support thread.


Good luck with the DMP and any move in the future.

Susie
@natdebtline

Pixie5740

How much longer will you be tied to Surrey? Sure there are some things you can rejig in your SOA to free up money but I suspect that other categories are too low such as car maintenance. Going by your SOA as it stands then you have £84 a month available for repaying debts which results in a DMP of over 22 years.

I know that once your son is old enough you will no longer have child maintenance to pay and can relocate which will free up money to tackle your debts which will reduce the length of your DMP. Is that likely to happen within the next year or two?

biker_rob

Pixie5740 wrote: »

How much longer will you be tied to Surrey? Sure there are some things you can rejig in your SOA to free up money but I suspect that other categories are too low such as car maintenance. Going by your SOA as it stands then you have £84 a month available for repaying debts which results in a DMP of over 22 years.

I know that once your son is old enough you will no longer have child maintenance to pay and can relocate which will free up money to tackle your debts which will reduce the length of your DMP. Is that likely to happen within the next year or two?

Hi, thanks for replying. I'm planning to be out of the area within 2 years. That's great advice about maintenance and I have considered that too. All going well these things alone will accelerate things somewhat. If I am able to get a job at a higher grade (which is my career plan) then all the better.


I'm sure life will throw a spanner in the works from time to time but I'll meet that head on.