Dmp help please

manue1970

Hello All

I am contacting you for some help.
I have debts up to 27k which are :
Barclay credit card: £13179
Natwest credit card : £5553
Natwest bank overdraft £6754
La Redoute £145
Freemans : £461
Next : £1107

I do not know what to do anymore to clear them, I have not defaulted on any and pay my mortgage on time.
I am thinking on going with a DMP but do I need to close my bank account down? I have also a mortgage with NatWest which is due for renewal in December 2019, Would this affect it? Will they charge me high interest rates?
My other question is that if I decide to close my personal account and transfer everything to my husband account which is with natwest as well, Could this be a risk for my husband?
Last question is , which DMP company to use?
Hope I am making sense with all this.
Many ThaNks

Thank You
Emmanuelle

sourcrates

Hi,


Best to open a new basic bank account with a bank you have no debt with, otherwise it would affect your husband yes.

Always use one of the free debt advice charities linked to in my signature, never pay for this service.


Lots of people who are in a DMP and are home owners tend to use the same bank or a broker.

National_Debtline

Hi Emmanuelle,


First of all, if you are banking with NatWest or Barclays you should change bank accounts. This is because your money is not safe because the bank has the ability to access funds in the account for the debts owed, and/or close the account with very little or no warning. If the overdraft is joint, or your husband has any debts in his name with a bank that debt is owed to, they should change accounts as well. Don't worry if your mortgage is with NatWest as that is a separate issue.


If you were to do reduced payments either yourself or through a free Debt Management Plan (DMP) company then you would start to damage your credit file and this can affect your ability to get credit over the next 6 years (and could affect the mortgage products available to you when your current product ends in December 2019).


To check this is a suitable option, I would suggest you post your SOA so other posters can help further.


Laura
@natdebtline

Willing2Learn

Just posting to re-iterate what has already been said:

Don't pay a DMP company. Please only use one of the free services such a StepChange to manage your DMP.


Why not post up your SOA? MSE members might have some useful money-saving tips re your budget...

manue1970

Many thanks for your reply.
I have 2 children and husband who is self employed.


My SOA is

Take home pay £1,800
Child Support £250

OUTGOING

Mortgage £310
Water £13
Council tax £60
Gas £25
Electricity £25
Building/contents insurance £15
Telephone/mobile/internet £65
TV licence £8
Childcare £70
Spares/servicing £10
Road tax £18
Breakdown cover £12
Fuel/parking £80
Public transport £128
Food, toiletries, cleaning £216
School meals/meals at work £86
Pets/pet foods/insurance £18
School trips/activities £8
Medicine/prescriptions £22
Dentist/opticians £14
Hairdressing £34
Clothing/footwear £76
Sports/hobbies/entertainment £25
Children's pocket money £26
Sundries/emergencies £14

Barclaycard Credit Card £ 13,179 £ 396 Months
Freemans Catalogue £ 461 £ 24 Months
La Redoute Catalogue £ 145 £ 8 Months
Natwest Overdraft £ 6,754 £ 338 Months
Natwest Credit Card £ 5,553 £ 167 Months
Next Catalogue £ 1,107 £ 56 Months


Thank You

National_Debtline

Hi again,


You may find it easier to format here your SOA using this - http://www.stoozing.com/calculator/soa.php as it just a bit of a clearer format, but you are certainly on your way. Well done for what you have done so far.


Laura
@natdebtline