Done the maths - S**t my pants

ratrace

Fusterclucker wrote: »

thanks for that, i didn't know that side of things.

It is certainly something I will do.

In reference to the DMP and my work not liking it - its not disclosable. An IVA and bankruptcy is.

Not ideal i grant you, but as they say - it is what it is.

Thankyou for the support guys, I appreciate it.

I will keep you all posted with the progress.

If i had that amount of debt and no real assets i would just go bankrupt mate, and find another job where bankruptcy was not an issue. I wouldnt like to work for a company that has a say in my personal finance situation, hence the reason im self employed

You might want to look into doing something diffrent, post a soa and the folks on here be able to help you with cutting back on a few areas to save a bit more money

fatbelly

I'm guessing the line of work the OP is in means that this would be an issue whoever he worked for unless he changed career completely.

However, the dmp could cost 50k more than bankruptcy using rounded figures, over the next 15 years, and a take-home of 2150 is not massive so it's worth considering.

User_060921

I shall try and give context.

I am a police officer, a job I Love. Changing job is not an option.

I do have good equity in my house, but my mortgage provider point blank refused to lend money for any purpose, let alone for consolidation.

Bankruptcy is not an option

EssexHebridean

Fusterclucker wrote: »

I shall try and give context.

I am a police officer, a job I Love. Changing job is not an option.

Good for you. Absolutely don't let go of a job you enjoy just to take a more straightforward line out of this situation - you spend a lot of your life at work after all.

Fusterclucker wrote: »

I do have good equity in my house, but my mortgage provider point blank refused to lend money for any purpose, let alone for consolidation.

You may not realise this right now - but they have done you the most enormous favour.

User_060921

You are possibly not wrong. I understand what you mean

sourcrates

Fusterclucker wrote: »

I shall try and give context.

I am a police officer, a job I Love. Changing job is not an option.

Bankruptcy is not an option

EssexHebridean wrote: »

Good for you. Absolutely don't let go of a job you enjoy just to take a more straightforward line out of this situation - you spend a lot of your life at work after all.

Three generations of Police in our family, not myself alas, but my nephew was the latest recruit, I say latest, he`s done the job 7 years, runs around with a big gun these days, defenatly don`t give up a good job over money, you should be fine on the DMP.

MasterG83

HI Mate, try downloading the 7 baby steps from Dave Ramsey, I listen to the podcasts every day and its changing my life, my whole mindset has changed.

User_060921

sourcrates wrote: »

Three generations of Police in our family, not myself alas, but my nephew was the latest recruit, I say latest, he`s done the job 7 years, runs around with a big gun these days, defenatly don`t give up a good job over money, you should be fine on the DMP.

I am 15 years into my career, and still clinging on the benefits for when i retire :-)

Finding a lot of great advice on here and most people seem really keen to help and support which is awesome.

enthusiasticsaver

I don't think a DMP will be an issue for your employer and I agree that your mortgage provider did you a favour by not consolidating debt on to your mortgage. This will take a while to clear the debt but learning to live within your means and not rely on credit is a good thing. Good luck.

Suseka97

I just wanted to jump on and add my support.

You've done the right thing and an informal solution such as a DMP seems to be the right route for you. I certainly would not give up a career such as yours because of debt. £65k is a lot, for sure, but once the DMP is up and running - it'll just tick along and you can look forward to a better future.

Do keep an eye on those defaults - to make sure that happens in a reasonable timeframe. You should be chasing them once your DMP has been running around 3 - 6 months. Some creditors like to apply AP/AR markers - something you don't want, but hopefully most of yours will just default.