Please help:(

Sarah_x

Thank you thats lovely message x
What made you choose the dmp instead of an iva x

Splatfoot

I knew a DMP was more flexible than any of the others. We want to pay back what we owe, (or at least most of it). It really isn't as scary as I thought. Stepchange are great. When we first defaulted (We hadn't before we decided on the dmp route), we rang up each company and explained what was going to be happening, and I have to say, every single company was great. It might seem a long time to be in it, but things happen in life. I'm ever hopeful that we might earn more so can pay a bit more off. Yes, our credit rating is cr*p but we already have our mortgage (as do you) and we have no intention of using other credit ever again.

McKneff

kelpie35 wrote: »

If your child has been diagnosed with autism you might qualify for DLA and carers allowance

Already claiming those.
They are listed in the SOA

baldelectrician

You need to consider your son- how will he cope with the change

NeverendingDMP

We are on a DMP which will also be a long one.
Bankruptcy for us wasnt an option as it costs more to rent than our mortgage. And we fit in our house. And we wanted to protect having a family house.
I recently refixed our mortgage with our original provider with no need to speak to anyone/credit check. We got a 5 year fix of 2.19. I think the best deal anyone else was offering at the timewas 1.99 with a fee to switch so we didnt really loose out by having to stay with our original provider

Also i'm not sure but i think certain benefits are not included as income when calculating your DMP payment. The DLA for examplemight be one of them. That can then be protected for costs associated with children.

If you are thinking about a DMP have a look at the budget allowances on debtline or stepchange websites. Everyone will advise you to cut costs eg food bill but if you allocate yourself the top end of the budgets allowed for each thing you have the option of afew extra sneaky savings pots. For example my debtors recently agreed a budget of 600 pcm for food for me. I dont spend that so use the difference for other stuff. It will make your DMP that bit longer but if you and your OH search for a thread called full and final settlements and have a read you will have an idea of how later down the line you can get debt free again. Its also possible to try and delay your DMP a bit. Ask for breathing space, use snail mail, draw it out a bit write to say we will take a fiver each etc whilst you get advice. If you do that for 3-6 months you have the start of a windows fund.
I didnt know half of this when i started i just panicked and repaid every possible penny i could leaving myself too short. Whichever option you choose takeyour time and think tactically to help you decide.

Sarah_x

Hi thank you all for your advice.
Ano the dmp option is a-bit more flexible
But iva would be finished a-lot quicker .
In a dmp would all the creditors hold the interest do you think.

Sarah_x

Sorry also i forgot to mention we ow money to family
I didn't put this on soa as its my family and its flexible
Would this be taken into account on a dmp or iva x

NeverendingDMP

Im not sure about family money owed. I think you have to treat them fairly if they are so they would only get a pro rata payment. All our creditors held interest on our dmp no issue. Whichever suits you best is the one to go for. I chose DMP over IVA as DH does not put all his earnings in the pot. An IVA is based on joint income. On paper i can clear the debts sooner but in reality I need a DMP so i can tell them the income is what Im running the house of. Take your time to think and squirrell away any money you can whilst organising what to do.

Splatfoot

We owe money to family too. They will take it into account if you want them to.