Stress levels through the roof. - is this right

[Deleted User]

I got told in the summer I couldn't have a debt management plan/well done for keeping on top of bills as much as I could and could I reduce savings from £20 to £15 as useful advice.

Before SC I went to CAB (who basically told my at the next appointment I'd be shoved stepchanges number as debt wasn't their subject) but who asked for feedback a couple of months after I attended a walk in centre but haven't had the same of SC ..

I cringe when ever it gets automatically said on here someone can just go and get a DMP set up at at their demand. I was really hopeful my 40 odd minute chat wasn't in vein but it was indeed up to me to find answers and get myself out of the mess. Debt charities - unsure who they help.

elsien

Deleted%20User wrote: »

I got told in the summer I couldn't have a debt management plan/well done for keeping on top of bills as much as I could and could I reduce savings from £20 to £15 as useful advice.

Before SC I went to CAB (who basically told my at the next appointment I'd be shoved stepchanges number as debt wasn't their subject) but who asked for feedback a couple of months after I attended a walk in centre but haven't had the same of SC ..

I cringe when ever it gets automatically said on here someone can just go and get a DMP set up at at their demand. I was really hopeful my 40 odd minute chat wasn't in vein but it was indeed up to me to find answers and get myself out of the mess. Debt charities - unsure who they help.

No-one on here ever says that a DMP can be set up on demand.
It is one of the last resort options for those unable to meet their payments. You clearly were not in that position.
They also help people set up DMPs without being charged stupid money by a commercial business for doing so.

enthusiasticsaver

jenxter wrote: »

I know that it makes sense as we can afford the payments, I suppose If I an honest I was just looking for an easy way out, although as some of you have pointed out, it would damage my credit rating etc.

At the moment our minimums are around £1400 and about £600 is pure interest which feels awful. I know that this will reduce if we commit to overpaying each month. It just feels like such a huge amount of debt and I feel overwhelmed by the scale of it.

I will do a SOA tonight when I am home. Basically we are a household of 4 - me, dh and 2 dc's aged 10 and 13. Combined take home pay is £4890 and after every single outgoing and saving a small amount for emergencies we should have £718 left over.

I suppose the fact that all of our 0% rates have expired means that our payments can't increase any further!!

Presumably you cannot get any further 0% deals?

You have a higher than average income so budgeting seems to be the problem. While it sounds appealing to stop paying interest by entering a DMP it is not an easy way out. It affects your credit worthiness for 6 years so may impact on mortgage deals, car financing etc etc.

You will have to start paying the debt down aggressively until your finances are in better shape and you are able to get 0% deals.

A spending diary is a good start.

fronty

enthusiasticsaver wrote: »

Presumably you cannot get any further 0% deals?

I was just wondering that, if there is some way to do a balance transfer to a 0% card then it will help enormously with the interest payments, but I wonder if the OP's credit history is compromised, or they are only being offered low credit limits?

enthusiasticsaver

fronty wrote: »

I was just wondering that, if there is some way to do a balance transfer to a 0% card then it will help enormously with the interest payments, but I wonder if the OP's credit history is compromised, or they are only being offered low credit limits?

The OP is probably showing as being over committed due to size of debt and maybe length of time they have been in debt and how much of their availability of credit is in use. Lenders get twitchy if borrowers seem vulnerable.