Light Bulb Moment!

kimwp

pelirocco said:

peewhyeff said:

Can't see caravan listed as asset.  Could it be that caravan owned by someone else but Pretty Woman  has use of it by contributing to pitch fees.  I'm not judging but £8k M&S !!   and other cards too!
I hope you are able to sort something out. 

You do realise that its an M&S credit card ,not a store card for only spending in M&S ? And yes you are judging

Agree that it certainly comes across that way. It reminds me of being a child when there was a fad for saying "no offence, but..." Before saying something offensive. 

@PrettyWoman, you seem impressively organised (unsurprising given that you ran a successful business!), but perhaps a bit in denial still. £600 on presents when you are in debt that you can't fund is not sensible thinking. Worthwhile people don't need presents, they need their friends and family to be ok. 

Also your gas and electricity are very high, worth considering how to bring that down.

fatbelly

OP hasn't been around since 4 October.

Happy New Year everyone but I've unsubscribed

PrettyWoman

Thank you for your replies.

I did run a successful business for 18 years until Covid interfered and then I maxed out on CC keeping it going and supporting my two members of staff as don’t forget we only needed three weeks to flatten the curve.

I should have probably made the decision to quit sooner but giving up something that you’ve poured your heart and soul into isn’t easy and admitting defeat last September was traumatic.

I am happy and settled in my new job, I’ve completed my probation and my role is permanent. I’ve lost £1000 a month on income but I have my health and a positive mental attitude.

I have been using my savings to maintain my monthly payments while I consider what to do for the best. I am considering a self managed DMP as I am an organised person and love nothing more than a good spreadsheet.

To the people with helpful and supportive messages, thank you for taking time out of your day to write to a stranger.

To the people judging me for my situation, I am not offended but would remind you that sometimes people find themselves in situations they couldn’t possibly foresee.

I am not looking for a free pass to get out of debt, I accept what I owe and want to pay it back but I can no longer afford to pay £1000 a month in interest once my savings run out.

Happy New Year everybody, stay safe and be kind ☺️

kimwp

Come back @fatbelly, @PrettyWoman is back!! 🙂

@PrettyWoman, you will lose severely by waiting until your savings have gone to go on a DMP, because you will still have the credit markers and the hassle but you won't have your emergency fund. Plus it will be further into the future when your markers disappear. Hopefully more knowledgeable others on here will advise.

Something that hasn't been raised btw is your partner's income - can they prevent you from needing a DMP? Also, if they are business debts, how could you manage them differently so they disappear when the business folds if you decide to run another business.

NeverendingDMP

So there may be lots of options to explore and what's good to see is that you are dealing with it. 
A dmp of that amount takes some time to pay off so ill be a complete rebel and say the opposite to some people, have a look at the allowances on stepchange and if it says you can set aside 50  month for clothes then do so. Then try and cut costs, spend less, save extra money for savings and  challenge yourself to live within your new income for 6 or 12 months. If you are managing with then up your dmp payment if you can. Some areas you can cut costs eg internet but you have had a rough time with the pandemic so settle in the new job and learn your new income as opposed to leaving yourself very stretched with no backup. And  yes I apologise for being a rebel but it's difficult to adjust to lower income when in debt so try that first

PrettyWoman

Thank you for all your advice. I've started the process rolling this month and have cancelled my DD's therefore keeping my EF intact. I have posted on the DMP mutual support thread and I will start a diary with my progress.

Feeling more positive about this whole process and looking forward to being debt free!

Naomim

Just don't rush into the DMP until your accounts have defaulted. 

PrettyWoman

Yes, just going to sit tight and wait for the defaults now before I start paying again. My plan is to be debt free in six years when the defaults expire 🤞