Advice on debt/DMP

Angury

NeverendingDMP said:

Another vote for sticking with the PhD and studies. As you say you've come so far and Aug 24 will be here in a flash.
Just to ask if you are considering a dmp or breathing space. Do you bank with Halifax or just owe them? If you bank and owe it might be as well to have a different bank account for your waes to go into. Or if you are gonna plough on as you are do you know how much longer you have the 0% for?

I don't bank with Halifax thankfully. The 0% continues until the end of September this year.

ManyWays said:

Those are 2 dramatically large and expensive loans from Zopa and I wondered if you have looked at making affordability complaints about them, there is information on the Debt Camel website. 

I was really shocked when I received the second loan from Zopa. It was made during a particularly stressful moment in my life when I had already missed multiple payments from my credit cards. I (understandably) wasn't eligible for any 0% balance transfer cards and then suddenly Zopa popped up. I was so surprised and, at the time, relieved. It definitely wasn't the right option and I have no idea how I was accepted. I'll look into what you've said, I find the Debt Camel website very helpful.

Given the advice above (thanks everyone), I think it would make sense for me to apply for a Breathing Space and then consider a DMP moving forwards. I agree that defaulting on all the debts makes sense first, it's just rather intimidating when you have the creditors constantly barraging you with emails and phone calls!