We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a very Happy New Year. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
DMP only option?
Startledbylife
Posts: 9 Forumite
Hi there, I've been reading the posts and trying to mentally digest all the information. I have already done a budgeting plan with stepchange and it appears a dmp is my only option. I would be so grateful if you have any other advice for my situation as I'm feeling really desperate. Here's my current situation.
I'm a single parent, 3 kids, no one to borrow money from.
I own a house valued at £180k with £88 owed on the mortgage (90ish equity)
I have £29k of debt from divorce -ive been managing it with no missed payments so far but now all the interest free periods have ran out I won't be able to keep paying all the minimum payments.
My affordability is so low that I can't do any more 0%balance transfers and don't think I've a chance of remortgaging to consolidate
I earn £2k a month from my main job
£200/month from child benefit/maintenance
I've just took a 2nd job -£500 a month to keep things going.
I am expecting a lump sum of £30k (divorce settlement) which I thought I would have by now but the house sale has fallen through for the second time, so I'm now worried it could be another 6-12 months at least before I see this payout.
To complicate matters, I'm just finishing a phd, ive passed with corrections to do by September. I have no hope of finishing these with a 2nd job, but if I dont, then I ruin my career chances.. if I give up the job I can't afford to live or keep up payments.
I'm physically and mentally exhausted and feel like I'm neglecting the kids through working so much.
I never had any debt before separating 4 years ago, its escalated very quickly and is all very scary.
Is a DMP really the best I can hope for, even though this 30k is guaranteed (court approved) I just don't know when I will get it. Is there anything else I haven't thought of thats worth a try?
Thanks for reading
I'm a single parent, 3 kids, no one to borrow money from.
I own a house valued at £180k with £88 owed on the mortgage (90ish equity)
I have £29k of debt from divorce -ive been managing it with no missed payments so far but now all the interest free periods have ran out I won't be able to keep paying all the minimum payments.
My affordability is so low that I can't do any more 0%balance transfers and don't think I've a chance of remortgaging to consolidate
I earn £2k a month from my main job
£200/month from child benefit/maintenance
I've just took a 2nd job -£500 a month to keep things going.
I am expecting a lump sum of £30k (divorce settlement) which I thought I would have by now but the house sale has fallen through for the second time, so I'm now worried it could be another 6-12 months at least before I see this payout.
To complicate matters, I'm just finishing a phd, ive passed with corrections to do by September. I have no hope of finishing these with a 2nd job, but if I dont, then I ruin my career chances.. if I give up the job I can't afford to live or keep up payments.
I'm physically and mentally exhausted and feel like I'm neglecting the kids through working so much.
I never had any debt before separating 4 years ago, its escalated very quickly and is all very scary.
Is a DMP really the best I can hope for, even though this 30k is guaranteed (court approved) I just don't know when I will get it. Is there anything else I haven't thought of thats worth a try?
Thanks for reading
0
Comments
-
I should add that I'm also worried about a dmp affecting my credit rating when I know I will need to change my car soon and my mortgage fix will end in 2 years.0
-
Please try and stick to just the one thread per subject.
Your post on DFW is in the correct place for people to help you.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.8K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 260K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards