DMP only option?

Startledbylife Forumite Posts: 9
First Post
edited 4 July at 7:13PM in Credit file & ratings
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 


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