StepChange DMP advice

RAS

You mention rates and no CT. Are you in Scotland? Rules are different there.

We could give much better advice if we could see the household finances, even if alongside the SOA posted. I assume you are the lower earner?

Also.an explanation as to how you have accrued so much debt in a well off partnership? Is this a hang over from before you got together?

Grumpelstiltskin

gempix said:

I should add that I’m in Northern Ireland. 

RAS see above.

fatbelly

I've had a look at your soa. It looks like a dmp.

Do you feel up to self-managing one?

You could wait till they are defaulted, putting 1k per month into a fighting fund.

Then set up a dmp at maybe £500 per month. That's a perfectly reasonable timescale.

Continue to add to your fighting fund.

After 12-18 months, try F&F settlement

gempix

fatbelly said:

I've had a look at your soa.

Do you feel up to self-managing one?

You could wait till they are defaulted, putting 1k per month into a fighting fund.

Then set up a dmp at maybe £500 per month. That's a perfectly reasonable timescale.

Continue to add to your fighting fund.

After 12-18 months, try F&F settlement

I'm not sure about self-managing, I find it a bit intimidating and I'm not sure I have the headspace to handle it all right now - but I had considered using StepChange to get set up and settled in, then maybe switch to self-managed after some time?

I will set money aside over the next few months while I wait for defaults, and I'll read up on F&F to see what my options might be to settle everything. Would I be able to set up a DMP for a lower amount if my budget doesn't reflect that? I technically have the funds available to pay more, so would the creditors query that? 

Thank you so much for the advice. 

elsien

If you technically have the funds to pay more but don't have the money in practice then you really need to be making sure your SOA is accurate first before starting any DMP so that what it shows and what you have are the same thing. 

fatbelly

gempix said:

I'm not sure about self-managing, I find it a bit intimidating and I'm not sure I have the headspace to handle it all right now - but I had considered using StepChange to get set up and settled in, then maybe switch to self-managed after some time?

I will set money aside over the next few months while I wait for defaults, and I'll read up on F&F to see what my options might be to settle everything. Would I be able to set up a DMP for a lower amount if my budget doesn't reflect that? I technically have the funds available to pay more, so would the creditors query that? 

Thank you so much for the advice. 

Stepchange will expect you to put all your surplus income into a dmp.

That's why going self-managed is more flexible.

But, having said that, you are in a position to save a fair lump sum while you wait for defaults

gempix

Understood. I have some more thinking to do then, maybe self-managed might be a better way to go. You've been really helpful, thanks again.

Floss

Also, if you're going to go on the StepChange route, it's generally best to wait until all your debts have defaulted before signing up.  And while you're waiting you can stash a good emergency fund and fine tune your budget.

sourcrates

Self managed DMP is just a fancy name for paying your bills yourself, but at a reduced monthly amount that is affordable, there is no mystery to it, it`s very easy and simple.

EssexHebridean

Just cast an eye over the SOA figures again too - there are some there that seem a bit out - TV license looks too low, for a start.