Spiralling/drowning in worry IVA/DMP advice please

fatbelly

Payplan and Stepchange are both OK in that they do not charge a fee.

Stepchange have dropped out of doing DROs but Payplan still do a few.

See how you get on with talking to stepchange

Boss1815

Thank you, I have everything written down and in order for my phone call, incoming/outgoings/new debt/old debt all with account numbers and balances & I’ve also sorted out my gas an electric today, so sorting things all day today 

Boss1815

Sorry forgot to add my total debt is = £12,238

RAS

Well done so far.

A few quick checks? 

Do you owe anything to the bank into which your income is paid (benefits/salary)?

It may help you to go over to the Debt Free Wannabee section and do a Statement of Affairs.

What we can't tell from you comment on how much you think can pay is how sustainable the budget you have written is. It's probably more common on MSE to see lots of things missing in DMP budgets than people overegging it. And generally rushing into the DMP without building an emergency fund. Which is why they end up getting into more debt or taking out more credit.

So if you are able to share your details here, people can advise on what's missing. That'll help work out whether a DMP or DRO are options.

By the way, the world doesn't end if Stepchange and Payplan can't help you with a DMP. Lots of people self manage over on the DFW forum. More work but it is more flexible.

Boss1815

Thank you for your reply,

I have a loan with Santander that I have my salary & child benefit paid into but Santander have allowed me to keep the account whilst on my DMP with SC with no issues over the last 3 years, I have however also opened a Monzo account just incase things change.

I have done a thorough expenditure and can afford to pay SC around £200 a month towards all debts. 

What would be best to do? To post my incoming/outgoings on here or a different thread? It’s just a case of copy and pasting it from my phone.

Thanks you 

Grumpelstiltskin

OK What you need to do is go onto this section.

Debt-free wannabe — MoneySavingExpert Forum

First of all read through this thread.

In Debt and Wannabe Debt Free? First Steps! — MoneySavingExpert Forum

That gives you a link to the SOA You need to format it for MSE and copy and paste it on to a thread you start on there.

You can give a link to this thread and then posters can see the background.

You will get help and good suggestions on there.

Boss1815

UPDATE !!
I have contacted Stepchange who couldn’t be more patient and understanding with me, I feel such relief, we added on the new debts, went through my budget & with all debts in total and my monthly payment I have only added on an extra 1 month to my DMP.

I am so relieved I could cry happy tears right now 

Boss1815

That should say my new monthly payment 

Grumpelstiltskin

Please still do as I said, if we work out you will qualify for a DRO you won't have to pay the debts back they will be written off.

Boss1815

Thank you I will