DAS or DMP

Inia

I have been recently contacted by Revolution money regarding my debt.
They advised that I do qualify for both DAS and DMP however they strongly encourage me to go ahead with DMP rather than DAS (I live in Scotland). I have received multiple phone calls from them. They are very insisting and always mention only advantages of DMP over DAS.
I have searched the internet and both these are very similar and I honestly struggle in making an informed decision. Any comments? Many thanks 

elsien

Firstly  tell them to stop phoning you aa only wished to communicate by letter from now on. 

Then take independent  advice about your individual circumstances from someone who is not chasing you because you owe them money. 

https://www.stepchange/

Or post fuller  details on here of your circumstances (ideally with an SOA) So that people may better be able to advise. 

With the caveat that most people on here are probably more familiar with the English system.

fatbelly

Who are Revolution Money?

Appears to be one of many labels used by MyDebtPlan, fundamentally an IVA pusher

They will be looking to make money out of you one way or another. Get advice that is impartial. You could do worse than giving us an soa to have look at

Inia

Hi thanks for your reply

My SOA

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 1

Number of cars owned.................... [b]

Monthly Income Details[/b]

Monthly income after tax................ 1400

Partners monthly income after tax....... 0

Benefits................................ 850

Other income............................ 102[b]

Total monthly income.................... 2352[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 650

Management charge (leasehold property).. 0

Council tax............................. 180

Electricity............................. 50

Gas..................................... 50

Oil..................................... 0

Water rates............................. 0

Telephone (land line)................... 0

Mobile phone............................ 60

TV Licence.............................. 0

Satellite/Cable TV...................... 5

Internet Services....................... 40

Groceries etc. ......................... 720

Clothing................................ 70

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 120

Medical (prescriptions, dentist etc).... 60

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 35

Haircuts................................ 150

Entertainment........................... 90

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 2280[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 0[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

rbs............................1300......10........0

ms.............................1000......50........0

cap one........................200.......10........0[b]

Total unsecured debts..........2500......70........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,352

Expenses (including HP & secured debts). 2,280

Available for debt repayments........... 72

Monthly UNsecured debt repayments....... 70[b]

Amount left after debt repayments....... 2[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 0

Total HP & Secured debt................. -0

Total Unsecured debt.................... -2,500[b]

Net Assets.............................. -2,500[/b]

Inia

I am not sure if this is right though

elsien

£720 for food for an adult a child is a large amount of money in a month. 

But no emergency fund?

This shows that you should be able to cover your debt repayments without needing a debt solution so if you aren’t able to, then you need to work out where that money is going instead.

If you’re not sure about the figures, then go back over your bank statements, utility bills etc for the last 12 months if possible and try to work them out in a bit more detail.
No one gets it right first time, it’s about tweaking it and getting it as accurate as possible. 

No contents insurance? 

Sncjw

Why is the groceries so high? 

chapea

haircuts £150 ? 

sourcrates

Are we missing something here?

You are only showing 2.5k of debt, you can cut your extravagant food bill by £500, still eat well and be debt free in 5 months.