To DMP or not to DMP?

marmitemarmite123

Hi everyone,

I wasn't sure if this should be here or in the DMP area. I have around £11k in debt on credit cards, I can't quite believe that number. My minimum payments are about £500 each month and needless to say I'm struggling. Please don't judge but I went through bankruptcy in 2019 which will be removed from my credit report in February 2019 so my plan has been to hold out until then and try and get a consolidation loan. I learned a lot from going through that (please don't judge, I got there because of homelessness and illness) and I'm devastated to be here again but recently becoming single with two young children, having previously been a dual income household has really impacted things. Stepchange advise a DMP but I'm still wondering  whether I should wait until the bankruptcy is off my report and see if a consolidation loan would be better? I haven't actually missed any payments on any of my debts yet but it's such a huge struggle to get through every month despite the fact that I have a good job and worked hard to more than double my income since 2019.

marmitemarmite123

*** edit: it will be removed from my report in February 2025 ***

elsien

Aside from consolidation loans rarely being a good thing, because people tend to take them out and then run up more credit on top, Would you qualify for a consolidation loan on affordability grounds with your current level of debt? 

You could always consider putting a full SOA up on here for suggestions? 

marmitemarmite123

I will do that, thank you 🙏🏼 

fatbelly

I suspect this is going to be a dmp situation but if you post a soa we can have a closer look