What to do…

ManyWays

I agree an IVA has no advantages over a DMP. 
And it isnt clear if you have any other option. Even winning your Zopa complaint and reducing the payment to that loan a lot wont make enough difference to plug the gap between income and minimum payments, though it would shorten any DMP.


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archer2016

Many thanks for all help and suggestions so far I really appreciate.

i did the Soa last night before bed and soon as done realised i made some errors, i realise now I have to provide much more detail after your comments. 

I’ll go over it all in details and post again. 

archer2016

My mortgage is with nationwide, they own Virgin now I believe could this cause potential issues with the Virgin cards going in a dmp? 

Thinking ahead to renewal of mortgage which is Jan 28. 

13thlegion

archer2016 said:

My mortgage is with nationwide, they own Virgin now I believe could this cause potential issues with the Virgin cards going in a dmp? 

Thinking ahead to renewal of mortgage which is Jan 28. 

Many on here have thought similar.

In practice secured debt (mortgage) and unsecured debt are handled separately. You may find it difficult to switch provider in Jan 28 but you should have no difficulty fixing with Nationwide again. 

*Edited for typo

RAS

archer2016 said:

My mortgage is with nationwide, they own Virgin now I believe could this cause potential issues with the Virgin cards going in a dmp? 

Thinking ahead to renewal of mortgage which is Jan 28. 

The reply above should read that if you go onto your existing provider's website 3-6 months ahead, you can select the best of their mortgage dealsé without a credit check. Trying to move to a different provider would be much more difficult.

Some of our posters have already renewed twice, a lot at least once.

archer2016

I’ve gone through everything to a certain extent - a full months bank statements and cards that I still use. 

There is no way other than a dmp. 

I also need help with gambling which I straight onto.

is there an idiots guide to a dmp rather than me asking questions that have no doubt been answered many times?

Also looking at old Barclays statements last night I think I have a reasonable chance of an unaffordable lending claim for that card, give pattern of spending, payments and the way credit was extendend over a few years. 

13thlegion

RAS said:

archer2016 said:

My mortgage is with nationwide, they own Virgin now I believe could this cause potential issues with the Virgin cards going in a dmp? 

Thinking ahead to renewal of mortgage which is Jan 28. 

The reply above should read that if you go onto your existing provider's website 3-6 months ahead, you can select the best of their mortgage dealsé without a credit check. Trying to move to a different provider would be much more difficult.

Some of our posters have already renewed twice, a lot at least once.

This is correct, my typo completely changed the meaning of what I was trying to say.

Grumpelstiltskin

Firstly if you do a DMP then no credit cards at all so you will have to close all of them.

Secondly you will have to get a basic bank account with no overdraft, so no borrowing there.

If gambling is a problem you need to block yourself from all online sites and get help to stop.

EssexHebridean

Other posters here have found GamStop very helpful to them - so that is worth exploring. It's also worth digging about for other posters who have been through the experience of a gambling addiction and are now in recovery - there are a few with diaries over on the diaries board I think and you might find those supportive. No shame, it sounds like you are now at the point where you want to fix things so it's time to look forwards not back - and well done for admitting that is some of the problem too, that's not easy. 

You need to go back further than a month for the accurate SOA - it needs a year really in order to catch all the "one offs" like insurances etc that you might pay annually. When putting it together you also ned to be mindful about areas where you say you will be budgeting monthly - and be really sure to actually set that money aside each month. If for example you say you are going to budget £25 a month towards your home insurance, and then that money doesn't get saved, when renewal time comes around there is no cash in the pot to pay for it. Right now you would fix that by reaching for a card - but going forwards things need to be more planned and budgeted than that. 

archer2016

I have an ISA with plum, it says the funds are held with Llyods or Citibank, presumably that means I should move this money so they can’t oik it off?