How many Dmp's is too many.

ScouseLaffin

Hiya all, I currently have 5 Dmp's from approx 7 or more years ago. I am about to start defaulting on 7 more as I am once more out of my depth. Is having 12 going to be a red rag to a bull to the debt buying companies. All 5 are with usual suspects. PRA, Moorcroft, etc. Also one of the new ones is with Monzo flex and the wife is worried they will go after her separate account. None are secured.
Thanks in advance.

thelibrarian11

What do you mean by a DMP? I thought this was your overall debt solution, a debt management plan, so you'd only ever have 1. Do you mean the number of individual debts/creditors you have that you can’t keep up with?

ScouseLaffin

Sorry may have phrased it wrong. I am paying the five collectors £10 a month each.

RAS

OK, so are you just doing this yourself, or via a DMP provider?

What's concerning is that you've built up more debt over the last 7 years. You'll not be alone as many were hammered by Covid and more recently high accommodation costs, but going forward you need to stabilise your income and expenditure and manage expectations?

Might be best to do an SOA?

ScouseLaffin

Earlier debt was a combination of being a twit and a period of self employment. Latest is a combination of the same self employment and being off work for 10 months (6 on SSP, 4 on nothing) after a heart attack. Lost over 20k wages ,with no savings. SoA is being sorted.
Thanks.

ScouseLaffin

Yes ,I am sorting this myself both the previous and new stuff.

sourcrates

How long since you paid or acknowledged the earlier debt, over 6 years?

Could any of them be statute barred?

Banks do have the right of "offset", where they can take funds from another of your accounts, held within the same banking group, to offset a debt on another account in your name.

If the wife`s account is in her sole name, then it cannot be touched, any account they take money from must be in your name alone, so her account is perfectly safe.

ScouseLaffin

i have been paying the earlier debt on a regular monthly basis.

ScouseLaffin

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 3

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

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 1600

Partners monthly income after tax....... 2000

Benefits................................ 102.4

Other income............................ 0[b]

Total monthly income.................... 3702.4[/b][b]

Monthly Expense Details[/b]

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

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

Rent.................................... 950

Management charge (leasehold property).. 0

Council tax............................. 249

Electricity............................. 250

Gas..................................... 0

Oil..................................... 45

Water rates............................. 50

Telephone (land line)................... 68.61

Mobile phone............................ 25

TV Licence.............................. 15

Satellite/Cable TV...................... 64

Internet Services....................... 75

Groceries etc. ......................... 800

Clothing................................ 60

Petrol/diesel........................... 100

Road tax................................ 3

Car Insurance........................... 40

Car maintenance (including MOT)......... 40

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

Other travel............................ 70

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

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 22.9

Pet insurance/vet bills................. 12.58

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

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

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

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

Presents (birthday, christmas etc)...... 25

Haircuts................................ 8

Entertainment........................... 100

Holiday................................. 100

Emergency fund.......................... 50[b]

Total monthly expenses.................. 3223.09[/b]

[b]

Assets[/b]

Cash.................................... 160

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

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

Car(s).................................. 1800

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

Total Assets............................ 1960[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

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

Cabot..........................8108......10........0

PRA Group......................16366.....10........0

Opos...........................4821......35........0

Novuna.........................10000.....285.......26.4

Monzo Flex.....................2497......206.......26

Marbles........................646.......6.47......39.1

Virgin Money...................3399......39.19.....24.9

M & S..........................1642......40.29.....29.9

Capital One....................2059......99.8......34.08

Aqua...........................4282......170.......44.9

Link ..........................6281......10........0

Tesco Bank.....................4727......10........0[b]

Total unsecured debts..........64828.....921.75....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 3,702.4

Expenses (including HP & secured debts). 3,223.09

Available for debt repayments........... 479.31

Monthly UNsecured debt repayments....... 921.75[b]

Amount short for making debt repayments. -442.44[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 1,960

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

Total Unsecured debt.................... -64,828[b]

Net Assets.............................. -62,868[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

ManyWays

Who is the third adult in the house and are they contributing to the household bills? Does your wife also have debts? 

ScouseLaffin

Third adult is our son. He chips in now and then. He's saving to get out on his own. He's 19. Wife has a grand or so on Monzo flex. Is also co signed to the PRA 16 grand loan.