Dmp

adele9167

Hi I’m 36k in debt I have spoke to step change they have suggested a dmp can anyone advise what’s the best way should I go with dmp or not 

thank you 

Grumpelstiltskin

Hi great you have realized you have a problem  The worse thing you can do is panic and start a DMP too soon.

You need to work out a SOA that is live able and stop paying all your unsecured debts and use the money you are paying towards your debts to save an emergency fund. This is vital as you won't have access to credit and what will you do if the car fails it's MOT and the washer breaks down the same week?

Nothing terrible will happen if you don't pay your debts for a few months.

adele9167

Thank you so should I cancel the direct debit payments 

Grumpelstiltskin

adele9167 said:

Thank you so should I cancel the direct debit payments 

For your unsecured debts yes.

adele9167

Thank you I’m new to all of this and not 💯 sure on how things work 

fatbelly

If you can post a statement of affairs we can give better advice

https://www.lemonfool.co.uk/financecalculators/soa.php

adele9167

How do I go about doing that 

Grumpelstiltskin

Fill it out carefully and honestly format for MSE and copy and paste on to here.

adele9167

thank you ☺️ 

13thlegion

https://forums.moneysavingexpert.com/discussion/6496941/in-debt-and-wannabe-debt-free-first-steps-to-take-are-here-please-read-then-ask-questions

This thread will provide helpful info as you get started.

RAS

Do you have any debt with the banking group where your income is paid in?

If so get a new basic bank account (no credit check) and arrange for your income to be paid in there. Pronto.