60k+ Debt, feeling a little lost. Is a DMP right?

debtfreehusky

On a side note! Just wanted to say a huge thank you to everyone who’s offered advice so far, it really means a lot.

I’ll be honest, I was feeling completely embarrassed and like a bit of a failure at 46. I kept telling myself, “I should know better” and maybe I should. But the one thing that’s really stood out from reading through the forums is that I’m not alone. I’m not the only one struggling with debts, with past choices, and feeling a bit lost sometimes.

What’s helped massively is seeing that others have been in the same boat and more importantly, come out the other side. It’s also reminded me that I am in control. I can manage this, I can take the steps, and I’m not helpless here.

And just to say the advice and support without any judgment has honestly been amazing. It’s made a tough situation feel that little bit lighter. So thanks again!

Naomim

Just wanted to add a bit of encouragement.  I second opening a Monzo account for pots. It revolutionised savings for me. I now pay everything annually where possible and save monthly. I even have a pot for passports. Only put £6 a month in but when all four need renewing again, the cash will be there ready.

Good luck, these forums are a mine of information and help.

wolveswolves29

debtfreehusky said:

RAS said:

You need contents insurance. You simply can't afford a major issue that costs a lot.

Also include parking, as you will pay for some. And medical and dental, even if only a heck up or filling and a couple of prescriptions. Food is a bit high but....

Unless you have issues with emission zones, I'd at least check whether you can return the car once half is paid off, and get something cheaper. If you keep it, it has to be a considered decision not to reduce your debt.

I'd also suggest that you look at making affordability claims, certainly for anything taken out since redundancy. Shawbrook I assume was a consolidation loan?

Do you owe anything to the bank where you have your current account, or to any other company in the same banking group? If so, you need a new basic account (no credit check).

And you need an account into which you pay that £950 over the next few months to build up an emergency fund. As a council tenant, that's not as big an issue as for private renters, but you've already been made redundant once so won't have as much protection now.

Thanks Ras, hadn't even thought about content insurance at all, good point.

No issues with emission zones, I'm more than happy to return the car if possible for something cheaper, it was through Oodle Car Finance, so will look into that.

There's been nothing new opened since the redundancy and yes the Shawbrook was consolidation.

I owe nothing to my bank and have no overdraft there.

elsien said:

How much for your mobile phone??
That also seems to be just shy of 400 quid a month for food for two people and over £200 a month on pet insurance? 

Are those  figures reflective of true position. 

Also, is your wife fully on board with money saving Because it’s not going to a lot of use if you’re cutting back and she’s still spending if the debts you have accrued have come from the both of you even if they’re just in your name.

Yeah It's high, there's £80 for mine and the rest is the contract I got for my daughter at the time, both finished mid next year.

On the pet insurance I didn't think of splitting that.  We have two dogs both German Shepard who is 7 with an exsisting condition, she costs £117 with PetPlan which I pay, and a 11 year old Husky which is £38 per month and my Wife pays.  So in reality my share of that would be £80

In relation to the £400 a month that's our current spend which fluctuates up and down which covers all groceries including dog food.  If that seems excessively high I can always take a closer look at that.

Yes shes fully on board and has already looked at cutting back anything not needed.

Brie said:

Does your wife have any income?  If not, why not?  Not working and not eligible for any benefits?  I know there are situations where this makes complete sense but an brief explanation might help particularly in light of elsien's comments.

Yes she works as well earning about £750 per month less than myself, no benefits.  She has her car that she pays off and her own debts.

Regards the petplan Iv spoken to mine yesterday as Iv got pre medical conditions you can claim all your money you spent on them over the past year , medication scans bloods and it dose not affect your policy, I’m due around 1k back from this just had to pay the 100 excess