Dmp or not?

Welder247

Hi All! 

So currently dealing with a fair bit of debt.

Credit cards x 5 (all on 0% for 2 1/2ish years) 
Unsecured loans x 3 

Total being around £34000.

So far i have been managing my own way, and if i carry on with it ill be debt free by June 2028. And only have 2 months paying interest out of the 0% of the credit cards.

The only interest i currently pay are on the loans which are not horrendous. These are all set to end at the same time as the credit cards.


I am however struggling a bit and wondered if you were in my situation would you do a dmp or just carry on paying things off as is? 

I will essentially get all my debt done within 2 and a half years. So not sure if a dmp would be a good idea? 

Thanks

Grumpelstiltskin

OK We need much more information before we can answer your question.

Please read through this thread and complete a SOA. Format for MSE and paste on here.

In Debt and Wannabe Debt Free? first Steps to take are here, please read, then ask questions. — MoneySavingExpert Forum

fatbelly

If you are saying that you can be debt free in 30 months, then that is something worth aiming for

An soa might help us to spot things you might have missed

tigergambit

Welder247 said:

Hi All! 

So currently dealing with a fair bit of debt.

Credit cards x 5 (all on 0% for 2 1/2ish years) 
Unsecured loans x 3 

Total being around £34000.

So far i have been managing my own way, and if i carry on with it ill be debt free by June 2028. And only have 2 months paying interest out of the 0% of the credit cards.

The only interest i currently pay are on the loans which are not horrendous. These are all set to end at the same time as the credit cards.


I am however struggling a bit and wondered if you were in my situation would you do a dmp or just carry on paying things off as is? 

I will essentially get all my debt done within 2 and a half years. So not sure if a dmp would be a good idea? 

Thanks

What do you mean by "a bit"? 

You need to be able to look after your health - both physical and mental. 

It sounds like you may be able to avoid a DMP with some assistance - 2 and a half years will pass surprisingly quickly. Best thing to do is post an honest SOA and people will be able to advise. What are your housing and family circumstances?

Sunbakedscobble

I would say go for it. I am 5 months off clearing my debt of similar amount to you through a DMP.

Even though you have a very close finish (2.5 years) is that truly allowing proper budgeting to still also live your life? 

You can presumably afford a decent amount a month to pay towards it  (I have paid around 650 a month for the past 4 years to clear mine. 

 If you are struggling DMP is great. Once I was set up I barely ever thought of my debt. It was Ll all just sorted out.

 To make it easier,  from my own experience a DMP all the way