Self managed DMP? Need advice

Sunnyseaside

SOA

Wage 1740

Pension 630

Child benefits 120

Benefit 725

Outgoings

Mortgage 850

Car HP 252

British Gas 200

Council tax 190

Life insurance 113

House ins 45

Water 59

Phones and Wi-Fi 145

Life insurance 10

Tv license 12

Pet insurance 13

White goods insurance 11

17 car tax

33 spec-savers

Food 600

Fuel 200

Kids clothes 100

Debts

5500 Norwich trust -309 monthly

Abound loan 8878 -242 monthly

Capital one cc 3800 -220 monthly

Lloyds bank cc 2400 - 100 monthly

Virgin cc 1000 - 25 monthly

Dfs 800- 40 monthly

owe 8899 abound 24% intrest

5500 Norwich trust 39% interest

CO cc 3800 28%

Lloyds cc 2400 12% interest

Virgin cc 1200 4% interest

Barcleys overdraft 3200 84 fees each month

My benefit 725 ends 2027 in June as daughter leaves full time education

I also owe about 4000 due to universal credit overpayments. Uc has now stopped due to son leaving education

so iv managed to keep head above water so Farr but I owe family and end up using my cc each month to get by.

Shall I carry on until benefit stops then get step changed involved?
do I stop all payments now

I want to keep my barcleys account if I can

Sunnyseaside

I have tried to get consolidating loan to lower payments but can't do that and I can't get any 0% cc transfers either

help please

Grumpelstiltskin

OK Number 1 stop all unsecured debt payments NOW.

You are going to have to forget Barclays bank account, your overdraft is a debt so you won't be paying it.

You must open a basic bank account with a banking group you don't owe money to.

You should transfer all vital direct debts manually do not use the banking switch service as it causes problems.

If you can redo your SOA, you were given the link earlier, make sure you fill all the details in including interest rates, format it for MSE and it will help use give you the best advice.

Sunnyseaside

also morgage fix ends in 2 years and I bought with a home buy scheme so council own 40% of property I worry that they will get wind of all this. Never missed mortgage payment and never will

sorry to go on but so glad to actually get it all it and speak about this. I'm usually a resilient person so don't tend to share

Rob5342

Please don't worry. Loads of people are in similar situations, and the solutions are often far simpler than people think.

Don't think it's all your fault either, lenders have responsibility for checking any lending is affordable and you can make complaints if you think they lent irresponsibly.

Post a statement of affairs and we can give more detailed advice.

Sunnyseaside

thanks for reply I did post my SOA above do I need to do it in a different format ?

sourcrates

You have a lot of insurance policies, life insurance is listed twice, but nothing for car insurance, should the larger amount be for the car?

White goods insurance is really a waste of time, even though its only 11 quid.

You should go forward on the basis that the benefits payment has already ended, and work out a budget based on that reduced figure, then put that money away each month until it ends, and do not mention that to stepchange if you decide to go with them.

I would probably say going with stepchange will be the best bet in your particular case, as you appear a little over whelmed by it all, which is understandable, and a clear head is needed to self manage 7 debts, and the inevitable collection activity involved.

You can always take matters into your own hands at a later stage, but initially they will organise everything for you, but you do need to get a safe basic bank account, as a matter of priority, as you owe money on that overdraft, and that will become just another non priority debt to service.

ManyWays

Thanks for the SOA

I also owe about 4000 due to universal credit overpayments.
Is there an arrangement in place to repay this?

Uc has now stopped due to son leaving education
Is your son currently living with you

I owe family
How much and is it urgent this is repaid? 

I want to keep my barcleys account if I can
Your bank is not your friend. It is more important to get the overdraft charges stopped, so you will need to switch to using a bank that you do not owe any money to. Do you have an account you could use?

RAS

OK, that Barclays overdraft is a killer. You need another account not with Barclays or Tesco Bank. Monzo is good for "pots", Starling or another basic bank account because that doesn't need a credit check.

Stop worrying about the mortgage. As long as you are up to date on the repayments you can just choose the best new fix from your current provider without a credit check. Thousands here have done that.

You are amongst many parents who've been trying to raise kids, perhaps compensate for the missing parent or just not had the energy to research all the best choices, and then face the benefits cliff when they leave education. It's a very difficult transition to make but you'll get there.

And a huge congratulations on realising the issue now, not at the end of 2027. A lot of people bury their heads until the end.

Sunnyseaside

I do sound overwhelmed. My son still lives with me not in position to pay rent. Uc will stop in two weeks then they will ask for repayments ( I told them over and over to stop overlaying but they stopped for a few months then a large payment came in regardless) my salary is lower at moment due to benefits when they stop then salary will go up. I've been reading on here and I have a loan with Norwich credit union with 39% intrest is it right that I shouldn't default on this as they go straight to CCJ?
wish I'd never tried to consolidate etc I'm in a mess now but pressing that button to accept the loan gave me short term relief as you all know