£68k debt... Time to bring it down... DMP?

Tigzzz

Hey all, I've just spent hours and hours and hours reading a lot of different threads on here. It's put my mind at ease slightly as it's been affecting me a lot mentally recently. I feel I know the basics but just wanted to see if there was any advice for my specific situation.

Nothing unique about how I got here. Overspending in my 20s and early 30s, non stop credit offers and credit increases and then the trap of trying to get out of debt via gambling (stopped now) in my late 30s and here we are a couple of weeks after my 40th.

NatWest loan £10k (taken May 2026) £8.5k left, 7.2%

NatWest CC1 £13k CC2 £7k both 0% till Jan 2028

Lloyds CC1 £10k CC2 £5k both 0% till Aug 2027

Tesco CC1 £9k 0% till April 2027 CC2 £3.5k 0% till Dec 2027

Halifax CC £5k 24%

NatWest overdraft £5k 39%

Monzo overdraft £2k 19%

0 assets such as house or car. Rent with wife. No children. My salary is £4k/m after tax. After paying my share of the rent, bills, all expenses etc, I have around £1.5k left which I use to pay my debts.

Unfortunately this isn't much above the minimum amount for each one as there's so many and I'm not getting any more offers for balance/money transfers which was always my way out (I'm actually happy I can't do the constant transferring).

This gave me the wake up call I needed, as I realised when the 0% deals end, there will be no way I will ever be able to pay them back with full interest.

I've read all about bankruptcy, IVA, DRO, DMP, would it be correct that a self managed DMP would be the 'best' option? As much as I would like us to buy a house it's not happening any time soon due to my debt so I understand for 6 years after the defaults it would be a no go anyway, but at least I would be able to start saving something.

I feel very hesitant about doing the first step - cancelling all direct debits and waiting for the defaults, after never missing a payment or being late paying, in my life. I feel like a failure for not being able to get myself out of the hole I put myself in.

Maybe I just made this thread to be given a kick up the backside to do what needs to be done. Any comments welcome. Thank you.

ManyWays

Thanks for starting with such a lot of details. But we can't say much about what your options are without a bit more.

Can I ask if your wife also has debts? Does she know the extent of yours?

All the 0%s ending are a way away. So this is a good time to think about your options but no need to rush.

Could you fill out a Statement of Affairs firm and post it here please. Our preferred format is here https://www.stoozing.com/soa.php

sourcrates

"I feel very hesitant about doing the first step - cancelling all direct debits and waiting for the defaults, after never missing a payment or being late paying, in my life. I feel like a failure for not being able to get myself out of the hole I put myself in".

A failure?

Not at all, you have been a slave to the banks for long enough, they reel you in with all those tempting little offers, its akin to being released from a religious cult, you have broken the chains that tied you down, and are about to find financial freedom at long last.

A failure my !!!!!!, you are about to take the first step in freeing yourself from the credit trap, you should be feeling proud as your at last re-taking control of your own finances.

fatbelly

I wonder if you are focusing on a dmp as if you have a moral duty to repay these creditors You have no such thing. When we see your soa we can help you decide which strategy works best for you, not them.