Newbie here-REALLY need advice on dmps!

tinkerbell12

Hi all,

well i have finally done it- confronted that yes we are in huge debt and no i will never be able to have another baby if we can't sort out this mess

So after lurking for sometime, here i am-£46000ish in joint debt with DH and although we have no missed payments on debts, we are living on credit and are sinking...

We have contacted the cccs via email with debt remedy which has recommended DMP and then rang for a further chat. But i would really like some advice, experiences from others who have been or are on one.Do they work? What happens if your car needs £300 repair etc I know these may be daft questions but i am so worried about having no backup like i have had with CCs for last 10 years.

Thanks for reading

Mandoo_2

I am on a DMP with CCCS. I am only a couple of months into it so can't offer a lot of advice, but my concerns were the same.
I am now more vigilent about what I spend my money on and I save every spare penny I can. I keep a jar that I put pound coins in, I don't take my purse to work with me, sell unwanted items on ebay, and do little stuff like that.
The extra money I then put into savings and it soon mounts up, and I also have a certain amount set aside in my monthly budget that goes into the savings as well. You should have been able to enter that as car expenses/tax on the CCCS website as that is money that you need to spend to keep the car on the road.

slowlyfading

:hello: and welcome to DFW The first I suggest you do is to do a SOA (statement of affairs, see the sticky at the top of the board for new comers) so that we can all help you and see what you can cut back on etc. you've taken the first, biggest step towards sorting this all out, stick around and you'll get all the help you will need
sf x

debrag

For me I have made sure I have money after paying my bills and the DMP. I haven't worked it out penny to penny. I have things down on my DMP which I don't use but I have that money incase I do need it.

tinkerbell12

Thanks very much for replies already. Yes i will post my SOA ASAP and your initial responses to a DMP seems relatively positive. Just v nervous about really going for it but know we need to do something!

Does it effect your credit rating?