Debt Management Plan: the right thing?

rob2305

Hello all...

First time I've posted on here so hello everyone and thanks in advance for reading this.

I am 17.5k in debt.

I have the best, and yet worst job in the world. I am Cabin Crew with a monthly income which fluctuates a lot. I've faced my problems and am just about to start a debt management plan.

Here is my question...how badly will it affect my credit profile?
I know that it's already suffering and seeing as i'm just setting up my "safe account" with another bank, all my debts will default as I've cancelled the direct debits etc to set up the DMP. However, if for example I could be debt free in 8 years...what will my profile look like by then?

Because if it's still going to look as bad as it might today, would it not be easier to go bankrupt because in 6 years i'll be ready to start again?

I dunno, i'm so confused and hate what i've got myself into.

Any advice would be good.

Thanks x

Welshlassie

Hi well done for facing your debts.
Why is it likely to take you 8 years to pay off £500?
Who has set up your DMP? Have you spoken to the creditors?
You might find it useful to post a SOA and see if people can help you identify areas to cut back and therefore give you more money to throw at your debts.
Good luck

Bismarck

hi...I think it's 17.5K...not 17 years old....could be wrong....stranger things have happened!

Welshlassie

Bismarck wrote: »

hi...I think it's 17.5K...not 17 years old....could be wrong....stranger things have happened!

Oooppss, you're probably right
Everything else still applies though.

rob2305

sorry, yes its 17.5k and i've amended it...