is debt management plan a good idea ? anyone tried this before. pls advise

ask_3

I am a new member and thought i might get some help from the members. I have been in UK for only 3 years and am drowned upto £11.5K, loans, credit card borowings etc.

I knew its a lot of debt in such less time but it all started by natwest agreeing to lend me a loan without me asking them for a loan.

my present situation is that i am on part time (i take home £479 after tax) Plus i have mom, dad, bro, sis to look after abroad and have to send them family maintenance every month. Its like i dont send them money, they starve, not like UK that we citizens get state benefits.

my wife looks after the household bills and rents and all. every month my balance enters a minus where i have to borrow cash from credit card companies to pay the minimum balances of my other cradit cards and loans.Everyday i am just drowing and drowing.

I can do full time or maybe even work 65 hours a week but this way my wife looses on her benefits she gets. The more i work and get home the less she is given to run the family and household.

how about if i opt for a debt management plan ? anyone tried it ? what are the pros and cons ? i know that bankrupcy is far beyond my thought...please advise...

thank you

mountainofdebt

First of all don't borrow any more money from credit cards.....you're not solving your debt problem you're only making it worse.

Secondly if you post all the household outgoings and incomings then we will have a clearer picture of the situation....posting APRs, balances and limits will help alot as well.

As hard as it make be, perhaps you will have to cut back on the amount you send home....I know this may be a tough decison but they may receive nothing if you have to do a dmp or even worse are made bankrupt.

btw,welcome to MSE!