Please help.

lisa-r_4

Please help. I'm unsure if I should sign up for a DMP, or carry on as I am in the hope that things will get better. I'm self-employed, owe approx. £60k, and am in a constant state of panic that I won't earn enough per week to pay all my monthly minimum payments. I don't always make it and either skip a payment or borrow from my partner, (i've used up all my savings) and even when I do I never seem to have any money left over. I've been worrying about my situation more and more recently to the point that i've been dreading getting out of bed, and my health is suffering. I'm self-employed and keep hoping my business will grow "soon", but i'm getting more and more pessimistic for the future, when I used to feel the complete opposite. My income per month ranges from £1,200 - £1,600, and £1,100 of that goes towards my debts. Would I even be eligible for a DMP as i'm self-employed, and currently meeting my minimum payments?

Apologies for the long winding post - i've never posted on a messageboard before and i'd really appreciate your thoughts.

hypno06

Hi there, and welcome!

Speak to CCCS or one of the other debt charities - the reason I specifically mention CCCS is that I know they have things in place to help those that are self employed.

They will be able to give you the lowdown on a DMP. The main thing (in my opinion) to consider is that it will obviously trash your credit rating for the next six years, so you may find it difficult getting a mortgage in that time, should you need.

Give them a call, they are very nice people!

CCCS_Sarah

lisa-r wrote: »

Please help. I'm unsure if I should sign up for a DMP, or carry on as I am in the hope that things will get better. I'm self-employed, owe approx. £60k, and am in a constant state of panic that I won't earn enough per week to pay all my monthly minimum payments. I don't always make it and either skip a payment or borrow from my partner, (i've used up all my savings) and even when I do I never seem to have any money left over. I've been worrying about my situation more and more recently to the point that i've been dreading getting out of bed, and my health is suffering. I'm self-employed and keep hoping my business will grow "soon", but i'm getting more and more pessimistic for the future, when I used to feel the complete opposite. My income per month ranges from £1,200 - £1,600, and £1,100 of that goes towards my debts. Would I even be eligible for a DMP as i'm self-employed, and currently meeting my minimum payments?

Apologies for the long winding post - i've never posted on a messageboard before and i'd really appreciate your thoughts.

Hi Lisa,

I would recommend you give us a call; you then have the opportunity to speak to a trained counsellor about your situation. The counsellor will be able to go through all your income and expenditure and have a look at all the options that are available for you. The appointment would be free and confidential so it’s worth it just to see where you stand. IF a DMP is an option then you have the choice to carry on as you are or go on the DMP. Without knowing your full situation it’s hard to advice via the forums but borrowing from your partner is just moving the debt around as you still owe the money so it’s definitely something that needs to be addressed sooner rather than later. If you would like an appointment call our helpline on 0800 138 1111.

Good luck

Sarah

stapeley

For that amount of debt , bankruptcy could be the only way out .Need to look at that to .

CCCS_Sarah

All options would be discussed on your appointment. The amount of debt you owe is in compassion to your income. For example if you have a larger surplus and could clear debts in a reasonable amount of time then a DMP could be an option or if it would take longer to clear your debts as you have a smaller surplus maybe an IVA or Bankruptcy would be more applicable. There are many factors your counsellor would take into account when looking at your advice and the amount of debt is just one of them. So at this point I would not rule out any option

lisa-r_4

Hi guys,

Thanks so much for your replies, I really appreciate it. I was so anxious about posting, but it's great to know from reading through other posts on here in my position, and that there is help and support out there. I telephoned CCCS and they can't fit me in for an appointment until the end of the month, (they're VERY busy with us self-employed debt-free wannabe's at the moment apparently, I only wish I didn't have to wait so long) so i'll find out my options then.

lisa-r_4

Sorry I typed that wrong - I meant to say it's great to know from reading through other posts that i'm not the only one in this position, and that there is help and support out there.

bank_of_slate

Hi Lisa and welcome.
Many people is similar situations on this board so keep posting for lots of advice and support!
...Linda xx