DMP Hell

Humphris1805 · 7 December 2018 at 2:02PM

Hi All,

Just after some advice.

I've been on my DMP for 10 months with a total of £15k worth of debts from credit cards, loans, directories etc.

for the last few months, we just aren't getting by financially and having to lend of parents when its become a vicious cycle. I called StepChange and done a budget and it shows i can afford £132 a month still which just isn't the case.

I have a 3 year old and currently 3 months pregnant so expenses crop up, I'm having to but things for the new baby!

I just don't know what to do, I've been recommended to stop via a group on facebook and basically go from there. In the future do the 3 letter process etc.

Is this good advice? My stress levels are bad enough but to just stop the DMP terrifies me especially with being pregnant.

Thanks in advance.

Willing2Learn · 7 December 2018 at 2:15PM

Hi,

There is obviously something wrong with your monthly budget (I&E). Would it be possible for you post up your SOA, so that we can see exactly what your budget looks like please. If your current DMP is not affordable then you urgently need re-assess your options.
http://www.stoozing.com/calculator/soa.php

Out of interest, have you tried doing all the online paid surveys? I get good money every month for doing surveys, over £50 pcm, and I could earn more if I were more diligent!

This should be an exciting time for you, with the second baby coming. Try not to worry too much as there are always solutions to every problem

Pixie5740 · 7 December 2018 at 2:27PM

Humphris1805 wrote: »

Hi All,

Just after some advice.

I've been on my DMP for 10 months with a total of £15k worth of debts from credit cards, loans, directories etc.

for the last few months, we just aren't getting by financially and having to lend of parents when its become a vicious cycle. I called StepChange and done a budget and it shows i can afford £132 a month still which just isn't the case.

I have a 3 year old and currently 3 months pregnant so expenses crop up, I'm having to but things for the new baby!

I just don't know what to do, I've been recommended to stop via a group on facebook and basically go from there. In the future do the 3 letter process etc.

Is this good advice? My stress levels are bad enough but to just stop the DMP terrifies me especially with being pregnant.

Thanks in advance.

The 3 letter process is a myth.

If you are having to ask your parents then either your budget is unrealistic for your circumstances or you are overspending. I second posting a (accurate) statement of affairs.

When you contacted Step Change was a DMP the best debt solution put forward? If Step Change are expecting you to pay £132 towards your £15k of debts it would take 9.5 years to pay it all off.

MEM62 · 7 December 2018 at 3:49PM

Humphris1805 wrote: »

Hi All,

Just after some advice.

I've been on my DMP for 10 months with a total of £15k worth of debts from credit cards, loans, directories etc.

for the last few months, we just aren't getting by financially and having to lend of parents when its become a vicious cycle. I called StepChange and done a budget and it shows i can afford £132 a month still which just isn't the case.
Then your budget is wrong and needs adjusting.

I have a 3 year old and currently 3 months pregnant so expenses crop up, I'm having to but things for the new baby!
Most 'unexpected' expenses are not actually unexpected - they are predictable. The trick is take everything into account when drawing up you budget - including an emergency fund.

I just don't know what to do, I've been recommended to stop via a group on facebook and basically go from there. In the future do the 3 letter process etc.
Facebook should be used for keeping in touch with friends and having fun. It is not the place for serious advice and you would be extremely ill advised to make important life decisions based on opinions gathered from FB 'experts'. There is no three letter process.

Is this good advice?
No, it's awful advice - fundamentally flawed.
My stress levels are bad enough but to just stop the DMP terrifies me especially with being pregnant.

Thanks in advance.

You need to speak to someone that knows what they are talking about. Who did you consult when you started your DMP? If it was one of the debt charities go back and discuss your current circumstances with them.

sourcrates · 7 December 2018 at 3:56PM

Hi,

Are you a home owner, or do you rent ?

If you rent, have you looked at a DRO, is bankruptcy an option ?

In your current situation I would cease all non priority debt payments and tell your creditors the reasons why, you may be surprised how responsive they will be.

Bottom line is they can’t take what you don’t have.

DMP Hell

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