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  • FIRST POST
    • Enough17
    • By Enough17 12th Feb 17, 7:54 PM
    • 27Posts
    • 6Thanks
    Enough17
    To Dmp or self manage?
    • #1
    • 12th Feb 17, 7:54 PM
    To Dmp or self manage? 12th Feb 17 at 7:54 PM
    Struggling with where to start.

    Never used credit or overdraft until had our first child 10 years ago. I went back to work as part time to keep childcare costs to a min. Husband self employed so would have been a few gaps in income...and then we met 0% credit cards.. started off maybe paying for a holiday then moving the balance then hub out of work so got a transfer of cash to one of our account..and suddenly we are 50k in debt...with not a lot to show for it. We did do our house up to a point, normal decorating etc..But no big spends like kitchens or anything like that, hub does all the work himself. We were managing the debt by moving balances and making sure to stay in 0% but then husband was out of work for 4 months due to an accident and now struggling to keep up with the payments.

    My salary has actually increased by 10kp.a as I am now back to working full time but more costs on travelling and childcare. If it wasn't for husbands accident and now rubbish boss for paying I think we'd be still managing well but I just feel like things are getting out of control.

    I will fill out the full soa now....but the figures below are the basics -

    House value 150k
    Mortgage bal -95k

    Mortgage 1- 620pm
    Mortgage 2- 250pm

    Credit card debt 50k including one loan and 2 overdrafts - approx 800-900pm payment
    Gas and electricity bill 1600 - need to arrange payment plan.
    Income 1 - 1700 (I'm studying also so hoping in 2 years this will
    Increase (approx 10k per annum)
    Income 2 - 1600 (not regular payments)

    one or two of cards has come to end of 0% deal...a few more will by end of this year aswell....adding to the pressure and were no longer receiving 0% offers. Noddle score for me - 2/5. Will do hubs next.

    We have so far missed 2 credit card payments (hubs name) For Feb 17 and 2 of mortgage 2 payments, Jan and Feb 17(Joint) This is due to husband not being paid for the 2nd week running (self employed and person working for doesn't like to part with his money).

    If he was getting his regular weekly wage I think we'd be ok but have nothing in place for an emergency and with his payments being so sporadic we have no guarantee we can meet the payments.
    Have spent the whole weekend reading posts in this site and so unsure as what to do.

    I am hoping I can ring up and pay the 2 mortgage 2 payments tomorrow as husbands boss has promised to pay what he owes. So then we just owe the 2 cc payments (approx 220 for both) . I also aim to set up a payment plan for the gas and electricity bill..as long as hub gets paid all he owes. I'm assuming I'll have to make a payment over the phone.

    So, do I ring credit card company and ask for more time but can't guarantee with husbands pay situation...or am
    I at Dmp stage?

    I'm already quite frugal with shopping etc and

    Any advice would be much appreciated..

    Thanks

    P.s sorry for posting in wrong threads lasnight...Clairebeth, fat belly and sourcrates.
Page 2
    • clairebeth
    • By clairebeth 8th Jan 18, 3:08 PM
    • 160 Posts
    • 68 Thanks
    clairebeth
    How did the phone call go? X
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