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- Thu Dec 07, 2017 1:35 pm #472907 Hi all,

Well where do I start.... I've been on a DMP before around 5 years ago and survived.

I was debt free after paying everything off with F&F settlements.

I’ve now been stupid and got myself into another situation and it’s taking over my life.

So I need some realistic advice of everyone in here….

I’m up to date on all of my debts at present and it’s leaving me with next to nothing each month and I work two jobs and earn good money, but with the stresses of live I have got myself into the same situation I found myself into 5 years ago.

I checked my credit file the other day and it’s showing as POOR even though I’m up to date with my payments.

I live in a council property so have no mortgage and all my debt is unsecured.

If I went onto a DMP and we all know we can move funds around on our expenses sheet which would mean I would be comfortable again and able to live my live stress free and pay back a minimal fee each month.

I have three options in my opinion and knowing what I know about DMP.

• I could keep paying the debts and struggle through each month not having much quality of life.
• I could go on to a DMP and live a comfortable lifestyle and put the debts to the back of my mind.
• Default on my debts for 2/3 months to get myself straight with a few £’s in savings then restart paying them again as usual.

I know I shouldn’t be so honest in here like I’m being but I had the money so want to pay It back but it’s just got out of control which is purely my fault.

But considering I’m paying the debts back my credit file isn’t great so It’s not like I can go out and get anymore which is a good thing, but in the future it could be what’s the point in struggling if my credit file is bad anyway…?

Advise please people…

[JaneClack]

- Thu Dec 07, 2017 2:51 pm #472908 Hmm.

Well your credit rating is poor - so it has not built up again since your last DMP. How has your expenditure changed - what are you spending more on?

Another DMP will be slightly different today due to FCA regulation as all DMP companies have to abide by the rules in their handbook and the Common or Standard Financial Statement. They will need proofs of income and also a realistic income and expenditure. I notice you say you could live a comfortable lifestyle and be stress free and pay a minimal amount each month. In a DMP you pay what you can afford - you lose nothing by contacting a free to client organisation such as Payplan to see what realistic budget you have but it will then affect your credit rating again.

You are working two jobs - could you realistically live without using the credit to top up? Think hard but do contact one of the free advice agencies to see what your best options could be.

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- Fri Dec 08, 2017 9:52 am #472909 It must have build up after my last DMP I was able to get to Credit Cards (Vanquis, Captial One) obviously higher interest rate.

I'm spending more again on my monthly unsecured debt payments that's what I'm saying it's now leaving me with next to nothing each month.

The income and expenditure is easily adapted to suit me as I have 3 children and food bills, household bills can be extended. I would only ever contact Payplan or a free client organisation.

I could easily live on no credit going forward I suppose it was a luxury to have it but going onto a new DMP would free up near on the full 1400 a month I'm currently paying out over the debt I have.

Just having the balls to go ahead and do it again I suppose... But I got through it once i'll do it again but would ideally like to pay them off but with how thing's are these days the cost of living is so high when your a family of 5.

[JaneClack]

- Fri Dec 08, 2017 11:30 am #472910 That is true.

I wish you the best with whatever you decide.

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- Wed Dec 13, 2017 8:16 am #472911 This site used to be buzzing with loads of people replying and giving advice....

Shame it's not how it used to be on here!!

[JaneClack]

- Wed Dec 13, 2017 3:59 pm #472912 I think many forums are not being used as much as they were - we welcome any debt questions posts as this is open to people who are struggling with debt issues and want to see the experiences and get the advice of other people. Yes, you are right, it is a shame.

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