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Hi Folks,
Bit of background on my situation.
I am a gambling addict (although haven't gambled since the end of May) and have racked up debts circa £30k (listed below). Originally I contacted a DMP Service that you paid for. I had arranged them to come to my house for a meeting, but after lots of reading seen I could get a DMP done via a charity for free, so I pursued that. Now after a solid month of reading, I have been going down the road of a DIY DMP, as I feel really educated on the whole idea, and feel it could work for me.
After reading various threads here, it seems this forum sees DMP's much more negatively as the previous one I was on, and would like some thoughts on my situation.
My debts stands as follows:-
My expenditure as follows:
So I have £853.00 to pay off my unsecured debts. I have no assets, no dependencies.
I was planning sending off the first letters to creditors this week, meaning I would have a full pay packet in my pocket this month, from which I was going to pay off the Sunny, Wonga & Quick Quid Pay Day Loans.
Would a DMP be best suited to my situation? Would I be eligible for a Trust Deed (I am in Scotland) ?
On the other forum a couple of well respected guys have mentioned the dangers of a DMP because of the AP (Arrangement to Pay), where this could be an ADDITIONAL 6 years added to my credit file after the DMP is complete, and this isn't something I want.
They suggested making no payment until I received default notices from my creditors, as at least that way I have a fixed date for this ending fully.
I also want to exagerate my outgoings too, possibly saying my rent is £200 more, as I thought I could use this money per month added to a pot to offer final settlements a year or so down the line.
If anyone can offer any advice it would be appreciated. Continuing as I am making minimum payments and not having any life is soul destroying.
- - - Updated - - -
I also want to say I understand the committment required for doing your own DMP to begin with dealing with all the creditors, but this isn't a problem for me.
Bit of background on my situation.
I am a gambling addict (although haven't gambled since the end of May) and have racked up debts circa £30k (listed below). Originally I contacted a DMP Service that you paid for. I had arranged them to come to my house for a meeting, but after lots of reading seen I could get a DMP done via a charity for free, so I pursued that. Now after a solid month of reading, I have been going down the road of a DIY DMP, as I feel really educated on the whole idea, and feel it could work for me.
After reading various threads here, it seems this forum sees DMP's much more negatively as the previous one I was on, and would like some thoughts on my situation.
My debts stands as follows:-
| Debts | Total |
| Hitachi | £10,443.45 |
| Barclaycard | £ 5,600.00 |
| Natwest | £ 3,220.00 |
| RBS CC | £ 1,800.00 |
| RBS OD | £ 4,500.00 |
| Onstride | £ 1,000.00 |
| 188 188 | £ 1,100.00 |
| Mr Lender | £ 400.00 |
| Lending Stream | £ 300.00 |
| Friends | £ 2,400.00 |
| Argos | £80 |
| Sunny | £250 |
| Wonga | £ 300.00 |
| Quick Quid | £ 400.00 |
| Total | £31,793.45 |
| Expenditure | Cost |
| Rent | £400.00 |
| Transport | £125.00 |
| Food / Toiletries | £195.00 |
| Telephone / Internet | £15.00 |
| Satelite | £20.00 |
| Medical | £25.00 |
| Work Meals | £30.00 |
| Pets | £30.00 |
| Tobacco | £20.00 |
| Medicine | £10.00 |
| Hairdressing | £12.00 |
| Clothing | £30.00 |
| Sports / Hobbies | £15.00 |
| Total | £927.00 |
| Income | £1,780.00 |
| Surplus | £853.00 |
I was planning sending off the first letters to creditors this week, meaning I would have a full pay packet in my pocket this month, from which I was going to pay off the Sunny, Wonga & Quick Quid Pay Day Loans.
Would a DMP be best suited to my situation? Would I be eligible for a Trust Deed (I am in Scotland) ?
On the other forum a couple of well respected guys have mentioned the dangers of a DMP because of the AP (Arrangement to Pay), where this could be an ADDITIONAL 6 years added to my credit file after the DMP is complete, and this isn't something I want.
They suggested making no payment until I received default notices from my creditors, as at least that way I have a fixed date for this ending fully.
I also want to exagerate my outgoings too, possibly saying my rent is £200 more, as I thought I could use this money per month added to a pot to offer final settlements a year or so down the line.
If anyone can offer any advice it would be appreciated. Continuing as I am making minimum payments and not having any life is soul destroying.
- - - Updated - - -
I also want to say I understand the committment required for doing your own DMP to begin with dealing with all the creditors, but this isn't a problem for me.
to AAD.
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