I am in a position whereby I am about to arrange either a trust deed or DAS. I haven't signed anything as yet.
My circumstances are now about to change in that our empty house has finally sold
so once this exchanges, not only will i be better off financially as I will have no mortgage and insurances to pay
(was paying rent and mortgage which meant we couldn't meet credit card payments), I
will also be able to pay a good chunk off my debt.
I don't know what the best option is as once the house completes,
I can pay way more than the minimum payments are and finally get things paid off.
At the moment for the next few months i still have mortgage to pay for and can't afford minimum payments.
Can you enter a DMP for say 4 months? Or is it worth just contacting my creditors to explain the situation
and see if they will allow lower payments until the house exchanges?
Just trying to decide what the best option is with the least damage to my credit score.
I have only just cancelled direct debits for minimum payments and am late with one payment so far.
I can afford to make some payment towards the minimum payments but not full.