Do i go with DMP-Payplan?

[Mrs-H-2012]

Hi everyone,

 

Basically between me & my husband we have £18,000 of debt.

 

£6,000 - Santander (Car HP)

£5,990 - Lloyds TSB (Overdrafts)

£1,700 - Top up for Car HP finance

£2,000 - Hitachi capital (CSL sofa)

£1,700 - ISME catalogue

£700 - Next directory

 

This is around £1,000 per month, NOT paying off the overdrafts, just interest! Hubby earns £1200 a month and i am unemployed due to a terminal illness. We have 2 children. Monthly income is £1600. So once petrol and food/baby items have been paid for, we're left with nothing. I have looked into a payplan DMP, and have been offered it at £330 a month, then £240 for car HP as they can not take that on. I have read that they often can't stop interest and that gets added on at the end of the plan, meaning we'd need to pay for a long longer. Does anyone have any advice for us, should we be taking this path? Or are there other options?

[Bazooka Boo]

How old are all these accounts?

[Mrs-H-2012]

Santander - 9 months (was a 34 month HP)

Llloyds - we have been banking with them for 7+ years, but overdraft 1 year

Top up car finance (with creation) - again, 9 months

Hitachi capital - 7 months (Was 30 months to begin with)

Isme - 4 years

Next - 3 years

[Mrs-H-2012]

We have only had the odd missed payment on all accounts, no court letters etc

[dx100uk]

if you must go with a DMP dont use a fee paying one

 

CCCS [step change] or payplan.

 

however

 

i know you are saying you've no late fees etc

 

but most catalogue debts are littered with them.

 

you say the car finance has a 'top up'

 

do you mean you've refinanced with the same company?

 

if you have ever refinanced i hope you've not had PPI anywhere.

 

dx