Hi
Im 34 in £37k worth of debt to 7 credit cards and 1 loan.
Interest is being added to all debt as I am u able to transfer any of the CC to 0%.
My take home is £3k a month and outgoings look abit like this
450 rent
100 g/e
145 car
200 food
700 nursery
76 phone
47 internet
250 wife
1200 debt repayments
Wife brings in £1300 bit has her own stuff to pay and i give her the £250 to help her get by.
I can longer keep going like this, i am the maine earner and this is everything that i pay out monthly.
Now i cam go the iva route and they suggest £315 a month, same as the DMP.
Iva as we know ends in 5 years, Dmp will roughly be 8/9 years.
I've been looking at both options but the iva is scaring me a little with reading all the horror stories of them failing etc.
At least with the dmp it will be fairly more simple?
I am a complete novice to this and a little embarrest, the debt has accumualted by mutliple lay offs, unpaid sick leave and paternity leave, covid etc.
Any advice would be very grateful.
I know they will both tank my creditscore bit o dont have much of one as it is anyway at the moment.
Im 34 in £37k worth of debt to 7 credit cards and 1 loan.
Interest is being added to all debt as I am u able to transfer any of the CC to 0%.
My take home is £3k a month and outgoings look abit like this
450 rent
100 g/e
145 car
200 food
700 nursery
76 phone
47 internet
250 wife
1200 debt repayments
Wife brings in £1300 bit has her own stuff to pay and i give her the £250 to help her get by.
I can longer keep going like this, i am the maine earner and this is everything that i pay out monthly.
Now i cam go the iva route and they suggest £315 a month, same as the DMP.
Iva as we know ends in 5 years, Dmp will roughly be 8/9 years.
I've been looking at both options but the iva is scaring me a little with reading all the horror stories of them failing etc.
At least with the dmp it will be fairly more simple?
I am a complete novice to this and a little embarrest, the debt has accumualted by mutliple lay offs, unpaid sick leave and paternity leave, covid etc.
Any advice would be very grateful.
I know they will both tank my creditscore bit o dont have much of one as it is anyway at the moment.