HELP! Lots of debt! Can I keep my house?

Daisy4478

Thank You meerkat!

sarriep

Hows it going Daisy? We're due to start our DMP on 1st November - I feel much better knowing there's an end to the debt, even if it is about 9 years away!
If I put in my current interest rates and minimum payments to a calculation website, we'd actually NEVER pay back what we owed and our debt was just increasing. We couldn't even afford minimum payments so a DMP was the way forward for us.
Keep posting, this board has been a lifesaver for me!
Sx

Daisy4478

Just a bit of an update - have just made our first payment to Payplan who are dealing with our dmp. We are paying about a twelth of what we were paying in loan payments. Our morgage payments have also dropped over £300 a month since the latest interest rate drops so thats some more money to put towards paying things off. The phone calls and letters havent been half as bad as i imagened they would be. Maybe this is because i kept my creditors informed about how things were going. One bad thing though, if we only continue paying the amount we are at the minute towards our dmp we will not be debt free till 2067!!!!! However, when my youngest starts school in a few years (she is 2 in feb) i will go back to work full time so we will be able to pay more off each month, paying it off sooner. There is light at the end of the tunnel - all of you who despair - dont. There is help out there! :rotfl:

stilletto

Thanks for this Daisy - I've got my DMP paperwork today and was terrified of sending it off! I've been on anti-depressants for a few years, and racked up the debt by not being able to work for quite a time, but its been a real boost to hear someone say there's light at then end of the tunnel - I owe a similar amount, and am also desperate to hold onto my flat - its much cheaper to pay my mortgage than to rent here, and I've been sooo scared of losing the flat!

Daisy4478

Hi Stilletto, thanks for your reply! My main concern was keeping the house - more as stability for he children than anything else. Its not as if theres any equity in it so going bankrupt would proberbly have been the easiest way out. Ive been on anti- depressants myself for almost 2 years and am 1/2 way towards coming off them now. Facing up to your problems is the start of things and people on here have been really great. Things will be fine for you!