what should I do???????

scaredstiff

Hi just firstly wanted to say that this forum has got me through the past couple of very tough months. I finally picked up the phone yesterday and spoke to payplan about my 50000 debt. They have basically said they can help me with a dmp but after reading things on here I am now very worried. Firstly I owe 25000 to the halifax consisting of 2 joint loans and a loan in my name on top of this there is a further 25000 owing to various credit cards. As my mortgage is with the halifax and they are my biggest creditors a, would they agree to a dmp and b, would they make me sell my house as I have 50000 worth of equity in it. I have already tried to remortgage but cant because of the amount of debt I have. I have also read thing about citi with whom I have a loan and credit card with. Please could someone offer some advice as yesterday I was feeling quite positive but today I have been very down.
Thanks in advance x x x

RAS

Hi

Are the loans secured? And is the house in your name or both?

milliemonster

Hiya and welcome, please don't worry about your mortgage, this is completely separate to your loan accounts (as long as they are not secured) and they can't force you to sell your home, take Payplans advice hun, they know what they are talking about

poorandindenial

Hi scaredstiff :wave:

Sorry you are feeling so rubbish, I haven't got anything practical to say I am afraid but I am sure that if Payplan believe that a DMP is a goer for you then you should be fine.

You could pop onto the DMP mutual support thread (currently a bit further down on this page) and see if the lovely people on there have experienced the same problem. Also give Payplan another bell and see what they say about their experiences where people have a loan and mortgage with the same company and are on a DMP although I really am sure that everything will work out OK as long as you keep up with the DMP.

I hope you start to feel better soon

scaredstiff

Thank you so much the loans are not secured and the mortgage is in my name only. That is really my biggest fear having to sell my house. I have been going through severe guilt feeling that I have let my children down and every time I look at them my heart breaks. I hope that I can share this journey with you all as there are so many amazing people on this forum . x

RAS

Whatever you are gong to do, I would suggest that you get yourself another bank account, even a basic one and start moving your salary and DDS across. You do not want anything going into an account with them, as they would be allowed to off-set this against your debts.

poorandindenial

scaredstiff wrote: »

Thank you so much the loans are not secured and the mortgage is in my name only. That is really my biggest fear having to sell my house. I have been going through severe guilt feeling that I have let my children down and every time I look at them my heart breaks. I hope that I can share this journey with you all as there are so many amazing people on this forum . x

you really haven't let your kids down, you are taking control of your debts and that will mean that you and your family have a much more secure future. Look at this way, you wouldn't be beating yourself up if you didn't love them; how much more do they really need than that (and the odd meal thrust their way??)