DMP advise

cobalt59

Recently got asked into my bank, Natwest. Very nice lady who tried to work out my finances. She could not help to refinance but did advise DMP, which surprised me. Just a couple of questions, 1, can I enter this on my own as my wife is dead against it and 2, should I get out of Natwest as I have 5k OD and 8.8k CC with them.Not putting SOA on , have done that with CCCS and they advise DMP. I am 40k total debt excluding mortgage.

Superbiatch

Is the debt all in your name with no joint accounts?

You will need to change your bank account if your wages go into your natwest as soon as possible, preferably before you inform them you are struggling to keep up repayments otherwise they will take whatever is left in the account. Look for a bank which isn't linked to Natwest and turn down any offer of an overdraft as its too easy to start getting in more debt and if your current debtors find out they won't be happy.

All the letters and SOA templates are available online at National Debtline if you feel up to self managing your DMP yourself - I have, and found it to help me feel in control of my finances again

Good luck, SB

dancingfairy

Why is your wife dead against it and does she have a better suggestion?
df

cobalt59

All debts in my name only. My wife just thinks its not the right way to go.

Superbiatch

It really should be something you can both agree on as even though its all in your name, your credit file will be affected for the next 6 years once you default on your agreements - thinking about mortgages etc.

There is no shame involved, if anything its taking control of your finances which have probably been controlling you for a while if you're anything like the rest of us

dancingfairy

Well there is much to be said to cutting back and paying it off by sheer will power but sometimes you need a new approach - it depends how far you can get by prioritising payments etc but hopefully a dmp willl mean your creditors freeze interest and charges for you so you can actually make a dent in the debt.
Good Luck
df

Tixy

When you check your credit files are you classed as associated with your wife? If you are then you being on a DMP will affect her ability to get credit etc. Whilst that doesn't mean you cannot go ahead and do a DMP.

Are you homeowners?

Realistically if you do a DMP and your wife is dead against it you are likely to run into a lot of issues and arguments between you because the amount you can contribute to the house will change and will not be under your control.
Has wife seen your statement of affairs? How does she propose you go about clearing your debts?

eyeopener2

As the others have said, you need bring your wife onboard this.

I have found that as i'm on a DMP, but my wife isn't, she supports me 100% and keeps me on the straight and narrow. Helps me budget, picks me up when I feel down and just generally is ace about it all.

You need to show her the plan, the time scale, you need to show humility and that you have changed your attitude to money. If you can show the DMP as a positive thing then she should (may) jump on the good ship DMP. It's a rocky old ride and you need support from those closest to you.

E2

cobalt59

The thing is everything is in my name. Mortgage debts the lot. Although I must say we have spent the money together. There will come day when she inherits quite a lot of money and thats what shes hanging on fo, and will pay off all debtr. We both want to pay off what we(I) owe, but things are closing in. I have not defaulted on any payment but feel it is only a matter of time. Really worried about mortgage rates going up.