DMP & Mutual Support Thread - Part 8

houseiseverything

I would love any advice on being financially linked too.

I'm going to have a rant now, hope you don't mind...

In the space of 2 weeks I have gone from feeling fairly secure financially, with no debts, small savings, a pension and a perfect credit rating to facing living on £100 a week whilst working my a**e of in a very demanding job all because my partner ran up £48k of debts, without telling me, trying to keep his business afloat. I now have no choice but to pay off his debts for him, as if I don't we would lose the house. I also lent him the inheritence I got when my mum died to keep his business going- that is now gone because the business is being wound up. The small amount of savings I had- intended to be a buffer for a rainy day- I have had to pay to the Insolvency Practitioner. So I am left with nothing. The amount of money he put into the business would have paid off our mortgage, and instead it is £130k down the toilet. I feel so angry and betrayed, but all I have left is my house and garden that I have put my soul into and I am determind not to lose that as well.(sorry, that's my rant)
A DMP seemed to be the only answer, and actually I have been able to eat and sleep since I discovered it was an option. But when I saw the paperwork in our joint names I just felt sick. Our mortgage in with Santander, it's gone up by £100 a month due to their rate rise. We are tied in until March, but I was going to remortgage in my name only- we are never going to be able to do that now if I am on a DMP!

Hopelessly_Hopeful

houseiseverything wrote: »

I would love any advice on being financially linked too.

I'm going to have a rant now, hope you don't mind...

In the space of 2 weeks I have gone from feeling fairly secure financially, with no debts, small savings, a pension and a perfect credit rating to facing living on £100 a week whilst working my a**e of in a very demanding job all because my partner ran up £48k of debts, without telling me, trying to keep his business afloat. I now have no choice but to pay off his debts for him, as if I don't we would lose the house. I also lent him the inheritence I got when my mum died to keep his business going- that is now gone because the business is being wound up. The small amount of savings I had- intended to be a buffer for a rainy day- I have had to pay to the Insolvency Practitioner. So I am left with nothing. The amount of money he put into the business would have paid off our mortgage, and instead it is £130k down the toilet. I feel so angry and betrayed, but all I have left is my house and garden that I have put my soul into and I am determind not to lose that as well.(sorry, that's my rant)
A DMP seemed to be the only answer, and actually I have been able to eat and sleep since I discovered it was an option. But when I saw the paperwork in our joint names I just felt sick. Our mortgage in with Santander, it's gone up by £100 a month due to their rate rise. We are tied in until March, but I was going to remortgage in my name only- we are never going to be able to do that now if I am on a DMP!

Sorry to hear about your situation. It can take a lot of adjusting to. Many couples here say they have become stronger through facing the issue together. I hope you find yourself in that situation too.

When I have a down day about DMP I remind myself about the alternatives, soon brings me up, at least this way there will be light at the end of the tunnel

HHx

HHx

grant1wish

Hi all,

Just had my first phone call regarding payments from the COOP. It was automated asking for payment immediately, but I held on the line and eventually spoke to someone. They have yet to receive my CCCS letter or any contact direct from CCCS. He has suspended my account for two weeks which should give enough time for the letter to arrive.

Also, my bank are going to charge me £207 in charges and interest on the 30th October. I will not have any funds in the bank due to opening a new one to avoid off setting. I am ringing them shortly to ask for charge to be dropped as I am clearly in a position of financial difficulty and these charges will take me beyond the overdraft and incur more charges etc....

Tough times, the feelings of relief have completely gone and am still sick with worry about what the postman may deliver or who may come knocking.

Finally, the wife is still asking me all sorts of questions that I just cannot answer, and quite understandably does not believe a word I say.

G1W

antonic

You cant give them what you havent got.

All that will happen is the £207 will be added to whatever you owe them now.

When I started my DMP I got daily phonecalls from HBOS and just told them I was starting a DMP with Payplan, and any questions they speak to Payplan.

After awhile, because I was paying, the calls ended.

Reassure your wife that this is the best (and only course of action open to you) and if Co-op want to charge, let them charge.

Growurown

houseiseverything wrote: »

I would love any advice on being financially linked too.

I'm going to have a rant now, hope you don't mind...

In the space of 2 weeks I have gone from feeling fairly secure financially, with no debts, small savings, a pension and a perfect credit rating to facing living on £100 a week whilst working my a**e of in a very demanding job all because my partner ran up £48k of debts, without telling me, trying to keep his business afloat. I now have no choice but to pay off his debts for him, as if I don't we would lose the house. I also lent him the inheritence I got when my mum died to keep his business going- that is now gone because the business is being wound up. The small amount of savings I had- intended to be a buffer for a rainy day- I have had to pay to the Insolvency Practitioner. So I am left with nothing. The amount of money he put into the business would have paid off our mortgage, and instead it is £130k down the toilet. I feel so angry and betrayed, but all I have left is my house and garden that I have put my soul into and I am determind not to lose that as well.(sorry, that's my rant)
A DMP seemed to be the only answer, and actually I have been able to eat and sleep since I discovered it was an option. But when I saw the paperwork in our joint names I just felt sick. Our mortgage in with Santander, it's gone up by £100 a month due to their rate rise. We are tied in until March, but I was going to remortgage in my name only- we are never going to be able to do that now if I am on a DMP!

Hi HIE - You must be as mad as hell with your partner. I can't offer much advice regarding your mortgage, but our DMP has been a life saver and it's not nearly as scarey as everyone thinks it is when starting out. I hope you and your partner can get through this bad time and have a good future together.

grant1wish wrote: »

Hi all,

Just had my first phone call regarding payments from the COOP. It was automated asking for payment immediately, but I held on the line and eventually spoke to someone. They have yet to receive my CCCS letter or any contact direct from CCCS. He has suspended my account for two weeks which should give enough time for the letter to arrive.

Also, my bank are going to charge me £207 in charges and interest on the 30th October. I will not have any funds in the bank due to opening a new one to avoid off setting. I am ringing them shortly to ask for charge to be dropped as I am clearly in a position of financial difficulty and these charges will take me beyond the overdraft and incur more charges etc....

Tough times, the feelings of relief have completely gone and am still sick with worry about what the postman may deliver or who may come knocking.

Finally, the wife is still asking me all sorts of questions that I just cannot answer, and quite understandably does not believe a word I say.

G1W

Hi G1W. As antonic says this fee (if they refuse to drop it) just gets added to the debt. Early days yet mate and you will see your debt rise at first but when the DMP really kicks in it will stop and then you will start to see things going down. Perhaps you could post some of your wife's questions to see if we can help?

grant1wish

Thanks both,

Her questions are really ranging from will we lose the house? or will we get baliffs etc... What if debts are sold on? What if interest is never reduced or stopped?

My concern is that the fee will take me over my Overdraft limit, which will then get bounced and then create more charges, and then this will just keep going and going.

Will ring them now and see what they say.

Thanks

G1W

antonic

I rent, so I cant comment if you will lose your property.

But what I can tell you is if you make payments as agreed as part of your DMP, then any creditor who tries to take action will get nowhere BECAUSE you are dealing with your debts.

If they start being awkward refer them back to your DMP provider.

The most important thing is to keep in contact with your DMP provider as something drastic might happen like you need a new car.

If your going to run into problems take the adult approach by dealing with them DO NOT default on payments and expect it to keep running, you do that and it will be terminated.

I am now getting to the end of my 7 yr DMP by doing the above and apart from HBOS charging interest, I have had no problems.

Thanks

Payplan !

nfollows1982

Hi all,

Had some great news yesterday that Natwest have finally agreed to my DMP and have frozen interest and charges on my 3 accounts.

Most notable is the loan which at £18k was by far and away my biggest problem especially charging me £180 a month in interest. It's taken 3 months to get this sorted and a lot of chasing on my part but it's been well worth it.

Natwest have many depts dealing with debt, none of them talk to each other so if anyone else is having problems dealing with them I recommend sending the same letter to each department so there is no confusion!

grant1wish

Just spoke to HSBC. They won't stop the charges for the end of the month. Can't wait to stop dealing with them.

Growurown

grant1wish wrote: »

Thanks both,

Her questions are really ranging from will we lose the house? or will we get baliffs etc... What if debts are sold on? What if interest is never reduced or stopped?

As long as you keep up the payments on your DMP and keep your creditors informed of any changes the first two won't happen. Our debts sold on haven't made any difference, we pay the same but just to a different company. Interest is a bit more tricky as this depends on the size of the debt and how much you can afford to pay. Most of our interest has stopped though.