DMP Without partner knowing??...

sickasachip13

Hi,

You will get defaults - the creditors are going to punish you somehow for not paying your contractual payments! But many creditors stop all % charges which enables you to get on top of things. BTW, I did a short blog about going on a DMP - the info to google it is in my sig.

SAAC

Grumpelstiltskin

Bert does your joint current account have an overdraft facility?

If so I think you wil find you have to take yourself off the account and open a basic account in your own name.

If you are in the overdraft I think you will find the bank won't remove you until you are in credit.

Check all of these things first.

cottonhead

I made an arrangement with Payplan which didnt include my husbands finances ( although we were not married at the time ) as I had spent the money that caused the trouble before we met I really didnt want to include him in it out of principle it seemed very unfair to me. We lived together and were on a rental agreement together and had a joint bank account but they still accepted it in my name only. Perhaps if you went for an official IVA they would have to take it into account but I went for an casual arrangement.

immoral_angeluk

I know you can with CCCS, but can't speak for the other DMP providers.

eyeopener2

You can do this, i'm in one my wife isn't but she knows everything and after hiding the debts for so long I wouldn't have it any other way.

What will happen when your husband finds out? Because he will, they always do.

What happens when the phone calls start at the beginning of the DMP and you are deluged with letters? How do you cope with that.

Personally i'd tell him, keep things seperate but be totally honest.

Easier in the long run.

E2

RAS

bert

1. If you have any joint accounts (or mortgages), as soon as you default, you will wreck your husbands credit rating as well as your own.

2. We have also seen creditors refuse to close and raid a joint account to pay debts owned in the sole name of one party.

You really do need to tell him and break all financial ties before you take on a DMP.

bert666

Thankyou all so much for taking the time to reply! I think what I need to do is point out to the hubby just how bad how debts are and make him realise that although we're in this together it's me that is having the sleepless nights and the indigestion!!

The DMP was never about the hubby not knowing per se, it was more about him not being dragged down (!) with me!! If he can manage his portion of the debt with his wages then that is fab (I feel like I should point out that we share everything and he has never ever made an issue of him being the 'breadwinner' whilst I'm going back to uni!! ) But I just feel like it would be a weight off my shoulders to be pro-active and look at all my options before having to involve him in anything!

Can I just check something quickly with you guys though please? A DMP DOES affect your credit rating then yes? So, would a better option be to see if we can get one huge loan to take care of everything, thus, giving us just the one payment every month??

bert666

Thankyou all so much for taking the time to reply! I think what I need to do is point out to the hubby just how bad how debts are and make him realise that although we're in this together it's me that is having the sleepless nights and the indigestion!!

The DMP was never about the hubby not knowing per se, it was more about him not being dragged down (!) with me!! If he can manage his portion of the debt with his wages then that is fab (I feel like I should point out that we share everything and he has never ever made an issue of him being the 'breadwinner' whilst I'm going back to uni!! ) But I just feel like it would be a weight off my shoulders to be pro-active and look at all my options before having to involve him in anything!

Can I just check something quickly with you guys though please? A DMP DOES affect your credit rating then yes? So, would a better option be to see if we can get one huge loan to take care of everything, thus, giving us just the one payment every month??

Primavera_2

bert666 wrote: »

Thankyou all so much for taking the time to reply! I think what I need to do is point out to the hubby just how bad how debts are and make him realise that although we're in this together it's me that is having the sleepless nights and the indigestion!!

The DMP was never about the hubby not knowing per se, it was more about him not being dragged down (!) with me!! If he can manage his portion of the debt with his wages then that is fab (I feel like I should point out that we share everything and he has never ever made an issue of him being the 'breadwinner' whilst I'm going back to uni!! ) But I just feel like it would be a weight off my shoulders to be pro-active and look at all my options before having to involve him in anything!

Can I just check something quickly with you guys though please? A DMP DOES affect your credit rating then yes? So, would a better option be to see if we can get one huge loan to take care of everything, thus, giving us just the one payment every month??

I think that entering a DMP will almost certainly affect your credit rating I'm afraid.

Are any of these debts linked with your current account? I'm sure that you mentioned earlier that you had a joint account with your husband. If either of these factors are the case, and wages, student loan etc gets paid into this account be very careful before entering a DMP. I got stung a couple of years ago by my bank when I first entered a DMP. It took a while for the plan to be put into action, so I received countless phone calls and letters from my creditors demanding money. One of my credit cards was linked with the bank I hold my current account with, big mistake! (my own fault entirely) Once my wages went into my account that month, my bank froze the current account so that I could not withdraw any money. It turned out that it was due to the arrears on the credit card :eek: I had to then clear the arrears before I could access my bank account.

If your current account is linked with any of the credit that you are going to list on your DMP, I would strongly advise that you open a new basic bank account with another bank. Hope this helps

Grumpelstiltskin

Bert don't even think about trying to get a loan. If and it is a big if you are offered a genuine loan ( not one of these 'pay us a fee and we will get you a loan' companies) the interest rate will probably be sky high, oh and don't ever consider a secured loan against your house.

It just doesn't work.

The only way if you want to avoid a bad credit rating is to pay everything in full every month.

You say you can't do that so you either take steps to up your income and/or reduce your outgoings or you consider a DMP.

What ever you do you do need your husband fully onboard with you.