Debt Management Plans

National_Debtline

unicorn1984 wrote: »

How much do Stepchange charge per month to put you onto a DMP?

Hello there.

Stepchange provide their DMPs for free. They receive a contribution from the creditors instead. This is known as a 'fair share contribution'. This means that 100% of your money will be used to reduce your debts.

Best wishes,

David @ NDL.

Pinkbug

I sat down and spoke with my otherhalf. He was furious, demanding to know where the money has gone, how selfish I am... feel terrible today. Almost regret telling him. Im scared about the DMP plan, he has told me I have ruined our chances of getting another house in the future.

My loan is due to finish in 2 years, do I try to pay off every myself - CC debt is 8k....) and avoid defaults. Or is it simply not worth it and just take the plunge with StepChange??

National_Debtline

Pinkbug wrote: »

I sat down and spoke with my otherhalf. He was furious, demanding to know where the money has gone, how selfish I am... feel terrible today. Almost regret telling him. Im scared about the DMP plan, he has told me I have ruined our chances of getting another house in the future.

My loan is due to finish in 2 years, do I try to pay off every myself - CC debt is 8k....) and avoid defaults. Or is it simply not worth it and just take the plunge with StepChange??

Hello there.

The very best thing to do is to complete a comprehensive financial statement. It will soon show you whether you are able to meet your contractual monthly instalments or not. If you are unable to then a DMP is likely to be a good option - but reduced payments to creditors are likely to have a bearing on your credit file. Your credit file could be affected for six years.

Best wishes,

David @ NDL.

Pinkbug

Thanks for your advice and support David :-)

tiger_eyes

Pinkbug wrote: »

I sat down and spoke with my otherhalf. He was furious, demanding to know where the money has gone, how selfish I am... feel terrible today. Almost regret telling him. Im scared about the DMP plan, he has told me I have ruined our chances of getting another house in the future.

So sorry, Pinkbug. Please don't worry. I'm sure this news was a big shock to your partner and he just needs some time to calm down. I hope you feel better for having told him even if he's not taking it well right now - at least it's not a secret any more. Give him time. You're doing the right thing even if it hurts right now.

Growurown

Hi Pinkbug, sorry to hear other half didn't take things too well, but I am sure after the initial shock and he's had time to think about things everything will calm down.

If a DMP is the right solution for you then I recommend Step Change. We owed £48,000 on credit cards and loans, plus we had a car on HP. We've paid off half and have another two years at least to go, but at least we are in control now and can sleep at night without worrying too much.

You can do a DMP in your name only and then he won't have any black marks against his credit rating.

As Puzz said the DMP Mutual Support thread is a mine of information, help and encouragement. We are all in the same boat so no one will think badly of you there, even though you might be beating yourself up.

Thrugelmir

Pinkbug wrote: »

I sat down and spoke with my otherhalf. He was furious, demanding to know where the money has gone, how selfish I am... feel terrible today. Almost regret telling him. Im scared about the DMP plan, he has told me I have ruined our chances of getting another house in the future.

Talking about something is the first of many steps. Remain positive , honest and most of all be open. Yes, it will delay your next house move. That's unavoidable. We all make mistakes throughout our lives. The winners are the people that learn from the experience.

Ellieseleven

Just wanted to reiterate what others have said. We owed in excess of 45k three years ago and are on a DMP with Stepchange. Although our credit rating is trashed, we feel that this move was a positive step (although it didn't feel like that at the time) and we will be debt free in approx 3 years whereas before we were struggling to pay the minimums and would have continued this way until they buried us!

I'm sure that your OH will calm down once the shock has worn off and realise that you are now trying to address the problem.

Take Care and Good Luck

Ellie xx