Stressed out re DMP

Philip624

I am so stressed out I thought having read everything on here that stepchange might be the answer. All of my credit card debts/overdrafts are in my name except for 1300 overdraft with Nationwide which is a joint account with my wife. I also have 60000 on a creditcard with Nationwide.

This means I would have to include Nationwide in the DMP but as the overdraft is a joint account theres no way I can do it now as I cannot tell my partner all of this. I know that as Nationwide would be a creditor the advice is that I must close that account or not use it because they could take money paid in for bills off the overdraft or credit card but do they always do this?

Not sure what way to turn now so worried

Larac

I had a joint account and a sole credit card in my name from the same bank. In my case I had forgot to include the joint account in my figures for the DMP (unbelievable I know but was in a bit of mess at the time).

I paid the overdraft off separately on the joint account and cleared it. I did setup a separate bank account where my salary was paid and transferred money to the old account and paid it off that way

If you do opt for a DMP it would be best to tell your partner as you do have to be on a fixed budget and it will mean life style changes and once out in the open you can work together to resolve.

Best of luck

Mrs_Cheshire

You need to speak to your wife about it as entering a DMP will have an impact on your credit rating and that affects the 2 of you!

seanavfc92

Philip624 wrote: »

I know that as Nationwide would be a creditor the advice is that I must close that account or not use it because they could take money paid in for bills off the overdraft or credit card but do they always do this?

Not sure what way to turn now so worried

In answer to the "do they always do this?" - not always, but would you want to risk it happening? Like you say, that money is for household bills which you NEED.

If it is an account that your wife actively uses, you may need to make her aware, because the overdraft will be frozen once the plan is active.

It would need to be on the plan, because if the creditors do a credit check and see that the overdraft hasn't been included, they'll be more inclined to reject the proposal.

eyeopener2

You have to tell her, she will find out anyway.

I did the same, tried to hide the debt and the roof caved in. Everything is fine now but you have to tell her.

She can set up her own bank account as well BEFORE you set up the DMP and close your joint account.

Do it, it's for the best and there will be no more lies or deceit.