Financial decrease to DMP worried

Differentview_2

Happy new year.

New to this, recently changed jobs and had to decrease my hours as my old job is very stressful currently on a debt management plan with step change because my salary has changed I'm now on £800 a month with fixed outgoings of 600 per month I currently pay £132 each month to step change 12 creditors including payday loans. I would like to decrease £100 but I'm worried that that stepchange saying no as my creditors wont accept this and I don't know what to do.
Has anybody ever done the same?

seanavfc92

Differentview wrote: »

Happy new year.

New to this, recently changed jobs and had to decrease my hours as my old job is very stressful currently on a debt management plan with step change because my salary has changed I'm now on £800 a month with fixed outgoings of 600 per month I currently pay £132 each month to step change 12 creditors including payday loans. I would like to decrease £100 but I'm worried that that stepchange saying no as my creditors wont accept this and I don't know what to do.
Has anybody ever done the same?

StepChange will change your budget for you, there is nothing to worry about in that respect. They'll adjust the budget to reflect your wage change.

How much was your income in your old job?

Monkeyballs

Hi DV,

Yup, just tell them about your change of circumstances and they'll go through a budget with you and send new offers to your creditors.

I understand it's quite common for this to happen...

If I recall you can start a review online if you log into your account actually...

MB

chillpill

I'm on a DMP with stepchange, too. Although l've not yet had to reduce my repayments, I know this won't be a problem for you. Why? because repaying your creditors is all about ability to pay. You can't give them what you haven't got! I'm sure Stepchange will tell you exactly the same as me. Your creditors should be willing accept a reduced repayment amount, if that's all you can afford. Assuming that some of your creditors decided not to accept your lower repayments (which is extremely unlikely, anyway), they would have to persue you through the courts. Your creditors know that if they took legal action, all the court would do is assess your income and expenditure and work out how much you can afford to repay the creditors, something Stepchange will be about to do with you in order to calculate your revised reduced payment amount anyway. Therefore, your creditors are unlikely to achieve a higher repayment amount by taking legal action against you. Also, creditors have a legal obligation to be reasonable in their dealings with you, so a court may also take a dim view towards any creditor taking legal action against you if your repayment offer is reasonable (which is what Stepchange will help you to do by assessing your income/expenditure with you!). So don't panic, contact Stepchange and I'm sure they'll help you. Good luck 😀