Debt change help

MilgramsMate

Hi all,


My wife has an agreement with DebtChange on several Credit Card debts totalling £22,000. This has reduced her monthly payments by 75% which has helped us greatly. We've recently had a beautiful new arrival, and the costs have mounted. Would anyone know what reduction in the monthly debt payment can be achieved (if any)? She's tried to carry on paying the pre baby amount, but now's finding it impossible to continue.


Kind regards


Milgram

MilgramsMate

Can anyone help?

DCFC79

I suggest you or your wife even calls debtchange and ask them.

Do you mean Stepchange ?

Tixy

Hi

Assuming this is a debt management plan not an IVA - the answer will be different if she is in an IVA.

With any DMP it is usual to periodically review your income & expenditure and if either have changed to increase/reduce your debt repayments.

Most DMP providers ask you to do this at least every 6months, but that said you can contact them at any time.

That said is she aware that there are other DMP providers / charity organisations that will run her DMP for her for free. Which would mean all of what she is paying each month is going towards her debts rather than some going towards fees for the DMP provider.
If she needs to review her payments then now would be an ideal time to switch.

Link to alternatives IMPORTANT - Where to seek professional impartial advice about your debts.

MilgramsMate

Lovely, thanks folks. It is Stepchange and she isn't under an IVA. I was just wondering what a typical reduction would be so we have a ballpark figure to aim for

Tixy

They'd reassess all her income & expenditure.

So if her income remained the same but her expenses had gone up by say £80 a month then her debt repayments would go down by £80 a month.

Overall she shouldn't end up any worse off on a monthly basis than before baby was born.

Congrats on baby by the way!

MilgramsMate

Thanks Tixy, very much appreciated. We'll give them a call as soon as we can.