Feeling scared

Madison91

Hi DFW's, I'm feeling rather scared and not sure where to turn. I have been reading alot of other threads and am now feeling scared. I have been in the process of setting up a dmp with either stepchange or payplan and had been feeling like it was gonna be a glimpse of light at the end of the tunnel (in about 5 years). However I have been reading threads about dmp's and where creditors have been sent charging orders for court etc. I'm now feeling really frightened incase that happens if I enter a dmp. Is there any other dfw's out there who are on successful dmp's with no problems encountered. I currently have just under £30,000 spread over 9 different credit and store cards. It has been suggested from one of the debt charity companys that I pay back £470 each month rather than the £860 I am currently paying. One of my creditors is nationwide who I owe £10,000, it always seems to be nationwide that I'm reading the horror stories about. Are they like this with everyone? Is there anyone who has had a smooth ride with them reqarding a dmp? I,m feeling so ill and desperate I haven't been able to tell anyone about my debt problems. I know if I enter a dmp it will be difficult to keep it hid from my husband especially if I start getting creditors contacting me. I feel so embarrsed and ashamed, everyday i feel worse i,m no longer able to eat or sleep properly and am feeling very sucidal, I just want away from all these problems and feeling of hopelessness.

Willowpop

Hi Madison!
Firstly well done for posting on here...I found making the first post really hard, and then it gets easier as the help from people on hereslowly unravels the issues that are concerning you.
I am certainly not the best person to advise as an quite new to the dfw journey, but more knowledgeable people will pop by soon, I am sure.
I know a good starting point is to post your SOA. ...I can't link but if you look in pretty much all of the other threads there will be a link to it. It gives everyone a good indication of where you can best direct your money.
Pleaseddon't let this get on top of you, there isn't a debt problem in the world that can't be sorted out. *hugs*.

Suseka

Hello Madison,

It's natural to feel anxious at the start of these plans, I certainly did and lost quite a few nights sleep. But almost 10 months in I have to say it was the best thing I've done. I no longer dread the letters and phone calls -in fact I've not had any calls from my creditors since the dmp started.

I have no experience with Nationwide -so cannot help you with that and yes, I too have read lots of horror stories about charging orders and the like. There's a dedicated thread about the myths of charging orders -so perhaps take a little time to read through that.

You haven't said if you have started the ball rolling with SC or Payplan -and if not, then it's worth having a chat with one of them and they will be able to settle your worries.

You also mention that you've not spoken to your OH about this -and I strongly encourage you to do so. It won't be an easy discussion, but it really is necessary for you both to support each other through this. We are in our DMP because my OH could not continue to service his debts due to various pay cuts and loss of overtime etc. I didn't realise how bad it had got until one day I inadvertently opened a letter to find out that was seriously o/d with his bank and when I questioned him.. the floodgates opened. I was shocked and angry at first -but together we are working our way through this. I'm sure you can too

Puzzcat

Hi Madison,


Maybe pop over to the dmp mutual support thread, make yourself a cuppa and start reading.. I don't think you'll find many posts from people who wish they hadn't started a dmp !!!


You could always post the question about nationwide on the thread as I'm sure some people must have them as creditors, unfortunately or fortunately i'm not one of them...


Puzz.

National_Debtline

Hi Madison

The Charging Order (CO) thread Suseka refers to is this one:

https://forums.moneysavingexpert.com/discussion/1839539

but it's a very long read so maybe best if I sum up some of the key things to know:

- Any of your creditors - not just Nationwide - could in theory go to court and seek COs. However this is no more likely just because you set up a free DMP with either Stepchange or Payplan. If anything it might reduce the possibility. Creditors will know that payment plans set up through these organisations are generally reliable, so they don't need to do so much chasing.

- It seems these debts are in your sole name, correct? And can I assume that the home is mortgaged in joint names? If so, any CO a creditor gets will simply be a restriction recorded with the Land Registry. It will not become a legal charge in the same sense that your mortgage is.

- When/if a creditor obtains a CO, it's unlikely that anything will change as far as any existing payment plan is concerned. If you were paying £50 a month beforehand, you would continue to do so assuming there were no changes in your household budget.

- Remember also that for most credit debts, any court action will result in interest and further charges on the debt being frozen definitively.

Regards

Dennis
@natdebtline