Any help appreciated :)

heart2014

Hello everyone

I have just joined this forum today so please bear with me! I'm 26 and have got just under £13k of debt. There is no excuse for it - I've been stupid and have never understood the value of money. I had my lightbulb moment about a month ago where I just thought...what are you doing???? I feel like it was a huge turning point but I know i still have a long way to go.

I have quite a good job with an insurance company and a 3 year old son; I'm a single parent and I rent a house. My debts are two loans with halifax; a barclaycard credit card and a next account. I have signed up to do a dmp with step change and the first payment will be taken on the 10th may. It has started as a low payment of £50 a month but I am confident this will improve due to bill reduction and going full time at work when my son starts school next year.

So my first question for you all is...in your experience; how likely are the above creditors to accept my dmp? I literally cannot stop worrying about it and just want a chance to pay this back. I am committed to doing it but I'd be lying if I said I wasn't daunted by the time it will take me. I feel like I've let my son down and keep having really low moments; interspersed with positive periods where I know I can get through this.

I keep thinking of the absolute worst case scenario...I.e. My creditors forcing me bankrupt; and it causing me to lose my job and my house. This is my second question...how likely are creditors to do this? And if absolute worst case scenario they did; can my employer sack me?

And my last question...if creditors are getting a regular dmp payment how likely are they to go for a ccj?

Gosh I wish I could turn back time and do things differently! I really would appreciate any help or guidance you can give me.

Thanks

Murphy2011

Didn't want to read and run so welcome and yes, you are definitely doing the right thing!

Re the £50 per month if that is all that SC have calculated that you have then that is all your creditors can have. Wiser people than I will come along and help re the bankruptcy but to be honest I would think it extremely unlikely as you are making sensible efforts to repay your debt.

I work in financial services and I have informed my employer about our DMP. They said that if I had a CCJ or was made bankrupt that I might have to move departments but that my job would still be secure so I guess apart from that it would depend on your employer.

I would say your best bet is to call SC again tomorrow and have a chat through, they fully understand that we forget to ask lots of questions just because of the sheer relief that we have help and not trying to deal with it on our own anymore.

You will be fine, keep us up to date with how you are getting on!

solvencyseeker

I'm no expert but it sounds like you have done exactly the right thing. Well done for facing up to the issue and taking positive steps to resolve it.

Very best wishes.

bambos

Welcome heart2014

Firstly congratulations on your lightbulb moment. :T

It's a huge step when you first start to move towards a debt free life and the mix of emotions is turbulent at best as the thought of the debt is scary but at the same time you're feeling excited about being debt free and in control.

Personally I cannot offer much advice on SC as I haven't used them but the reviews on here are good. I would say that if £50 pm is all you can afford they would rather that than nothing and you can't give them what you don't have so I'm sure they will accept it.

I also don't think your employer has a say in relation to your financial issues but don't quote me on that.

I think you've really made a huge achievement for you and your son by trying to secure your future financially.

Don't give yourself a tough time as there are plenty of people on here to support you in your journey.

Sorry I couldn't be more helpful.

Granariesgirl

Good luck heart2014!
Read the debt free diaries for inspiration is my advice.

dancingfairy

I think the chances are nearly 100% that your creditors will accept your dmp. Some will accept without question, some will accept for 6 months, some will take months to freeze interest/accept your dmp, some will never formally accept, most will threaten court and a few may even take you to court. IF it goes that far then a judge will make an order for you to repay a reasonable amount based on what you can afford so, pretty much in the end your creditors will get what you can afford.
In terms of making you bankrupt, well there are people on the bankruptcy board who can't afford to go bankrupt as it's too expensive who are desperate for a creditor to make them bankrupt but unless you have a house with a lot of equity in it what would be the point? Your creditors would be throwing good money (and time and effort) after bad. They will huff and puff and threaten bankruptcy but it really is more likely you'd win the lottery then get made bankrupt (in my experience). If you owe money to an individial or small firm then they may make you bankrupt. HMRC can (and will make people bankrupt) but 99.9% of companies won't.
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heart2014

Thank you all for taking the time to respond to me; your messages are very reassuring and it is nice to know there is a whole forum of people going through similar things! It will be a tough time ahead but I am going to power through as best I can.

I was reading on a thread that halifax can be one of the worst creditors to deal with which worries me slightly as they're my biggest one; but I'll just have to take it a day at a time.

Thanks again