In a real mess and think in about doing a DMP

TimeToDoIt

Hello all

I have filled out a questionnaire at stepchange and the advice is I enter a DMP.

I am scared of what is going to happen, but I know I have to do something. I should have taken action a long time ago.

thewhiteavenger

Run with it for now.


Post some more detail if you want a second opinion

TimeToDoIt

What happens if one of my creditors won't accept it?

Historybuff

Hi Time, I'm fairly new around here and am in the fourth month of my DMP. It's really tough coming to the decision, but the best thing you can do is take action now. I really wish I had confronted my financial issues years ago. Talk to Stepchange, they will give you the best advice. Once you take action, the weight will be lifted from your shoulders.
I can only speak for how it has been for me. It was hard steeling myself to talk to the creditors and admit I had a problem, but once they knew I had taken advice from SC they all agreed to stop interest and charges and put me on a payment plan. I think they all tend to go with it once they see all the creditors are being treated fairly.
Good luck!

TimeToDoIt

Hello and thank you for dropping by.

Although I feel scared and am worried about my work feeling better, I have to do something now. This has been going on for ten years with no end in sight so I have to do something.

I wondered, are there any banks / credit card companies that are more or less likely to go with it? Is there a chance that StepChange might notify everyone that I'm in trouble just for them all to say "no" and know that I can't do anything so take action against me?

antonic

Dont panic !

If through Stepchange you can prove that you cant pay the debt at the rate your creditors want you to pay BUT commit to paying them off over a longer timescale, then they will accept.

It makes sense for them to accept payment over a longer timescale, because its cheaper for them !.

Good luck and well done for facing upto your debts.

Historybuff

Talk to Stepchange. Their advisers will tell you everything you need to know and put your mind at rest. They deal with lots of people with debt problems and have probably come across every scenario there is. You are not alone. More people have debt issues than you realise. You are on the start of your debt free journey because you have acknowledged you need to do something about it.
Let us know how you get on, Time. Good luck again! HB

sourcrates

Don't worry about it, creditors are well used to things like this and have set procedures to deal with it, you are not the first, or the only one, to enter a DMP, they may bleat on at first about not accepting your offer, but its "just another move in the dance" eventually they will accept, congrats on doing something about your problem.

TimeToDoIt

Thank you all so much for your kind words

Yes, I think I will call stepchange at lunchtime to talk over my queries

Puzzcat

Hi Time,


Good Luck with your lunchtime call to SC, they are fab. Any more questions feel free to pop over to the dmp mutual support thread, lots of us dmp'ers over there..


Regards
Puzz.

National_Debtline

Hi there,

I just wanted to echo what the other folks have said. We work very closely with Stepchange, they frequently set up debt management plans for our callers. More often than not we find that creditors quickly agree to the freezing of interest and charges when someone enters into a free DMP. Occasionally they'll be a creditor or too that will drag their heels a little - but there are procedures that can be exercised to remind those creditors of their obligations.

I cannot imagine you'll have too many difficulties, but should anything crop up you'll find that Stepchange will get things sorted quickly. You can also come back to us all here on MSE too.

Very best wishes,

David @ National Debtline