DMP & Mutual Support Thread - Part 10

Puzzcat

lastdayofseptember wrote: »

and just to check - if we have a joint account, even though that account is not in any arrears, will my credit rating then affect my Husbands? Everything else is in my name, all debts.

Unfortunately yes as you will be financially associated on both your credit reports. But to what level it affects him I don't know.

lastdayofseptember

ok thank you will get my name removed today

Hopelessly_Hopeful

Pink_Giraffe wrote: »

I just did the first questionnaire thing on Stepchange (I didn't know about them before today and tbh my debt is worrying me sick). What happens if my creditors don't agree to a dmp?

Welcome

As the others say they will accept it - otherwise they wont get any money!

Couple of points to bear in mind.

1) Often creditors don't formally tell you they accepted. But in taking your money from you each month they are accepting. Them supporting it by freezing interest etc is another matter but the thread can help you with this too if you need to cross that bridge.

2) Sometimes when people talk about creditors accepting or refusing they are referring to IVAs which unlike DMPs do need the creditors formal agreement.

We all recall the sick with worry feeling. It will get much much better.

HHx

Sazzie23

lastdayofseptember wrote: »

Thank you all, made me cry.

My payments to stepchange are coming out of my other own personal account.

The joint account is just for my sons DLA money.

So I should really get my name removed from the account then anyway? Don't we need both of us to go in and do that?

I am going to tell him, just wanted everything in place first so I can show him I am doing everything I can to get it sorted.

I'm going to go into the bank today then. I feel an absolute mess and pathetic. I have told some friends already. But feel so ashamed

Morning last day,

You are doing amazing, so,pleased you've been able to tell some people, I hope they've been supportive. I think removing your name from the account, will show that you are serious about fixing this, it will reduce the chance of any money being removed from the account (off-setting) and may just save DHs credit rating slightly.


I do think it's likely they will want you both to agree to the account being taken over by one, and I'm not sure how they will want to treat the OD. Whatever happens you have taken control, but you might still be a bit vulnerable so don't be pushed into anything you are not sure about or comfortable with.

And come back & tell us how it went .

lastdayofseptember

Yes they need him to go in too so will have to tell him asap. So scared but want to do it. We do not have a mortgage together and the overdraft of 550 is included in my DMP so would not want to go against that

Sazzie23

lastdayofseptember wrote: »

Yes they need him to go in too so will have to tell him asap. So scared but want to do it. We do not have a mortgage together and the overdraft of 550 is included in my DMP so would not want to go against that

Hey Lastday

Did you tell him, or have you scheduled time to have 'the talk'?
Be organised and brave - you will get through it.

Karen777

lastdayofseptember - you are not evil, try not to feel ashamed, you are doing a brave thing sorting all this out and it gets better honestly. we have all had the fear and it really does get better. I remember the relief of starting to sleep again after years - no exaggeration - of waking up panicking about money. hang in there and don't beat yourself up.

to all the others just starting out - hello and welcome and well done!

Pink_Giraffe

Thank you all so much for the welcomes and the advice so far. Lastday it seems that we are in similar situations in a lot of ways, except I'm a step behind as I haven't been able to confess to my family and partner what a mess I'm in - I feel the same, so ashamed. The best/worst part is that I'm training as an accountant, but I can't even manage my own finances!
You're doing awesome, I wish I was as brave as you!

chutyeh

Afternoon all.

Just looking for a little advice. My DMP was set up for 1st November (£350) but the proverbial hit the fan this month, so I've had to move the start date to December.

I'm going to make token payments of £5 for each creditor (£55 in total) for November. Do I have to make it clear to each creditor these are token pamyents, or does it not matter what they are - just that they have received something for November? For some creditors the £5 is a fraction of what they would have expected under the DMP.

Cheers

Puzzcat

chutyeh wrote: »

Afternoon all.

Just looking for a little advice. My DMP was set up for 1st November (£350) but the proverbial hit the fan this month, so I've had to move the start date to December.

I'm going to make token payments of £5 for each creditor (£55 in total) for November. Do I have to make it clear to each creditor these are token pamyents, or does it not matter what they are - just that they have received something for November? For some creditors the £5 is a fraction of what they would have expected under the DMP.

Cheers

Hi, personally I would always send a covering letter, adapt the one on page 95 and advise this is a token whilst the dmp is being set up.And I would only send £1 each then whatever they get from next month will be bigger!
Puzz.x