Would creditors be more likely to put a charge on my house if I lower payment?

franchesca

Hi, I really need some advice. I was diagnosed with breast cancer last year and although well at the moment I have a lot less energy and cannot work so many hours. My husband was made redundant and has another job but lower paid. We have been keeping up our DMP payments with some help from our son but are now struggling. I know I could reduce them but as we have a house (mortgaged) I am concerned that if I lower the payments the creditors would be more likely to think about putting a charge on our house.
I am hoping to get a small sum from an old pension and offer a settlement, it would be about 50% of what we owe. If I offered this do you think it may be accepted or again, would they be more likely to worry they were not getting their money and turn to our house?
I would appreciate any advice
Thank you

HappyMJ

As long as they get something each month in my experience they'll just keep on taking the payments and not worry about going to court to get a charge on your house. If you are paying what you can afford it's unlikely the court will grant them costs so it's unlikely they'll take that action.

Sazzie23

Hi, hope your health is well managed, but do not be afraid to use it as a lever to ensure good creditor behaviour. When my creditors thought it was just overstreched on credit their attitude was different to when I said partner had lung cancer. I didn't tell them initially as I thought 'none of their business' and our relationship circs were complicated, but in the end, glad I did tell them.

I did have to drop my DMP payments by about 20% at the end of year 1 with about 5 years to go. No one seemed bothered as long as I keep paying the reduced amount. Barclaycard make me fill in a revised budget every 12 months or so but don't hear anything much from the others.

Why not join us on the DMP mutual support thread, we're very friendly and a great source of knowledge and information as well as a friendly ear if you need one.