I can't believe i've done it again.

bintie22

Hi

I need help. I entered a DPM with Payplan 9 years ago which I have stuck to religiously and never took out any further debt. Until this year. I feel like an alcoholic that has been dry and has fallen off the wagon.

To cut a long story short I went through a massive job upheaval in the from May to September which ended up with big problems getting paid and a balls up with tax, ended up with me taking out not one but 3 credit cards :-( I'm so cross with myself. I've now got a new job and am better paid but am struggling so much with the repayments, I don't know what to do and feel like such an idiot. They're not huge, one is £1000, one is £450 and one is £700 but they're huge to me. I guess what I want to know (and have a horrible feeling I already know the answer), is can you add new debt on to a DMP? I'm hoping it wont come to that and am cracking in all the overtime I can.

Any advice welcome.

National_Debtline

Hi bintie


It's not ideal for your debt management plan (DMP) but it's by no means a show-stopper. Payplan could elect to stop helping you as a result of these new debts, but then again they may be willing to negotiate with your existing creditors to bring them into the fold. The fact that you had managed nine years of unbroken payments prior to this summer should count in your favour - not many people on a DMP will go that long without some kind of hiccup.


On a separate note, are you confident that the DMP was/is your best option? Nine years is a long time to spend on one, albeit more understandable if you have assets like property you've been trying to protect.


In the meantime, you should probably cut those cards up if you haven't already done so.


Dennis
@natdebtline

bintie22

Thank you for your advice, I will bite the bullet and contact Payplan. You are right, a DMP probably was not the right course of action but we were advised to go down this route in order to protect our home.

I appreciate your response :-)

Movingon5464

If I was you i would do everything possible to avoid adding the new cc's to the DMP. You would receive 3 new defaults so another 6 years of a messed up credit file. If your DMP is 9 years old I would assume your file is clear so do you really want to mess it up for another 6 years for £2150 ?

peteuk

Bintie 22.....

Dont get too cut up about it, your only human! Please remember that. My first DMP was in 1999 (£20K) paid off but then we messed up and ended up on another DMP (£50K) we are currently down to the last £10K....

At least you've realised what you've done and are looking at sorting it out.

As for adding debt, as National Debt line have said its not ideal and it could lead to cancelling the DMP. If they do that then you have a few options (other Debt management organisations ie Step change or organising your own DMP) I added debt onto the second DMP (payday loans and HMRC)

The other knock on effect could be the new CCs refuse to help you, especially if you have said you're not on a DMP when you took them out.

However in both cases you won't know until you ask. Hopefully it can be added to your DMP and then you won't have to ask the CC as Payplan will do it for you.

Good luck with everything....