DIY DMP after stepchange

Paul31

Hi everyone I'm a newby to this. I have been in a DMP FOR 10 years personal debts. My wife and me have an NRAM TOGETHER MORGAGE we've sold the house and now just have loan part. Stepchange want me to include this in my plan which will effect my wife's credit. They seem to be pushing me into an IVA. Which I don't want to do.
My question is can I begin to run my own DMP and not include the joint loan?? I HAVE HEARD OF PEOPLE DOING THIS
If so are there any sites or info on this?? I'm making a decent dent in my personal debts but adding another loan and defaulting on it seems madness
HELP HELP HELP.

sourcrates

Hi,

Welcome to the forum.

Going self managed is a popular choice, the debt charity's do good work, but there "one size fits all" approach is not for everyone.

You can do whatever you want to do, last time I looked this was still a free country, as DMP's are informal arrangements, you can pretty much organise it as you see fit.

You just tell your creditors what your going to do, then do it.

If they don't like it, usually they just sell the debt on, but in your case I see no reason why they would not carry on as normal.

National_Debtline

Hi

There shouldn't be an issue with you leaving the joint loan out of a self managed plan as long as your wife can meet the contractual payments by herself. You could even work out their fair share which they would receive from your available money and your wife could make up the difference so that it doesn't default.

Even if the joint debt was included in your Stepchange DMP there's nothing stopping your wife from also paying something towards it from her own money.

There are sample letters you can use to self negotiate here if you need them:
www.nationaldebtline.org/EW/sampleletters/Pages/default.aspx

James
@natdebtline

Paul31

Thanks for the advice. I've been sat worrying for days that because I don't want to include the debt.
Because stepchange won't update my DMP until I give them the information I'm still on last years figures still making payments which I'm sure that they will end up cancelling my DMP. I think I'm right this takes a few months.
This will give me time to get my Figures and creditors together.

National_Debtline

I'm not sure on their policy for cancelling DMPs I'm afraid. If you would like some independent advice on completing your budget and self-negotiating you're welcome to give National Debtline a call.

James
@natdebtline

ferry

To be honest i went self managed in the end. My case was passed to Stepchange Customer care team who only operate normal business hours and I found it always impossible to get through

Paul31

Hey there how did you approach your creditors ? What do they require when going into a self managed DMP
I'll be honest at this point in time I'm not in the best mentally at the mo.
But just need to get something sorted before stepchange pull the plug in me

zenshi

I went self managed from the start. Use a template letter off Nat Debt site and input your own details. Do a basic I and E letter (mine was literally pen and paper figures) then send it to your relevant debtors. It can be that simple!