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Additional debt DMP
BP1ME
Posts: 21 Forumite
Hello,
I would like some help and advice please. I don't need any condemnation as I am good and beating myself up.
On a DMP with Step change since 2013. 5k to go. Original debt 22k.
I have bipolar type 1 and am fully complaint with meds.
Major manic episode has led to me taking out and spending 1k on payday loans.
I can't tell Step change as I did this in 2014 and they said if it happened again they'd close my plan.No nasty comments please, feeling very fragile. Thank you.
I need to cancel the CPA's as I must always pay my mortgage and bills. I don't know what to do.
I would like some help and advice please. I don't need any condemnation as I am good and beating myself up.
On a DMP with Step change since 2013. 5k to go. Original debt 22k.
I have bipolar type 1 and am fully complaint with meds.
Major manic episode has led to me taking out and spending 1k on payday loans.
I can't tell Step change as I did this in 2014 and they said if it happened again they'd close my plan.No nasty comments please, feeling very fragile. Thank you.
I need to cancel the CPA's as I must always pay my mortgage and bills. I don't know what to do.
0
Comments
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Hi
Sorry to hear about the stress your feeling at the moment, you've done a great job of clearing all of that debt down so far. There is a factsheet on pay day loans here which includes letters you can use to cancel the CPA.
www.nationaldebtline.org/EW/factsheets/Pages/41%20EW%20Payday%20loans/Default.aspx
You're right that mortgage and household bills are priorities, and that Stepchange will consider cancelling your DMP if they find out about the extra debts. If it comes to that you could try a free DMP with Payplan instead, or self-negotiate with the sample letters on our website.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Not the end of the world, just leave stepchange and start your own self managed DMP, including the payday loans in this?
I did this myself last year and it is quite straight forward. Follow the procedure from NEDCAB
https://nedcab.cabmoney.org.uk/dmp.asp0
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