DMP question 28 June 2017 at 4:48PM in Debt-free wannabe 8 replies 749 views

Desperadoo

HI Everyone

Can one half of a married couple enter a DMP without the other entering one ? The reason I ask is my hubby and I both owe a lot on credit cards....he owes approx 42K , I own 20k

No payments have ever been missed or late but its such a struggle now that all interest free periods have ended . Can he enter an arrangement and i keep paying mine as normal.

We have a joint mortgage but nothing else in joint name . I cannot enter any sort of debt arrangement as it would effect my job.

thanks

sourcrates

Hi,

Yes Of course you can, you can do anything, it's a free country!!

It's an informal arrangement, so there are no real rules to follow.

Desperadoo

thanks so much.

Westminster

Yes he can enter the DMP - although this will impact your credit history as you are financially linked. This won't be in a way that would jeopardise your job though so don't worry.

Desperadoo

Westminster wrote: »

Yes he can enter the DMP - although this will impact your credit history as you are financially linked. This won't be in a way that would jeopardise your job though so don't worry.

to be honest I am not worried about it effecting my credit history. Might be the one things that will stop me owing more money.

We have 8 years left on our mortgage and no intention of every moving. I have a car on a personal hire plan ( or whatever its called ) and there is 2 years left on his hire purchase on his car and then he can drive it til it falls apart.

Westminster

Sounds like a reasonable plan.

Make sure that he avoids any fee-paying DMP companies at all costs.

You can manage it yourself if you feel up to it - but I would recommend (at least initially) talking to one of the free debt charities such as StepChange who can advise whether DMP is right for you and can get it all set up for no charge to you whatsoever.

You will both sleep more soundly once the DMP is up and running - no more worrying about answering the phone or opening your post!!

Best of luck with it.

Desperadoo

Westminster wrote: »

Sounds like a reasonable plan.

Make sure that he avoids any fee-paying DMP companies at all costs.

You can manage it yourself if you feel up to it - but I would recommend (at least initially) talking to one of the free debt charities such as StepChange who can advise whether DMP is right for you and can get it all set up for no charge to you whatsoever.

You will both sleep more soundly once the DMP is up and running - no more worrying about answering the phone or opening your post!!

Best of luck with it.

thanks , we have already been recommended a charity to speak to . Just trying to get our head around how it has got to this.

To be honest my hubbys attitude is " they cant get what we dont have" I am the one worrying, i am the one who has high blood pressure every week when i try and find the money to pay the cards. I am the one who goes to bed at night wishing I do not waken up in the morning :-(

We are paying £400 per week just to credit cards alone !! Just cant do it any more. I told him a few nights ago the only way the debts will be paid off is if one of us dies and the insurance pays out !! otherwise we will be paying forever and debt will never go down as most are just minimum payments :-(

moneyfacts

You maybe surprised how much money you can free up to pay the debts off by adjusting your budget (or making one).

Try posting a SOA too see where the money is going

Westminster

I can guarantee (at least from my own personal experience) that once you grasp the nettle by the stem (and get your DMP etc setup) you will both feel much better.

It sounds like it could be a defence mechanism your hubby is using to hide how worried he it (or maybe not .... but you are certainly not alone and plenty of people on here will offer help and guidance).

As stated above - get an SOA posted and we can start looking for areas to cut that you may not have considered.

At least you don't have your head(s) in the sand any more - and getting to the root cause of your current financial situation is highly recommended so that you don't find yourself in the same predicament again.