Q about payplan.

stefbate

Hi, we are in the middle of sorting out our debts by going through payplan. Dp hasnt contributed at all, ive done all the work sorting it out, but he was quite happy for me to get it sorted. Then yesterday i said itll be up and running next week, and hes now moaning, that we are going to lose his beloved overdraft and credit cards.
I cant win!!!
Im trying my hardest to get us out of all this debt, and he has the cheek to moan that im losing us the overdraft, which i might add has been maxed for the last 7 years, i dread to think how much weve paid in interest, same with the 2 credit cards.
Our fridge freezer broke on saturday, and his reply was ' go get a new one on tick'.!
I now see why we are in the mess we are in, i cant seem to get it through to him, that we need to start living within our means.
I know im not completly blameless, i had a thing for catalogues:o , But ive included them in the payplan thing, so ill not be able to use catalogues again.
We are at the worst time of year with christmas coming up, dp is self employed so we never know where we are with money one week to the next. But ive started shopping, getting something each week, buying stamps for food etc, so whereas the last few years weve resorted to catalogues for gifts, we'll hopefully have everything by christmas all paid with cash.

I dont know the reason for my post, i just had to type down my thoughts, dp is making me feel guilty for doing payplan, but when i type this i can see that im doing whats best for my family, i dont want to be in debt playing catchup for the rest of my life.

stefbate

SS i was rambling and completly fogot to ask my question.lol
Just to clarify, will our credit cards and overdraft get cancelled, so we now longer have accounts?

loubie_lou

They certainly will!!

It happened to me. The next letters you recieve from your creditors may well be default notices (unless you haven;t had them already!)

Tell you partner to get a serious reality check. You are both going to have to learn to live beyond your means. Credit (or a least cheap credit) will no longer be able to either of you!

Who's name are the debts in?

newlywed

I'm on a DMP with CCCS, guessing that they are the same policies...

You should set up a new current account (with NO overdraft) with a bank that you do not owe any money too (either by overdraft, loan or credit cards). Get wages and benefits paid into this new account. That way they cannot "offset" ie take your money from your current account to pay your other debts.

When you sign up to the DMP you agree not to take out any more credit - at all. That is part of the terms.

When you are not paying the minimum payments and are notified of the DMP, the bank is likely to close your current account and credit card accounts and request the cheque book and cards to be returned. All of mine "withdrew banking facilities" from me. I took great pleasure in cutting up the cards and sending them back in little pieces

Hope that helps a little.

You could ask Payplan about the fridge freezer. You may be able to reduce your first payment or delay your start month if it is an emergency - best to speak to them.

stefbate

Hi thansk for your advice. The debts are in both our names.
Catalogues x2- my name.
overdraft- both
credit cards x2 -dp
loan -both

I phoned hotpoint about the fridge, and set up a 1 year guarantee paying in monthly installments., so i dont have to pay £100 to get it fixed. Ill just cut back on my shopping.
i have a bank account, which is just a cash account.
I also applied for a joint account, but i made the mistake of putting a £100 overdraft on it, will i be able to cancel the overdraft when i get the account details through?

newlywed

You should be able to cancel the overdraft - that's what A&L told me if I applied online and it came up with an overdraft I could cancel it - although the cashier couldn't understand why I would want to :rolleyes: