Dmp. Worried sick

Er17fidge

Hi. 4 days ago i had a breakdown after juggling debts for years. I contacted step change and my first payment is due 10 th jan. They were great but wirrued if i have done the right thing. Terrified i will get ccjs and bailiffs. My husband doesnt know any of it.
In total 8 creditors, £25 k. Its xmas day and all i can do is fight the tears back. I wasnt in arrears but using credit to pay debts. I feel so stupid for getting in this mess and have been on anti depressants for 4 years.
Have i made a huges mistake.? Pls can someone advise me?

Karonher

It will be the best thing to have done if you were using credit to pay debts. The only thing some people may say you should have done was to wait a few months and build up an emergency fund.

sourcrates

I would echo the above about an emergency fund.

Your situation is an all too familiar one, seen 1000 times on this forum.

Please do some research on debt, creditors and debt management, creditors have to treat you fairly, if your repaying a debt via debt management, backed up by a sustainable budget, you have nothing to worry about.

It’s unlikely court action will be taken, but if it was, you just continue to pay the judgement amount, it’s only if you default on a court judgement that using a bailiff becomes an option.

Again, stop imagining worst case scenarios, and do some research (Google is your friend) there are safeguards in place and procedures to go though, each enforcement stage costs the creditor money.

There is a good info on the following sites :

https://debtcamel.co.uk

https://www.stepchange.org

https://www.nationaldebtline.org

Enjoy your Christmas, debt collection can be a very long drawn out process, nothing happens quickly.

Try and relax.

DCFC79

Complete an SOA, post it on here and people will see what savings you can make.

sourcrates

DCFC79 wrote: »

Complete an SOA, post it on here and people will see what savings you can make.

Link here :

http://www.stoozing.com/calculator/soa.php

Er17fidge

Thank you all. Will try to chillba bit morw. My dmp calculated by stepchange is much more manageable. Hopefully the creditors will accept xx

sourcrates

cathrob wrote: »

Thank you all. Will try to chillba bit morw. My dmp calculated by stepchange is much more manageable. Hopefully the creditors will accept xx

All that will happen if they don’t is that they will sell the debt on to a specialist debt purchaser (debt collector) who will be more than happy to accept your offer.

That’s how these things work, court action usually only happens if you ignore or don’t pay anything.

WillyWonga

If your other half doesn't know and you have been managing it day by day then be prepared for letters from the companies and then letters from debt collection agencies until a plan is set up. You might want to tell them. Hard I agree.... but moral support is always a help and may save a full blown argument later.

Firstly Stepchange is the best place to go to. You have done the right thing. Companies know that if someone has gone to Stepchange then the offer will be fair. They also know that the courts will side with Stepchange.

Good luck. You can do it!!!

sleepyjones

Going to Step Change is the first step, it might be a long road but the first step is always the hardest.

Your husband will find out about it, I think you know it can't be a secret forever ... I can't say what I what do in your situation because I don't know your relationship but If it was me (as a guy), I would rather you told me, whether I could help or not, you're my wife and I would do anything I could.
And if I found out later for whatever reason, I'd be a bit miffed that you didn't talk to me/couldn't trust me.

Im not giving you a hard time, by any means, it's your decision ... but don't worry about it now, it's Christmas, Enjoy the festive period and re-visit on the 2nd Jan .... you made the right decision with Step Change and I wish you the best of luck with it.

Er17fidge

Hi all.
Just to advise that i told my husband. Obviously fuming, but will help me x

Westie983

cathrob wrote: »

Hi all.
Just to advise that i told my husband. Obviously fuming, but will help me x

Well done this is a big step, hopefully its one weight lifted from your shoulders, hopefully step change will help you now.

You have made the first step, just got to keep going now.

All the best

Westie983