Sinking Ship

Noelle29

I’m new to this so not sure if this is the right place to seek support/help from people who have gone through the same or who are going through the same.

I’m 31yrs and drowning in 34k debt! I have no assets. I’m married, however have no joint accounts or mortgage. My hubby pays for our home and the mortgage is in his name.
1) I’m hoping this won’t affect him and his credit profile?

I’ve made the first step and have contacted StepChange for advice. Because I live in Scotland, they’ve advised me to do a DAS DPP which will protect me from creditors taking further action as well as freezing all interest and charges. However your name is to be placed on a public register which is embarrassing for me.
I’m so mortified by the situation. This should be the start of some very happy years but it’s tainted by my debt!

I also considered a DMP however the fear of the constant chase from creditors and the risk of legal action is making me feel absolutely sick.

I have 12 creditors;
Next, very, littlewoods, marbles CC, Barclaycard Cc, Capital one CC, bamboo personal loan, 118 personal loan, avant Credit personal loan, satsuma PDL, quick Quid PDL and a 1k OD.

I’ve contacted them all and they’ve all put my accounts on hold for 30 days...

What’s everyone’s advice?
I know my credit rating is already bad and either way will get much worse before it gets better but this worries me for the future and the potential of getting a mortgage when I’m debt free. Step change say it’ll take approx 5yrs. We also want to start a family!
I just don’t know what to do.

If I do a DPP I’m embarrassed at that being public
If I do a DMP I’m scared I’ll get taken to court and the creditors will reject the payments

Help appreciated
Noelle x

sourcrates

Hi,

Have you ever looked at the insolvency register ?

No ?

Neither have 99% of the population, no one would know your on a DAS so why would they look for you ?

It really is a non issue, even if this mystery person did look you up, so what, you need to concentrate on the real issues here, which is your massive debt, put your efforts into getting rid of that and ignore ifs, whats and maybes.

Ive been on it twice in my life, no body was ever any the wiser.

DAS every time.

You are doing the right thing, trust me.

Noelle29

Thank you for your replies.

Yes hubby knows about it, but neither of us have ever been in a position like this before so having people on here to talk to about it is really helpful. You’re right, I’ve never looked, didn’t even know it existed - I know in my heart I just have to do it otherwise I’m never getting out of this rut.

How has your experience been with the DAS?

sourcrates

Noelle29 wrote: »

Thank you for your replies.

Yes hubby knows about it, but neither of us have ever been in a position like this before so having people on here to talk to about it is really helpful. You’re right, I’ve never looked, didn’t even know it existed - I know in my heart I just have to do it otherwise I’m never getting out of this rut.

How has your experience been with the DAS?

Well DAS is unique to Scotland, but an IVA is similar, and that’s what I had, to be honest it dragged on for 6 long years, and knowing what I know now, I would of gone bankrupt instead, as had no tangible assets.

Unfortunately I’m not really one of these people who want to drag these things out, I would of much preferred bankruptcy to be honest, but that’s just me.

DAS or DMP will both take time to complete, for some they have no choice, homeowners for example, but you choose your options according to your circumstances don’t you.