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Help and Advice please.
Bruno58
Posts: 15 Forumite
Hi, please be gentle.
I have been in a DMP for over 10 years and I have took out 2 x loans and managed to get a car on finance.
I have been ill with PTSD and did this to make me feel better(Please do not judge).However
In the next 12 months my wages will drop by about £400 per month.I have had to regrade.
My question is do I tell Payplan who are dealing with my DMP or do I default on everything and start afresh with another company.
Please help.
I have been in a DMP for over 10 years and I have took out 2 x loans and managed to get a car on finance.
I have been ill with PTSD and did this to make me feel better(Please do not judge).However
In the next 12 months my wages will drop by about £400 per month.I have had to regrade.
My question is do I tell Payplan who are dealing with my DMP or do I default on everything and start afresh with another company.
Please help.
0
Comments
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Hi,
Why so long on the DMP ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
because it was for a lot of money?0
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What i meant was have you considered other options as anything that takes more than 6 years is not sustainable.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Hi, yes did consider an IVA but didn't want to remortgage after 5 years.
I am 58 years old and have 6 years left on my mortgage, pretty useless with money as you can gather.0 -
I thought I would have had more replies by now?0
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Have patience, people are at work, most dont come on the forum till evening.I thought I would have had more replies by now?
You will get responses later hopefully.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi yes sorry you are right.
I will just have to be patient0 -
Hi Bruno,
Well I’ll give you my opinion, you need to re-adjust your budget so you no longer have the need for further borrowing.
It may benefit you to default on the whole lot and approach stepchange and set up a new arrangement.
If you do go down this road, you will have to stick to the arrangement this time, as you are a homeowner you have little choice where debt solutions are concerned.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thank you.I suffer with anxiety and panic attacks which obviously has happened today.
At the moment my level of debt and payments can be sustained until next August.
I will then contact Payplan at least I will have paid another £2000 of those loans.
Any other advice would be appreciated.0 -
Just a thought.Due to the length that my ongoing DMP has been running, could some of those debts be "Unforceable" if thats the right wording?0
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