DMP and vulnerability

Eugh

Hi all... Just looking for a bit of advice

Basically I'm about to attempt to embark on a SM DMP (after reading the support thread - thanks everyone!). I'm going to be sending out my holding letters shortly and making token payments for around 3 months while I build an emergency fund.

Anyway I digress....

I've been looking through various threads and I've seen that it is advised to mention any vulnerability it may be thought you have. To be clear I don't actually believe myself to be vulnerable but I guess I probably would be thought of as such by some people.

So bit of back story (sorry it's long) in 2016 I was diagnosed with post natal depression, shortly after my husband left me. I then became suicidal - eventually I attempted to take my life (resulting in a 5 week ITU stay while ventilated... blah blah blah). While suicidal I took out A LOT of credit which I never really believed I would pay back as I assumed I would be dead, and spent the money on having fun with my 3 children etc. I understand this was probably morally wrong, but my head was in a bad place. Once I was out of hospital I then took out further unaffordable debt to live on and pay minimum payments.

I now have £26k of debt, but while I do still struggle with depression I am able to work etc and am able to look towards the future and try to clear my debt.

Anyway what I'm basically asking is do I state that MH struggles are one of my reasons for struggling with my debt? I understand that the creditors don't have any 'right' to know the circumstances but if I can get any help I'm willing to take it. I clearly wouldn't go into this much details with them but should I explain a little?

Sorry for the ramble! I'm just trying to get this straight in my head.

Any help or suggestions are very welcome

x

sourcrates

SM DMP ?

You should be truthful about your situation, if mental health issues are partly to blame, then creditors have specific depts to deal with you.

Eugh

Thanks Sourcrates

I'm not really sure how to explain it to my creditors but I'm assuming I'll just include it in my first correspondence with them.

I'm still at the stage of filling out all of the NEDCAB info, but aiming to get the letters out mon/tuesday. It's all a bit scary but I'm ready to get this going! You'll be seeing my on the DMP support thread soon I'm sure - probably asking more daft questions...

GibbsRule_No3

sourcrates wrote: »

SM DMP ?

You should be truthful about your situation, if mental health issues are partly to blame, then creditors have specific depts to deal with you.

I assumed SM DMP was self managed dmp. Could be wrong.

sourcrates

GibbsRule_No3 wrote: »

I assumed SM DMP was self managed dmp. Could be wrong.

Ah of course lol, good luck.

Craig1981

as a DMP will take some time to clear 26k, and will mess up your credit history anyway, have you considered bankruptcy? or do you have assets which do not allow for this?

Eugh

Hi,

Thanks Craig1981, I’ve looked at all my options and DMP is the one that works best with my circumstances. It’ll take approx 6.5 years to clear - which I’m happy with