I need some help and advice please

needtodothis2020

Hi everyone, this is my first post so pease bare with me, i am really nervous and scared.
I am currently a ful time student in my final year at uni, the only income I receive is my student finance, this will stop in April. I have just landed a new job which I start on Monday only part time at the moment whilst I complete my degree.

I currently have around £15000 worth of credit card/store card/catalogue debt, so far I have not missed any payments, but once my student finance stops I will only be earning £400 per month (this is pro rata as I will be working in the local college).

I am starting to really struggle to pay everyone now and am not sure how i should do this.
I have taken the first steps and been onto stepchange and put in all my details and they suggest an IVA (I don't really want to go down that route if I can help it).

So I came onto here an have been reading through the various posts and from this my understanding is that:
A) I should start by cancelling all my direct debit repayments and let the accounts fall into default?
What I would have been paying put this aside to build up some funds?
C) After my accounts have all defaulted then go to Stepchange and set up a DMP?
Does this sound correct?

While going through this process I am really scared on being bombarded with letters and phone calls this is because my husband has no idea that I have debts and the scale of them.

Will I have debt collectors coming to my door to demand payment?
Can my house be taken off us (we don't have a mortgage anymore)

Any help or advice will be very helpful as I cannot carry on like this, it is making me ill and now my husband is starting to notice that I am not myself and is asking all the time if I am ok.
Many thanks

gettingtheresometime

My first thought is the first priority is for you to get your degree....without that you really would be up the creek.

My second is not to cancel the DD repayments.

Can you post your budget - the household's would be better but yours is better than nothing - and I'm sure that people can offer more constructive advice then.

Next the debate on whether to tell your hubby or not. I didn't and when he found out all hell broke loose though once he calmed down he was very supportive. Only you know how your hubby would react. It is possible for you to deal with this without him knowing ….that doesn't mean to say it's the best course of action. Do you mind me asking how the debt was built up?

It might be worth considering contacting the companies concerned and agreeing now a reduced repayment plan - in my experience it's better to be up front so they can work with you earlier rather than wait until there's a problem.