Could someone advise?

Pepper12

Hi All,


My partner took out a DMP without my knowledge added our joint account to it and now has left me with a really bad credit rating. I myself have just over £10k of debt which I was paying off more than the minimum payment and balance transferring before the 0% interest rate finished and had no problems with paying this.


Now due to having bad credit rating I can no longer balance transfer and get the 0% interest rates, this has left me just about managing to pay off the minimum payments, I have cut back on everything possible to try and pay this back and it feels like a loosing battle as the interest far exceeds the amount I'm paying back for the debt.


I have contacted the credit card company to see if I can get a lower rate etc and explained my situation and they couldn't help me.


Is there anything I can do, I feel like I'm getting above my head and feel like there is no way out. I'm also worried about my credit rating in the future now that I'm tied with my partner on his DMP that I knew nothing about.


Any advise would be so appreciated! I just want to clear my debt but the interest rates are crippling.


Thank you for taking time to read this.


P x

MovingForwards

If you can put up a statement of affairs we can see what options are available for you.

Has your partner now explained why they started the DMP?

-taff

For him to have added it, it must have been overdrawn. If it was joint, you'd have thought you would both have talked about the state of the account.
Unfortunately, I'm not seeing many opions available to you, because as joint account holders, you could both do something with this account without the others permission.
I'd think now your best bet is to talk to your partner about his DMP and see where he is with that before you decide whether to add all of your debt and do a joint one, or, if your credit history has resulted in you being refused any more credit] then the choice is to look at your SOA to see if you can continue with your payments by jiggling cash around or whether you would have to start your own DMP.

DCFC79

Pepper12 wrote: »

My partner took out a DMP without my knowledge added our joint account to it and now has left me with a really bad credit rating.

Credit history is what lenders see and not your score.

elsien

Would it make any difference if you took your name off the joint account - would the bank allow that?

Carrot007

elsien wrote: »

Would it make any difference if you took your name off the joint account - would the bank allow that?

Of course they would not unless the overdraft was paid off.


Would you randomly let half of a debt's resopnsibility be removed?

elsien

Carrot007 wrote: »

Of course they would not unless the overdraft was paid off.


Would you randomly let half of a debt's resopnsibility be removed?

I wondered if it being included in the other person's DMP would affect that, as otherwise would the bank not refuse the DMP and chase the OP instead?

-taff

If it's being paid back they won't care who's paying it, but it's not a loan or a CC so it doesn't have a date to be paid by. It depends whether the bank has been informed yet whihc will determine when the OP should be contacted.

sourcrates

Default and enter debt management, interest will be stopped, debts can be repaid at a rate you can afford, your credit file will be trashed for 6 years, but at least your debt will be gone.