How do i finally face my debts?

Fatsdom

Alicekimbo said:

My personal debt is £12k
my partners personal debt is £2m

Why on earth isn't your partner bankrupt with a debt like that. How did they run it up?!? Make sure you financial affairs are completely separate from theirs. 

sharpe106

sourcrates said:

sharpe106 said:

Think you need to update the SOA. It needs to be more accurate as giving advice on half information can be just as bad as giving information on no information.

As a Homeowner, OP only has choice of DMP or IVA, so the advice would still be the same.

True but with the details given a DMP sounds best as it gives them more options, but with more information it may be that an IVA is best.

sourcrates

Alicekimbo said:

What is the difference between a self managed DMP and one managed by Step Change? Sorry i know that sounds silly?

If you let stepchange do it, they just contact your creditors, tell them your in financial trouble, give them the information on your budget that you provide, what payment you will be making and when, and ask them to stop interest and charges, you make one monthly payment to stepchange, who then distribute it to your creditors.

They will also usually deal with creditor contact, but in reality as its your name on the account, any letters tend to come to you, not them, and so you end up dealing with it anyway.

Self managed just means you do all that instead, not rocket science lol, its just paying your bills as per normal, but at an agreed reduced rate.

sourcrates

Fatsdom,

Its an error, its not 2 million, its 2 thousand.