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kezzer47watling
Posts: 8 Forumite

I have talked to Payplan and Stepchange and am now more confused and stressed than ever. Stepchange tell me to do a DMP and Payplan tell me to do an IVA. I cannot and will not release equity on the house this is not an option. I find an IVA scary as it's such a formal thing. I really don't know which way to go.
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Please help. Our mortgage is due to be renewed in February have contacted our mortgage lender and accepted an offer. I'm considering taking out a DMP to get myself under control. My partner is unaware and wish it to stay this way, the DMP won't affect my mortgage will it ? As it's also in my partners name. If I take out this DMP is my house safe?0
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I've been in a similar position and you really do have to tell your partner to have any hope of getting anywhere. It was very hard telling mine, and things were difficult between us for a long time, but now we are working together to clear them instead of me putting all my efforts into trying to stop her finding out.
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Telling him is not an option it just isn't he works so hard to provide I need to do this on my own0
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kezzer47watling said:Telling him is not an option it just isn't he works so hard to provide I need to do this on my own
That's exactly how I thought at one point, having done it I can now see that it is the only option, and that the reason I never got anywhere was because I was doing it on my own. The chances are he will actually find out at some point, he'll wonder where all that money is going, or why you can't get a loan for the car or new kitchen you want, or what all the letters are you keep running off with are, or why you want to stay with your current mortgage lenfer instead of a different one that has a better deal. It's best to deal with it now so you can move one with things.
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kezzer47watling said:Telling him is not an option it just isn't he works so hard to provide I need to do this on my own0
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Kezzer I suggest you read through this thread.
Trying to Hide a Secret £20,000 Debt is as Tricky As it Sounds! (:#) — MoneySavingExpert Forum
If you go down to the woods today you better not go alone.1 -
kezzer47watling said:Telling him is not an option it just isn't he works so hard to provide I need to do this on my own
Trust me - your partner will be an awful lot more angry, hurt and upset when he finds out about your debt - and he WILL find out about it - by accident, whether that is through a slip of the tongue by you, something said by someone else, or simply by him accidentally opening a letter or answering a phone call that was meant for you - than he will be if you tell him about it. Sure, he's going to be cross - I mean you'd be cross in his shoes, wouldn't you, but if the relationship is worth having he will also want to help, and want to support you. There's no reason why you can't continue to pay the debt off using your own income (dependent of course on your income/expenditure) and indeed I'd suggest that when you DO tell him you do so with a plan already in place for how you intend to deal with it. By not being upfront you are definitively risking your relationship - if it's a good one, please don't throw it away. If all else fails - ask yourself how you would feel if the positions were reversed.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her11 -
@EssexHebridean Brilliant post!1
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Having just applied for a mortgage we were asked about previous debt, I have two defaults on my credit score and a history of high risk lending. The question of our DMP was asked but as it was significantly years ago it was dismissed.
So potentially yes it can effect your mortgage, not so much this application but the next. Once on a DMP your debts will default, that will show on your credit history for 6 yrs from the default.
Even if your doing this solo, you need your husband on side.Proud to have dealt with our debtsStarting debt 2005 £65.7K.
Current debt ZERO.DEBT FREE0 -
It would really help if you kept to one thread rather than starting new ones which lack any useful information.
But the basics are:
A DMP is an informal solution that you can adjust or end without penalty. There are no fees. You may get lucky in a few years and be able to negotiate reduced final settlements.
An IVA would require that you release equity in the house, has large fees, typically £9Kish, and 30% fail. You could end up owing the full amount plus the fees. They are great for the Insolvency Practitioners and introducers who make a lot of money, long before your creditors get anything.If you've have not made a mistake, you've made nothing0
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