DMP question on potential worse situation if DMP doesn't work out

BDeluxe

MrsLD said:

What does your wife think will happen if you *don't* enter a DMP? Does she realise just what position you are in? I had never missed a payment when I entered mine- but like you I was about to be hit with the end of a 0% offer, could not get any others and was at the end of my ability to juggle. Does she have realistic alternatives? 

If I bring it up it causes an argument so I don't know, I can just about carry on but was hoping for a faster solution.

The daft thing is our mortgage is tiny really compared to a lot of people, we have something like a 20% LTV. I could take it up to 30% and clear all other debts but the advice on here is always not to do that even though it is by far the cheapest solution provided you stick to it and don't repeat the cycle.

sourcrates

BDeluxe said:

MrsLD said:

What does your wife think will happen if you *don't* enter a DMP? Does she realise just what position you are in? I had never missed a payment when I entered mine- but like you I was about to be hit with the end of a 0% offer, could not get any others and was at the end of my ability to juggle. Does she have realistic alternatives? 

If I bring it up it causes an argument so I don't know, I can just about carry on but was hoping for a faster solution.

The daft thing is our mortgage is tiny really compared to a lot of people, we have something like a 20% LTV. I could take it up to 30% and clear all other debts but the advice on here is always not to do that even though it is by far the cheapest solution provided you stick to it and don't repeat the cycle.

Advice given on this or any forum, has to fit with your individual situation.

Normally we would not recommend turning unsecured debt into secured, but your circumstances are preventing you from doing what would normally be the sensible thing to do, which would be debt management, so you will need to look at alternatives, as this situation will not cure itself.

If a re-mortgage would be acceptable to all parties, and you are as certain as you can be that you won`t use those credit lines again, then that becomes an option for you, not the best option, but acceptable in the circumstances.

katsu

Can you sit down with your wife and go through your household income and expenditure? 

Also talk about why you are in debt. If you got into debt on personal spending, and your payment towards the family costs is a fair proportion, then maybe its fair that you take on a second job for eg. 

If however that's not the case, maybe you and your wife need to look at how to repay the debt and divide your costs more equitably?

In terms of these future family costs, also talk about those. What is it that your wife thinks is needed? Why does a student need a car for eg? If they really need it, eg to get to some place each week, then how does your wife think it will be paid for and how much does she plan to spend on it? 

It sounds like you both are not planning together, and planning as a family might help you both.