Breathing space query

Jacksonc2114

So before I found this site with help I applied for a DMP with step change £300 a month and seems doable … they suggested I apply for breathing space which I have … my issue is … 

I haven’t told my family yet the mess I’m
In… I’m  working on that with advice from here and the DMP to be able  to say … this is me … this is the mess I’m in … this is my solution and this is how it’s been going ….  But that’s not been that easy … 

I have a mortgage with my partner and one joint account that is used for bills only we both put our share into that account and the DDs come out of it … i have a CC and loan with the same bank and I moved my sole account away ( no overdraft on either is being used ) 

to my absolute shock I got a letter addresssed to me and my partner last week saying breathing space had been applied to the joint account … I’m assuming that the bank have done this when they got notified of my breathing space for the loan and CC  as I never game my joint account details to step change … thankfully I intercepted these and was able to hide them but I’m now terrified every day the post man comes …

So advice was given to me by step change to do breathing space … yet I was never made aware that even though it’s a sole DMP and by applying for breathing space it would be applied to a joint account that isn’t in debt if there is debt with that same company … absolutely stressed doesn’t cut it and annoyed this wasn’t made clear …. I really assumed it was for the debts you told them about never in a million years did I expect my partner to be told this way … suppose that’s the issue its a joint account but for anyone like me be wary of the breathing space and it getting notified to your partner if your not out in the open yet .. it forces your hand 

Grumpelstiltskin

Right slow down. You must be aware that any joint accounts you have will affect the other person and you should have been told to remove yourself from all joint accounts.

You must come clean to your partner you cannot do this alone and basically by lying to them you are not being fair to them.

You also appear to be rushing into a DMP too quickly.

It will not help by starting a DMP before your accounts have defaulted, you will end up with your debts lasting longer on your credit report.

Jacksonc2114

Yes I know it has a credit link to me for joint debts … I was told a joint account for bills was fine as it’s only to pay our DD out of any bank would have to be a joint account for our bills ?  And the offset rule can’t be used on a joint account for sole debts … 

I moved my sole account to stop them doing any of set…

how does my DMP impact my partner ?  I was under the impression from conversations with step change it won’t as we only have a mortgage as debt together and a joint ac I was told my debt wouldn’t impact him but It can impact us future wise getting any joint loans or debts due to my credit score ? Which we don’t plan for a while as mortgage is in 3.5 yr before we need to renew 

sourcrates

As long as you don`t share a financial product that falls into arrears or defaults, then your partner should not be impacted at all by what you do.

Keeping this to yourself, and hiding post from them is not a good long term strategy though.

You don`t need breathing space, its essentially a waste of time as they still expect you to pay, I can`t see any point to it at all myself but still.

This is something you can`t really do on the QT, but assuming your a grown adult, its your choice whether to tell them or not.

RAS

You have a joint mortgage and a joint account, so you are financially linked to your partner. It really would be wise to close the joint bank account ASAP. The mortgage is less of an issue as long as it is up to date.

You have to talk to your partner.

Jacksonc2114

I will do I need to find the right moment I wanted tk understand the options and how to do things and explain it all … we only have our mortgage it’s  not in arrears … I’m only just about to fall into arrears with my personal debts … I  made payments each month but ended up using credit to live because of this … I needed a better solution … I just didn’t realise breathing space would apply to a joint account and expected to be told about this … 

fatbelly

I guess as Breathing Space means formal legal protection a bank will assume that all its products are affected as soon as it knows about it.

I don't like the scheme. I think it's poorly thought through and for 99% of debtors it is irrelevant at best and counterproductive at worst

Jacksonc2114

fatbelly said:

I guess as Breathing Space means formal legal protection a bank will assume that all its products are affected as soon as it knows about it.

I don't like the scheme. I think it's poorly thought through and for 99% of debtors it is irrelevant at best and counterproductive at worst

It certainly seems that way if bee better not doing that 

Whilst I feel I’m hiding it from my partner at present we have his dad in hospital seriously ill on end of life care I have my dog getting cancer treatment and then this on top of it is just not what he needs I was hoping I could get a few more months and get sorted before telling him when the dust settles on what feels like a nightmare at present 😢… I wish I’d read about the impact of DMP and the impact of breathing space first before I pressed yes … it was so quick from pressing yes and it being applied 😩

EssexHebridean

fatbelly said:

I guess as Breathing Space means formal legal protection a bank will assume that all its products are affected as soon as it knows about it.

I don't like the scheme. I think it's poorly thought through and for 99% of debtors it is irrelevant at best and counterproductive at worst

I'm really glad to see you venture this view - I've bveen thinking much the same for a long while. My heart tends to sink when a new arrival here says they have asked for breathing space in a situation where clearly a DMP will be the right thing to do. 

fatbelly

Don't tell anyone else, Essex, but I'm registered to do Breathing Space and have never even done my first one, despite dealing with several hundred clients per year.

My figure of 99% may have been an underestimate