Just looking for some clarity on DMPs

RAS

No. Stop, breathe and take a lot of time to work out your response.

Given your total debt, how much do you owe this creditor.

And why did you send a finance sheet?

sonnet72

Ok so this creditor is owed £10k 
then I owe £33k and £17k 

my letter was a debt write off request letter. I sent it to each creditor but I only mentioned my debt to them, no mention of all of my accumulated debt with 3 lenders. 

I attached copies of my ‘proof of income’- carers allowance and also put child benefit down as income based on advice from SC and CAB 

i sent the finance sheet to show that this is what I have left to pay my debts- £24 a month. 

I also included medical reports for myself ( historic anxiety disorder exacerbated by this situation), and my two sons’ medical reports which show that on top of their autism they have other complex needs and recently they have presented me with new and very difficult challenges that have resulted in a massive build up of stress and could explain why I made the choices that I did leading to the loss of so much money in trading. 

So, the reduced payment offer is based on one lender thinking I’ve got the one debt. 

So my response could be: thank you, I’ll take the offer of paying £15 instead of the previous £217 monthly payment that was required for this debt.  Or
I’m sorry, because I have other debts, my £24 surplus funds won’t stretch enough to pay 3 creditors plus my daughters child benefit is going to stop when she’s 18 and that’s this year.

 I’m genuinely stuck because I can afford £15 a month but i don’t know what the others are going to say. Also I would prefer the complete debt write off and end this miserable situation asap. So in addition to revealing to them that I have circa £60k debt, I say it’s  futile trying to chase payment from someone that simply can’t pay any more, don’t waste your own time and please write it off 

sonnet72

The more I think about it, the more I’m heading towards rejecting the reduced payment offer. I’ll be in debt forever if I’m paying tiddly amounts to the creditors. 

I am scared though about what happens next….

sonnet72

I’ve sent the letter. I just told them that my total debt is much bigger than they assumed thinking they were the only people I owed money to. I asked them if they believed it was good for someone on a low income and mental health issues plus 2 vulnerable dependents to have to pay off a debt over 55 years- basically longer than my expected lifespan. 

I told them they’re also wasting their time chasing a debt that cannot be paid. 

Let’s see….

i know I’m impatient, but it because it really difficult having this debt cloud over my head, I’m sure you all have been there. I just want it to conclude ASAP

Grumpelstiltskin

Look unfortunately it won't conclude ASAP. 

You have to be prepared to stick it out for some time, that is why you need your husband on your side.

sourcrates

sonnet72 said:

 I’m genuinely stuck because I can afford £15 a month but i don’t know what the others are going to say. Also I would prefer the complete debt write off and end this miserable situation asap. So in addition to revealing to them that I have circa £60k debt, I say it’s  futile trying to chase payment from someone that simply can’t pay any more, don’t waste your own time and please write it off 

I`ve posted similar on your other thread, but you do need to slow down here.

Creditors need to know the full story to make a educated decision on what`s best for them commercially.

You can`t afford £15 to each of your debts, your just going round in circles with this.

They need to know you are 60k in debt, with no means to repay it, we discussed this at length previously, you have  to show them that writing the debt off is the only sensible choice they can make.

Lets for one moment consider the worst case scenario, they take action through the courts, you get various CCJ`s.

The court takes one look at your income/expenditure and would see that payment of any kind was not affordable, they would make an order to that effect, you pay nothing, so what is there to be afraid of ?

Stick to the strategy you have been advised to follow, and do not deviate from it.

RAS

Please stop. I know I've said it before, but stop, breathe and then tell hubbie what's happening.

You are all over the place. Have you sorted out the basics, going back a while.

Have you ensured that you don't have any joint accounts with hubbie? If not, you need to protect his credit record so that's what you need to expend effort on.

Have you sorted out the problem with hubbie's Ebay sales going into one of your accounts, please?

One if you are asked for accounts, it doesn't look good.
Two, you receive carer's allowance. You cannot afford to get into a mess because it looks like you are making more income than allowed. Not only will you lose your allowance, you will face a fight to stop them reclaiming £thousands. 

I realise that both these require you to make suitable arrangements with hubbie, but you have to sort these out urgently. The issues with your creditors are minor in comparison.

You want to go to hubbie with it all sorted? What you really don't need is for either of these two problems to blow up in his face. So put all your effort into sorting these out. 

You might also want to make an appointment with your GP or designated worker, as you may want some extra support?

 

sonnet72

The latest: one creditor had communicated and so far being understandible. Made me an offer to reduce my payment to £15 but I sad you are not my only creditors  please write it off they said we will get back to you. 

And then 


I had a funny turn a couple nights ago - felt like a stroke or something- went to hospital , all wobbly couldn’t walk or talk properly, they checked me and said nothing wrong probably exhausted and some functions have shut down 

feelin a bit better, have lost some basic memory like people’s names but not close. 

Only today I can type but find reading difficult 
I think I kept this from husband and tried to do it all myself and it had a toll
so , now he knows

hopefully together we will get through this
i told him about all of your support and he is grateful and agrees we should continue this way

will keep you posted but moral of the story is don’t bottle everything up from the person that loves you the most- I know that’s what you all told me I had to learn the hard way

Grumpelstiltskin

At last you should be on the road to debt freedom now.

You realize what  the toll of trying to keep this to yourself has done to you, but now onwards and upwards. Keep us informed of what happens but don't give in to any creditors trying to bully you.

sonnet72

The latest: my GP wasn’t happy with the hospital reports so sent me back for more tests. I was like, I’m much better, why bother? I just had some pins and needles on one leg, slight memory loss but improving , everything else I THOUGHT was normal. 

Turns out I did have a stroke , they can’t pinpoint when but it’s obvious to me it occurred when I had my funny turn. 

I’m still in hospital, thank full that I’m getting the treatment that I need to avoid it happening again. 

I can’t say that my debt problems are completely to blame but they did add to my stress majorly. 

Anyone reading this who is in a difficult situation with debt….., nothing is worth paying for with your health. Right now I can’t give a !!!!!! about my debt, all I know is I’m not able to pay it and my creditors will have to accept that. There is no other option, I’m not stressing any more

 yes hubby knows now, and before you guys think flippin hell it took having a stroke to tell him, if is what it is. I was planning on telling him but this happened first. 

I don’t think the debt can be blamed but it must have contributed as it was a major stress

 moral of the story …. I don’t think I need to say it to you guys 

wish me luck, I still have to end this madness of being in debt. I just hope it’s sooner rather than later so I can concentrate on my health