Self managed DMP? Need advice

Grumpelstiltskin

You have been told you will not lose your home, can you understand that?

Please, please reconsider, your plan will just put you further into debt and you will reach a point down the line where you can't borrow more.

Sunnyseaside

I can't borrow more as it is up to my limit on every cc and not eligible to loans only secured ones which I can't take and wouldn't take. I know iv been told but it's a big big deal to stop paying just like that and it's not time yet I will see how I am after Christmas

Grumpelstiltskin

Just try and explain to us why you think it is a big deal to stop paying?

You are just a number on a computer to your creditors, they are not interested in your circumstances. you do realize that down the line when you stop paying your debts they will be sold on, the buyer will pay perhaps 20% of the amount you owe yet if you let them they will pester you to pay 100% back.

Sunnyseaside

Thanks for the advice will need to get my head around this

ManyWays

You know things are going to get worse next year, and any further borrowing now will be ultra expensive and has no chance of helping you.

But this is your decision; you have to want to do this. Not because it sounds lovely but because it is your best option. Take a couple of weeks off and come back then to chat?

Rob5342

Lots of people get into trouble with their debts and DMPs are common arrangements that lenders deal with all the time. If you don't want to stop paying then use Stepchange and let them deal with it, you just pay them what you can afford and they take care of everything else. There are loads of people on DMPs and in the vast majority of cases it all goes very smoothly.

You need to take a long term view of things. A DMP will result in damage to your credit record in the medium term, but long term you'll sort everything once and for all and be in a much better position. If you try and carry on then you'll just get into more and more trouble.

I have been on a Dmp for the last five years and kept putting off starting it, but once I did start it all went very smoothly and I now regret not having started it earlier.

Sunnyseaside

thanks your all right. I think I'm feel guilty as until June 27 I can just about mange having said that I don't but new wirk clothes go to the hairdresser or dentist. And the food is the cheapest and not always the heathyest and they're is no hoilday or a break away but still. Have cancelled on yesterday and that had not gone out today so wait to see how we ion they will make contact or if they try to take it out again this week

Grumpelstiltskin

You should not feel guilty, you should not have to scrimp and save until the middle of next year.

You must put yourself and your children first and get a budget where you can live a normal life.

You realize the only way you can do this is to stop paying your unsecured debts.

Do you think your creditors feel guilty when they are charging you almost 40% interest?

sourcrates

The fact is the systems designed to help people in your position are all in place, and have been for some time.

We have described to you the best way to do this, to obtain the best results for you, but on the other hand, you could just contact Stepchange today, go through your situation with them, and be in debt management by the end of the week, paying an affordable sum to your creditors, but also leaving you sufficient money to live a reasonable lifestyle, in essence, your debt worries could be under control by next week.

All you have to do is seek the help, its there waiting, because deep down you know that another consolidation loan, a strategy that didn`t work last time, is not going to be the answer this time either.

I do wish you the best of luck, I do know how confusing this all is, only advice I can give you is, when in a hole, its best to stop digging.

Sunnyseaside

Thank you all for the helpful advice. I cancelled my biggest monthly loan payment on Monday of 300 and have already had a text and email. I ask cancelled another DD and had an email from them saying the bank had advised them that if cancelled my DD. Still worried sick about getting my morgage fixed again in 2 years but I can see that I have no choice really as iv not been managing just living on debt and stress .