explaining why cirumstances have changed

carlos700

I am just filling out the notification of debt management plan to send to all my creditors i am having a blank on what to write in the box where it says my circumstances have changed -

I had to give up work at first because of i had no one to look after my children but for the last two years i have been on incapacity benefit due to stress related to my finacial situation .

Not to sure how to word this in short can anyone help

maddysaver

Hi There
Firstly, don't worry too much about how you word it, as long as you're relatively honest.
Why did you have to give up work to look after your children in the first place (not being nosey but if it was due to something like a relationship breaking down, then that is relevant)...otherwise they may wonder why you had been managing work and kids and then suddenly gave up.
Or is it because you worked, then had children and gave up work to be a stay-at-home mum? If so - again - put that. And you can then put the bit about being on incapacity benefit due to stress.

Each of those is fine to put as reasons for no longer being able to afford payments

GlassHalfFull

Hi carlos700 - well done for dealing with your debts via a DMP :T Check out the DMP support thread for some great advice and support too (just joined it myself!).

Regarding your explanation to creditors, how about:

"Owing to ill-health and a change in my domestic situation, I am no longer in a position to meet my current borrowing commitments"

Or something like that...I remember struggling to figure out what to put for mine, but in the end just opted for "It has reached the point where my borrowing commitments have exceeded the limits of my current financial situation" Sounds a bit non-descript, but all you need to basically say is that you can no longer afford to pay!

Good luck

carlos700

Thanks both of you for your help

GlassHalfFull i have put the statement you wrote i think it explains things well thankyou