Debt Management Plan?

cowbag789

Help! My partner has recently left me and also left me with about £10k debts, mostly on credit cards which are in joint names, I have just about managed to make the minimum payments for the last few months but I have now run out of savings and am not earning enough to cover them (i only work part time as i have a young daughter). I am also now paying a mortgage on my own, my ex-partner says he doesn't care about the debts and says he won't pay them, I have been advised that a debt management plan might be a good idea but i am concerned about what this involves and whether it damages your credit rating? My mortgage is on a fixed rate with northern rock (of course!) which runs out in april 2009 and i don't want to be left in a position where i can't get a remortgage deal because of damage to my credit rating?

any advice would be appreciated, i might sound calm but it's ruining my life worrying about money

OberonSH

Get to the CAB and see where you stand with the joint names things. I think yu need to let your debtors know whats going on, in my experience they are easier to deal with the earlier you let them know.

Have you checked to see if you're receiving all the help you're entitled to? Single person discount on the council tax, working tax credit etc. It can make a big difference. Don't panic

Yor ex just can't bog off and leave the debts with you - especially if it's got his name on it too. The CAB and one of the debt charities would be able to help more, but get a handle on it early to avoid storing up trouble for later.

Good luck hun, going it alone isn;t as scary as it seems. Just think - no more socks left in the bathroom, no more pee-stains on the toilet seat, and no more being forced to watch match of The Day.

LilacPixie

Credit cards can't be joint accounts.

yes a DMP can damage your credit rating but not making payments to the debts will do too.

Give CCCS or national debt line a call and see what they advise.

excel1

Yes credit cards are not joint, who was the additional card holder? you or him? if it was him tell them he has moved away and give them the address if you have it, if these are in your name unfortunately legally they are your responsibility not his even if he rn them all up.

GeorgeUK

Post up a statement of affairs (SOA) and we'll see if we can see anywhere to save money. You may also be able to get a 0% offer on CC if you haven't any late payments.

http://www.makesenseofcards.com/soacalc.html