Plea for Help

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I didn’t know whether to post this or not as I don’t want a bashing and hate from people. I hold my hands up and admit we have been totally stupid and made a mess of things . I just really need some help and advice and hope someone can offer me some guidance. I have been married for 22 years and I can never really remember a time when we were financially secure or that money was never a problem. I think the bad thing being both of us are foolish with money and never been savers but that truly needs to change now. In May 2009 we entered in a DMP that was supposed to end in 9 years, well that changed over the years as my husbands hours in work have been up and down and we have had to re do the figures quite a few times . This has resulted in us still owing £15000 and the plan has another 10 yrs. The cardinal sin we committed though is we taken out more debts (cards and catalogues) I know this was totally stupid but at the time it was the only way we could make ends meet. We are now paying £500 a month on the extra debts and drowning. I know we have broke the terms of our DMP with Stepchange and they will probs not want us anymore but I need to do something. Don’t want to go BR or IVA as there is about £40 grand equity on the house and the debts are £24 grand so we would lose the house. I was wondering could I do a new DMP with CAP or Payplan and include everything . Other than that I don’t know what to do. Our marriage is under great pstrain because of it and my mental health is really suffering I’m not sleeping, eating or concentrating in work debt is all I think about. Please can anyone offer any advice ?
DMP Mutual Support Thread No 278
CCCS DMP Start 1st May 2009
DFD 2020:beer: :j
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Comments

  • Karonher
    Karonher Posts: 919 Forumite
    First Anniversary First Post
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    I don't know if Stepchange would stop working with you or if they would set up another plan including everything. You could manage the plan by yourself.
    Aiming to make £7,500 online in 2022
  • Willing2Learn
    Options
    Yes - I agree. Have you considered self-managing your DMP? It is relatively easy to do. For more information on self-management, see the link below:
    https://nedcab.cabmoney.org.uk/

    Edit: And just so you know. There are plenty of other before you who have fallen in to the same problems. You are not alone.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • cheesypuff
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    How easy would it be to self manage? Not sure I could cope with the stress. I would love someone who this has happened to before to come on and let me know how they got on!
    DMP Mutual Support Thread No 278
    CCCS DMP Start 1st May 2009
    DFD 2020:beer: :j
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
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    I don't claim to be an expert but surely all you would need to do is contact the creditors and agree on a monthly payment.
  • Willing2Learn
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    I self-managed my DMP back in 2008/9/10 (although it can only loosely be called a DMP). I communicated with all my creditors in writing only, set up monthly payment plans and finally F&F settlement offers. I just muddled through by using all the information and resources available to me, to ensure I got the most favourable outcomes. It took a lot of research and planning. I did not know about NEDCAB back then. Apparently the NEDCAB system auto-generates letters to your creditors. Have a long read through the NEDCAB processes and see whether you think you could give it a go. You could always start by having a (free) agency managing your new DMP and then switch to self-managed after a few months. It is a nice feeling, to be in control. :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • sourcrates
    sourcrates Posts: 28,953 Ambassador
    First Anniversary Name Dropper First Post Photogenic
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    There is nothing complicated about it, you simply write to all your creditors, explaining what your doing, ask for payment details, tell them you will be back in touch in due course.

    Do a proper budget, one you can stick too, throw away those credit cards as well, work out what you can pay on a pro rate basis, or just split what money you have evenly between them, write and tell them what your paying and when, put all the payment details into online banking, then make your monthly payments on the date of your choice.

    Simple.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • NeverendingDMP
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    Hiya. I self manage and also have equity im trying to protect hence the dmp. Its okay i promise and there is lots of help on here if you feel stuck.
    You could ring stepchange to see what they say or leave and self manage.
    First things first. Buy a notepad or make one from paper at home.
    List each debt on a seperate page. Name of Debt, who it belong to, how much you owe, the reference number and contact details.
    Details will be online for your stepchange ones the others you will have to look at your statements etc
    List all the debts in your notebook
    Work out a soa. One for you and one that is slightly plumped up for everyone you owe money to.
    Put soa on here if you feel up to it as it will help others point out anything you've missed. Im three years in and am still discovering things i didnt think of. :)
    Have a look at the nedcabb and debtline websites they have online budgets and if you put all the debts in it will work out what everyones offer should be.
    Ring/write everyone to say you are self managing. Writing is less stressful but costs in stamps.... say you will start payments in x amount of time and enclose copy of budget and your offer. ( the delay is so you can build up an emergency fund. I never built an emergency fund and it did make me struggle.)
    Write down your offers what you have done on each page in the notebook to help you keep track and doesnt overface you.
    Stepchange were v supportive when i rang to leave. They checked i was okay and said it was an open door if i wished to return.
    If you dont feel ready ring stepchange to explain and ask to add other debts on. Dont keep struggling on though. Once done cut the cards and move to not using credit at all. Keep posting and good luck. ;)
    Jan 18 Joint debts 35,213 - March 24 15.5k
    Mortgage Jan 18- 77224 Dec 23- just under 69k
  • [Deleted User]
    Options
    cheesypuff wrote: »
    I didn’t know whether to post this or not as I don’t want a bashing and hate from people. I hold my hands up and admit we have been totally stupid and made a mess of things . I just really need some help and advice and hope someone can offer me some guidance. I have been married for 22 years and I can never really remember a time when we were financially secure or that money was never a problem. I think the bad thing being both of us are foolish with money and never been savers but that truly needs to change now. In May 2009 we entered in a DMP that was supposed to end in 9 years, well that changed over the years as my husbands hours in work have been up and down and we have had to re do the figures quite a few times . This has resulted in us still owing £15000 and the plan has another 10 yrs. The cardinal sin we committed though is we taken out more debts (cards and catalogues) I know this was totally stupid but at the time it was the only way we could make ends meet. We are now paying £500 a month on the extra debts and drowning. I know we have broke the terms of our DMP with Stepchange and they will probs not want us anymore but I need to do something. Don’t want to go BR or IVA as there is about £40 grand equity on the house and the debts are £24 grand so we would lose the house. I was wondering could I do a new DMP with CAP or Payplan and include everything . Other than that I don’t know what to do. Our marriage is under great pstrain because of it and my mental health is really suffering I’m not sleeping, eating or concentrating in work debt is all I think about. Please can anyone offer any advice ?


    It's a sorry state of affairs when members have to write these words :o:(


    Regular, experienced, members who help out on this forum don't do that, they provide someone with information relevant to the details given, if those themselves are insufficient then only vague answers can be given.


    Your post is good as you're informative enough to allow the right answers to be given :)
  • DMP_Tiger
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    I have self-managed from the start, I had no prior knowledge of DMP's but I read through the DMP help thread - the entire parts 12 and 11 in May last year. That gave me all of the information I needed and I have had no problems whatsoever. I have done all of the communication in writing apart from the occasional phone call and it's not been stressful at all. I did speak to Stepchange first and used their name in my initial letters to creditors but other than that, I've done it all myself.
    August 2018: Secured Debt £70,003 Unsecured Debt (DMP) £34,657 Total £104,660 DFD: March 2031
    January 2019: Secured Debt £68,269 Unsecured Debt (DMP) £34,457 Total £102,726 DFD: March 2031
  • cheesypuff
    Options
    Thanks everyone for the replies I have decided I will try Stepchange first and see what they say, if they will no longer represent me then I will decide either to go with CAP or Payplan or go it alone��
    DMP Mutual Support Thread No 278
    CCCS DMP Start 1st May 2009
    DFD 2020:beer: :j
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