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Old debts with debt collectors and planning to go for DMP with current creditors

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  • Old debts with debt collectors and planning to go for DMP with current creditors

    Hi everyone,

    I am in a stressful situation and need some advice.

    I have very old debts ( more then 12 years old ) totaling around 10K with various debt collector agencies ( Lowell, Capquest,Moorcroft, PRA ) where I am paying then 1 or 2 since 2012-2013.
    some of them have F&F offer of 40% others are demanding payment in full or 90%.

    Now I am married and have a joint mortgage with my wife, I am currently in debt of 37k with various credit cards and 1 unsecured loan, I am unable to keep up with payments and also some credit cards
    interest free period is about to expire and I cannot get new card due to large debts.

    I contacted the Stepchange and they suggested a DMP with current creditors of around 150 a month ( will take too long to clear, but I may clear this with F&F lower settlement and increase payments in few years ), my wife debts are under control and she will not be part of DMP, neither I want to tell her full picture about my debts, I am more worried about my house as I don't want to have any impact on my current mortgage, my fixed deal expires in Oct 25, and I am happy to stay with same lender when they offer new deal as I believe my credit file wont be matter then? kindly shed some light if my understanding is correct,and DMP is better option for me, I am scared of IVA as doesn't sound nice to me.

    I have not informed Stepchange of my old debts, neither then are on my file, I want to close these off before I go in DMP, should I asked the debt agencies to send me CCA? do I have to include these in my DMP or I can keep it separate as these are not on my file ( I also pay them from separate account not from my main account )

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  • #2
    You really should consider coming clean on all these matters.


    • #3
      Originally posted by dslippy View Post
      You really should consider coming clean on all these matters.
      Sorry I dont understand?


      • #4
        It may be the way you write, but it sounds as if others in your list of people involved with your situation are not aware of the true picture. I happily apologise if this is incorrect.


        • #5
          I believe you saying about not telling my wife, she knows and also aware that i will go for debt plan, however she is not interested to know in details.


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