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johndouglas007
05-11-2012, 08:08 AM
Hi, this is my first time on the forum and on the day that i have decided to sort my debts out once and for all, i have been burying my head in the sand for too many years. I am intending to enter into a DMP using Payplan, i have £25k spread over 10 creditors. I am married but do not want my partner included in this DMP as these are my debts and i have the disposable income to pay a substantial amount. My question is: i have one joint debt with my husband which is £1000 overdraft in a Joint bank account with HSBC, i also have a sole account with the HSBC which i am currently £200 overdrawn. I have no other credit with HSBC and as i have banked with them for a number of years i would prefer to stay with them. Do i have to include these on the DMP, are there any options i could consider to avoid my partner being involved in the DMP? Also i have checked my Credit Report with Credit Expert and my HSBC accounts do not show up but all my other credit accounts do, will there be any reason for this? Many thanks for any advice offerred.
james smit
06-12-2012, 11:40 PM
You have a good plan. To get solution of your problem, you should consult with your husband and your bank. Real solution will be told to you by them.
sabrinasai
06-13-2012, 12:53 AM
A debt management plan is a formal agreement between a debtor and creditor(s). Debt Management Plans help reduce outstanding, unsecured debts at a reduced level over a fixed period of time to help regain control of finances.

Debt Management Plans are individually tailored based on what can be realistically afforded on a monthly basis. To achieve an accurate figure, an income and expenditure test will establish what monies are coming into the household and what is being paid out. Income and expenditure includes everything, such as rent/mortgage, secured loans, utility bills, and essential living expenses (food & TV license etc). Once the income and expenditure is completed, the leftover amount is your disposable income which is divided amongst creditors through a Debt Management company.