never ending

Scotsgirl

just sent my completed dmp form back to cccs, feel a bit better in doing so.

However i have been advised that it will take 28 years to sort itself out and that creditors will not wait that long and most will continue to add interest, so why bother with the DMP?

I know what the likely next steps will be, more than likely they will try for my wages which i am told they could only get a certain % of them which would be less than what i'm paying on DMP.

Other would be to bankrupt me (live in scotland so need a creditor to start proceedings i i am correct), however the max amount they could get from me is my share in the equity in the house which will be 10k-15k. But i been advised that it is highly unlikely to happen due to costs involved and the little they would get in return.

so i'm in a DMP that cccs say creditors will not agree to wait that long.
wages arrestment would be less than DMP
Bankruptcy may happen and would be better for me if it did.

Harassed_2

One option is to stop paying them altogether. Stay in contact, but state that as you are resident in Scotland, you are waiting for a creditor to take court action to enable you to file for sequestration (bankruptcy).

Contact them in writing only and keep their responses. You have to wait for (1) them to take you to court (2) and that creditor to attempt enforcement action (which includes wage arrestment).

Of course, your credit is screwed for six years.

Scotsgirl

Harassed wrote:

Of course, your credit is screwed for six years.

screwed already i would have thought, anyway from now on its cash only

Jen_Jen_5

is it possible that what CCCS meant is that the origional creditor wont accept that long and will pass debt onto collectors who will accept. people have dmp's for large number of years, creditors accept them because in many cases circumstances improve and available income increases and people clear them more quickly.

call CCCS up and ask them what they meant, it seems bizarre that they tell you creditors wont accept payments.

Xbigman

Always attempt a DMP unless you want to go bankrupt. You don't know what creditors will do until they do it, and there's only one way to find out.
Over time things can improve dramatically for all sorts of reasons so just keep paying what you can for now and keep an optimistic outlook.

If you actually want to go bankrupt then just send all your creditors £1 per month and do as already suggested and tell them to bankrupt you.
Regards



X