£18k in debt, DMP?

Merlot

consolidation loans are not the answer, you are turning unsecured debt into secured debt and you will be at the real risk of losing your home if you don't keep up repayments.

Don't keep trying to get credit if you have been knocked back a couple of times, it will not help your credit rating.

alona1

Merlot wrote: »

You need to speak to the CCCS or Payplan, but I don't think from your figures on your SOA, you don't have enough left to repay your debts on a DMP, the CCCS will make you budget for everything, food, entertainment etc. Can you post a joint SOA, and include the IVA monthly figure, it will give us a better understanding of your situation.

I'm unable to do this at the moment as I'm unsure what the BF will be getting paid per month. Can do as soon as I know though.

Merlot

alona1 wrote: »

I'm unable to do this at the moment as I'm unsure what the BF will be getting paid per month. Can do as soon as I know though.

Great. But in the meantime you must have a annual salary figure for his employment, we could guestimate the monthly figure using a salary calculator if you tell us how much the annual salary is and if it is paid monthly or 4 weekly.

alona1

Merlot wrote: »

consolidation loans are not the answer, you are turning unsecured debt into secured debt and you will be at the real risk of losing your home if you don't keep up repayments.

Don't keep trying to get credit if you have been knocked back a couple of times, it will not help your credit rating.

Yeah, I haven't done any credit checks but usually when I tell them my SOA they just say no.

alona1

Merlot wrote: »

Great. But in the meantime you must have a annual salary figure for his employment, we could guestimate the monthly figure using a salary calculator if you tell us how much the annual salary is and if it is paid monthly or 4 weekly.

Thanks for all your help Merlot. I think its £15000 and he gets paid on the last Friday of every month. It is a sales job too so obviously if he does well he could get a bit extra but he's only just started so could be a while yet.

Merlot

http://www.thesalarycalculator.co.uk/

The link to the salary calculator for you, it will give you the gross and net pay, and it could be of help to you in order to budget and post a joint SOA.

HTH

Merlot.x.

alona1

I've spoken to them and they can help me.

However I'm a bit scared as they mentioned I could get a charge against my house - how does this work? Has it happened to anyone else?

alona1

Can anyone advise me what Halifax, Lloyds, Barclaycard and MBNA are like to deal with and if they're likely to accept my DMP?

Fairycake_2

I'm on a DMP with Payplan and have been since August 2006. They are extremely helpful and I know that you will feel like a weight has been lifted off your shoulders.

One thing you should be aware of though. I have a CC with the AA which is run by Halifax Bank of Scotland and all was going well until 14 months into my agreement when they suddenly said they were reapplying interest and also charging late payment fees. This, they say, is a new policy where you are only allowed 12 months interest free payments to get you back on your feet(!!). However, it is a ruse to try and get more money out of you. If this happens do not hang around write to them immediatley to get them to pass the debt onto a DMA, if they don't contact the Financial Ombudsman.

This may sound very frighetening but I have debts with several other companies (including MBNA) and they have all been great and I have had no other problems at all.

My debt is reducing nicely and I only have another three years to go before I am completely debt free.

Don't take any crap from them, fight your battles and don't let the !!!!!!s grind you down! At the end of the day be proud that you are tackling your debts!

Good luck! :j

alona1

Thank you for this advice. I should receive all my paperwork today from Payplan, I cant wait to get it filled in and sent off.

Another question is, should I pay a token payment to the creditors before my first DMP payment is taken?

Ie. I was going to pay Payplan my first payment on the 1st August, my creditors usually get paid around the 5th August. Should I pay Payplan aswell as a token payment to my creditors for August?