debt management plans...ps help!!!

maxmax

hi everone,
i was wondering could anyone give us some advice pls pls.....
if for example cccs got you set up on a dmp,is it likely that your creditors would/could issue a ccj against you,also we are tied into our mortgage untill january 2009,if was on a dmp would it affect me getting a new better rate,as in january 2009,the mortgage goes back up to 7.5 percent,

thanks for taking the time to read this,

any other advice on dmps would be greatly appreciatedm

thanks again max.

Deep_In_Debt

Hi and Welcome

In short, yes a creditor can still take you to court and issue a CCJ if you are on a dmp. DMp's don't protect you from further action and are not legally binding.

It probably will affect you getting a better rate on a dmp as your credit rating is likely to be trashed whilst on a dmp.

coolcait

maxmax wrote: »

hi everone,
i was wondering could anyone give us some advice pls pls.....
if for example cccs got you set up on a dmp,is it likely that your creditors would/could issue a ccj against you,also we are tied into our mortgage untill january 2009,if was on a dmp would it affect me getting a new better rate,as in january 2009,the mortgage goes back up to 7.5 percent,

thanks for taking the time to read this,

any other advice on dmps would be greatly appreciatedm

thanks again max.

Hiya max

Like Deep in Debt says, a DMP won't stop your creditors taking further action.

If you live in Scotland, you could look into going onto the Debt arrangement Scheme (www.moneyscotland.gov.uk). It works in the same way as a DMP, but creditors can't take any legal action against you while you're on it.

sunshine38_2

Hiya

If you are considering a DMP then it might be worth you reading through this http://forums.moneysavingexpert.com/showthread.html?t=977633

Have you done a statement of affairs? This link can help with that - http://www.makesenseofcards.com/soacalc.html

The lovely people on here might be able to help you make some cutbacks in your statement of affairs (if you decide to post the details on here) whilst you are deciding what to do in terms of your mortgage in January 2009/embarking on a DMP.

Ask away with any questions you may have, there is usually someone around who will be able to help.

Best of luck

Sx

maxmax

thanks for the advice guys...much appreciated,still dunno what to do gor the best

ANY_CHANCE

Hi Max Max,
I just wanted to let you know our experience,
We are on a DMP and 1 particular creditor is pushing for CCJ and charging order (they have threatened an order of sale) even though we have kept to debt management plan payments. BUT they have applied to court for CCJ and we disagree the amount oweing due to PPI, Charges and debt collection fees, so always be prepared to fight your corner never just give in.

Also all the other creditors have not pushed for CCJ Though Halifax are still adding interest which is a large amount:rolleyes:

ANY_CHANCE

Max also, i think it does show on your credit file that you are making arranged payments, we had to get an interest only mortgage with a sub-prime mortgage lender. At the time we were desperate and it was a means to an end. I have to say that we stretched ourselves too much and i wish we had rented for a smaller amount per month freeing up extra money. We are tied in now till next Sept.! My thoughts are whether to sell and rent for less when we reach that point?

Yorkmackem

I'm on a DMP and one creditor has successfully obtained a charging order against my share of the property. The judge did state however that as long as I continued with the repayment plan there would be no prospect of any Order for Sale being made.

Deep_In_Debt

I've been on my dmp since January and so far, none of my creditors have made noises about taking me to court, so fingers crossed that it doesn't happen. Some creditors seem keen on court action, some don't. My 2 largest creditors MBNA and Barclaycard have been very quiet since April, but some of my smaller creditors, Hellifax being one, have been constant harrassment but have not threatened any court action.

Good luck in whatever you decide to do. The good people on here are always around to help and provide support.