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katkins2

Hi cccs councellors,

Just a quick question re our mortgage. We are just starting out on a DMP with cccs and our first payment is due in September. Most of our debt is to LTSB. Our mortgage is with C & G which I know is part of LTSB. We have never missed or made a late payment on our mortgage and I'm just wondering what effect our DMP will have on our mortgage. I realise that our credit rating would be rubbish if we ever tried to move our mortgage to a new lender but with regards to taking out new deals with C & G (our current one expires in Oct 09) would our DMP have an adverse effect?

Any advice would be great.
Many thanks
Katkins

Deeks_2

Hi,

I've just been through the CCCS website filling in the figures etc and a dmp has been suggested.

However my situation is that I still live with my wife as our house is in negative equity. We also have a daughter of 7.

We have a joint mortgage and she pays into my bank account for her share in the mortgage and running expenses (food etc).

The only loan she has is for a personal loan for a car that is a requirement for her work and a small amount on her credit card that she manages and pays for.

The debt I have is my own and all in my own name and I have more going out than in at the moment.

My wife no interest in being part of a dmp or giving me any extra cash that she has to pay towards my debt. She is aware of my debt.


So to get to my question, can I do a dmp for me alone even though we still live together?

The personal loan (unsecured) for the car is in joint names although my wife pays this as the car is hers. I have a company car. Would I have to include this in the dmp?

If so, what figures would I include for food and bills etc? (i.e the money that my wife pays into my bank is her half for the mortgage, utility bills and food, do I put the full amounts in or half?)

Many thanks for your help

CCCS_Sarah

katkins2 wrote: »

Hi cccs councellors,

Just a quick question re our mortgage. We are just starting out on a DMP with cccs and our first payment is due in September. Most of our debt is to LTSB. Our mortgage is with C & G which I know is part of LTSB. We have never missed or made a late payment on our mortgage and I'm just wondering what effect our DMP will have on our mortgage. I realise that our credit rating would be rubbish if we ever tried to move our mortgage to a new lender but with regards to taking out new deals with C & G (our current one expires in Oct 09) would our DMP have an adverse effect?

Any advice would be great.
Many thanks
Katkins

A dmp would have some affect on your credit file as it would show that you have arrangements in place, you may also be issued with default notices and CCJ’s. This would mean when you came to move your mortgage that you would find it harder to get a better rate, as a lot of companies use a rates for risk policy – as you would be classed as a higher risk you may have to pay a higher rate of interest.

As far as your current mortgage, there will be no issues as they are separate accounts.

Sarah

CCCS_Sarah

Deeks wrote: »

Hi,

I've just been through the CCCS website filling in the figures etc and a dmp has been suggested.

However my situation is that I still live with my wife as our house is in negative equity. We also have a daughter of 7.

We have a joint mortgage and she pays into my bank account for her share in the mortgage and running expenses (food etc).

The only loan she has is for a personal loan for a car that is a requirement for her work and a small amount on her credit card that she manages and pays for.

The debt I have is my own and all in my own name and I have more going out than in at the moment.

My wife no interest in being part of a dmp or giving me any extra cash that she has to pay towards my debt. She is aware of my debt.


So to get to my question, can I do a dmp for me alone even though we still live together?

The personal loan (unsecured) for the car is in joint names although my wife pays this as the car is hers. I have a company car. Would I have to include this in the dmp?

If so, what figures would I include for food and bills etc? (i.e the money that my wife pays into my bank is her half for the mortgage, utility bills and food, do I put the full amounts in or half?)

Many thanks for your help

Is the loan in your wife’s name?

You would be able to do your own dmp if this is your best option. What I would advise is to separate your costs i.e. the money your wife pays towards the bills deduct this from them so the budget just shows your costs.

Deeks_2

Hi Sarah thanks for the quick response

The car loan was taken out in joint names and still is in joint names.

Thanks

katkins2

CCCS_Sarah wrote: »

As far as your current mortgage, there will be no issues as they are separate accounts.

Sarah

Thanks Sarah, this was my main worry really.

Katkins

CCCS_Sarah

Deeks wrote: »

Hi Sarah thanks for the quick response

The car loan was taken out in joint names and still is in joint names.

Thanks

What you would be have to be careful of is not treating this creditor preferential over the others, you should treat them all fairly.

On a dmp you would need to include all your debts, so if this particular loan was receiving a reduced amount on the dmp they would chase your partner for the remainder. So what your partner could choose to do is just pay the difference.

CCCS_Sarah

katkins2 wrote: »

Thanks Sarah, this was my main worry really.

Katkins

No problems, give me a shout if you have any other questions and good luck with your plan!

Primarni

CCCS_Sue wrote: »

Hi Primani
I would recommend that you call us for an appointment to discuss your situation further as there may be other options you could look at to deal with your situation.
If you would like to talk to a debt counsellor about your situation, you can book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to a counsellor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.

Regards,
CCCS_Sue

Thank you Sue. Will do.

jayneben

Hiya
Ive been stickin my head in the sand for quite a while now and things are really spiralling i really need help and advice !

My hubbie was made redundant in 2005 was out of work 4 6mnths so we basically lived on credit until he found new employment which was lower paid, we basically just managed through until Nov when he was put on short time due to recession again we made minimum payments with credit ( i know so stupid) basically his wages are now some months £500 down to usual so its got to crisis situation of now not being able to afford minimum payments, im now getting multiple phone calls letters, Lloyds Tsb are reguarly helping themselves to our account and today ive just found out MBNA have taken a debit card payment from my card without my permission ( surely this is fraud) leaving me unable to make my mortgage payment ! my hubbie is unaware ov how bad our situation is and its stressing me out completly now ! Not sure if DMP/IVA would really appreciate some advice

Income:
OH now between £800-£1000
Me £1950
Child Benefit £70 but due to stop in Sept
Total: 3020 if OH earns top 1

Expenditure
Mortgage: 720
Utilities: 200
Council Tax: 115
TV Licence:12
Life Ins: 33
Home ins: 33
Water: 35
Travel: 100
Petrol: 120
Car Ins: 75
MOT/Tax: 20
Children activities: 0
Food: 400
Haircuts: 30
Glasses: 0
Virgin phone + internet 70
Mobiles: 60
Prescription:
School Lunches/trips: 30
Total: 2020

Surplus: 1000

Our outstanding debts between us are:

Natwest loan: 10000 (mine)
Membership finance loan: 9000 (mine)
lloyds Tsb loan: 7400 (hubbies)
Natwest cards: 2400 (mine)
Lloyds TSB card: 6000 (mine)
Barclaycard: 2000 (mine)
Barclaycard: 2000 (hubbies)
MBNA: 8000 (mine)
Lloys Tsb card:5500 (hubbies)
Hitachi finance:3000 (hubbies)
Littlewoods: 900 (mine)
Next: 500 (mine)
Overdrafts: 3350

I know ive been stupid to ignore it and to let it escalate but now im havin sleepless nights and keep havin to turn my phone off to avoid all the calls which can be up to 20 times a day , I would really appreciate any advice ive got a phone appointment with urselves 7th sept but it seems ages away & im worried whats gonna happen prior to that