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CCCS_Sarah

nohelp wrote: »

We have just started a debt management plan with yourselves and will be making the first payment tomorrow.
My partner and myself have now split up, we have still got to sort out all our finances, house etc but i'm after a little bit of advice.

The only thing on the plan which is joint is our HSBC current account overdraft, once everything is sorting I will be stopping my debt management plan as I'm sure I can plow all my money into paying them off quicker. We have no equity in the house so if we sell we will both walk away with nothing.
How would it work, would I just need to get my details removed from the debt plan so it is just his and the budget updated accordingly if he wanted to continue ?
How would it work with the joint account debt - I could pay my half but I doubt the bank would remove my name until its all paid off.

Just trying to get an idea of how things would work out. We will continue with the finances and debt management as is for the moment until the decision is made about the house

Thank you

If one of you wanted to come of the DMP, you would need to just give our client support a call they will remove you from the account and change the figures.

With regards the overdraft, as it’s a joint account it means that it will be joint and several liability. So this means you are both jointly liable for the whole of the balance, so even if you paid half you would still be liable for the other half if your ex didn’t pay.

Sarah

blackbug

Hello CCCS people.

I'm just filling in the "Notification of Debt Management Plan" letters and have a few questions.

1) Reason, box 6: I guess "I let things get that way somehow" isn't an appropriate message to them. What are typical reasons listed? "Bad money management and buying a house left me overstretched?"

2) My unsecured debt with Northern Rock has the same payment and account number as my mortgage. How do I approach this. I don't want to stop making mortgage payments, so do I attach a note in the letter to them requesting they adjust my direct debit payment?

3) Should I sent the "Client Expenditure Summary" along with "Notification of Debt Management Plan" to each place?

Thanks for all the help and reassurance so far. I hope you can answer my latest questions.

DotNetter

Hi there,

I have completed a Dept Rememdy on the CCCS website and my 2 options where an IVA or a DMP.

My wife is completely against doing an IVA as she's worried that we would loose the home so we're left with going for a DMP.

I'm awaiting the paperwork but I wanted to know if all DMP's are accepted by creditors in general and if 1 or more of them refuse, does that mean that you cannot do a DMP?

Regards,


Wayne

hyland1ellen

My account - Current account - no overdraft, nothing - Do I have to change to a cash card account or can I keep my visa debit card ?

My husband has an O/D, so he will have to get a new cash card account BUT can he still arrange a transfer of money into another account within the same bank ?

Thank you
p.s. Sent letters off to creditors and statement recevied from Abbey - usually has at the bottom charges BUT there's nothing there, so I HOPE that is becasue they have agreed to my DMP and not putting charges on !.... I hope so anyway !....

hyland1ellen

Hiya....

I think CCCS suggested that any creditors you have, make sure you open an account tha isn't with them, so this doesn't happen....

So maybe you should open an account with someone else, so then they can;t take money out of an account that isn't there.

Hope that helps.....

icecube2009 wrote: »

I have been on a dmp for about 6 months now and all seemed to be going OK (apart from having to reduce my payments as we couldnt afford to live) and i have just received a statement from my lloyds credit card & they have been paying themselves money (to make up the shortfall) out of my bank account, so have made our bank account go well into the red, so I am going to get massive charges, my cerdit card on the other hand is fine, obviously they have been topping up the DMP payments from my overdraft so i am not behind on my credit card, even have £500 available balance! (for the record I dont use this account now as it is included in the dmp)
Can anyone help here at all? what can I do???

hyland1ellen

Call CCCS help line first and see what they suggest but yes, write and call explaining the DMP and I'm sure it will be sorted... ASk CCCS for a copy fo the letter they would of sent to Citibank, ofering he motnhly payment,b ecause if you've been doing ti for 6 months, surely that confirms that they agreed to it ?

WorriedofSurrey wrote: »

Hi

I wonder if you could offer some advice please.

I started a DMP with you in June with everybody stopping interest. However, today I have received a default notice from Citibank saying I need to pay £900 by 28 November or else they may take me to court.

Can you tell me what I need to do. Should I write advising that I am already on a DMP with them and they are getting X amount each month?

Thanks
WoS

CCCS_Matthew

blackbug wrote: »

Hello CCCS people.

I'm just filling in the "Notification of Debt Management Plan" letters and have a few questions.

1) Reason, box 6: I guess "I let things get that way somehow" isn't an appropriate message to them. What are typical reasons listed? "Bad money management and buying a house left me overstretched?"

2) My unsecured debt with Northern Rock has the same payment and account number as my mortgage. How do I approach this. I don't want to stop making mortgage payments, so do I attach a note in the letter to them requesting they adjust my direct debit payment?

3) Should I sent the "Client Expenditure Summary" along with "Notification of Debt Management Plan" to each place?

Thanks for all the help and reassurance so far. I hope you can answer my latest questions.

Hi there.

In answer to your questions...

1) If you're not sure how to sum things up within a few words we tend to suggest "overcommited on credit" which pretty much suggests you perhaps you bit off a little more than you could chew.

2) You'll need to change your payment to Northern Rock to represent just the payment for the mortgage. We have a template letter you can use for people on DMP's with a together mortgage. You can call us so we can send it out, or if it helps, PM me with your email address and I can send it across.

3) You don't need to send your expenditure summary, we'll be sending this across with the DMP proposal once you send your bits back to us.

Hope this helps!
Matthew.

CCCS_Matthew

DotNetter wrote: »

Hi there,

I have completed a Dept Rememdy on the CCCS website and my 2 options where an IVA or a DMP.

My wife is completely against doing an IVA as she's worried that we would loose the home so we're left with going for a DMP.

I'm awaiting the paperwork but I wanted to know if all DMP's are accepted by creditors in general and if 1 or more of them refuse, does that mean that you cannot do a DMP?

Regards,


Wayne

Hi Wayne.

Whether your creditors accept the DMP is a difficult question to answer. If your expenditure is considered reasonable by the creditors and they feel the timescale of the DMP is fair then you've got a chance. If any creditors reject the proposal we'll still send the money regardless so it will still go ahead.

Just to add in - You only risk losing your house on an IVA if you fail to meet the payments. Although most IVA proposals will include a clause that you must consider remortgaging in the 4th year, you won't be made to sell the house. If you want someone to discuss things further with you feel free to give us a call.

Matthew.

CCCS_Matthew

hyland1ellen wrote: »

My account - Current account - no overdraft, nothing - Do I have to change to a cash card account or can I keep my visa debit card ?

My husband has an O/D, so he will have to get a new cash card account BUT can he still arrange a transfer of money into another account within the same bank ?

Thank you
p.s. Sent letters off to creditors and statement recevied from Abbey - usually has at the bottom charges BUT there's nothing there, so I HOPE that is becasue they have agreed to my DMP and not putting charges on !.... I hope so anyway !....

Hi there.

If your current bank account is with a bank/building society that you have no other debts at all with (credit card, personal loan etc.) then it's fine for you to keep the account.

As your husband has an overdraft he will need to move his banking away from where he is at the moment. Opening another account with the same bank is no good as they can offset money from one account to the other - he needs to have is money paid into an account with somone he has no debts at all with. That way his new bank has no vested interest in the debts he has.

Good luck with the plan,
Matthew.

icecube2009

hyland1ellen wrote: »

Hiya....

I think CCCS suggested that any creditors you have, make sure you open an account tha isn't with them, so this doesn't happen....

So maybe you should open an account with someone else, so then they can;t take money out of an account that isn't there.

Hope that helps.....

Yes I did this right from day 1, but lloyds wont close the account as i have an overdraft with them so they are part of the dmp.