DMP & Capital One

minisoph

Hi

I have been on a DMP for 7 months now, my husband and i have done this entirely ourselves, before seeking help from Payplan or CCCS. We took advice from National DebtLine and they have been a great help.

Everything has been going ok, although I have just experienced problems with Capital One regarding a conveniently 'lost' expenditure form, whish is annoying. Anyway, they sent a letter saying i could settle my account for less than i owe and i asked what sort of offer are they looking for, and they said no less than 80%. After reading many threads on here, i think that is steep considering alot of people are advising 33% as a first offer.

Is this steep? Has anyone had any success stories with Capital One? I owe them £3800

fatbelly

What can you afford? There's no point offering them £1300 in f&f if it isn't immediately available.

All creditors will accept some degree of f&f once the debt is defaulted. Trouble is, being on a dmp means almost by definition that you don't have a lot of cash to splash on a f&f.

minisoph

Hi

I was just asking really, as i have had an offer from parents to help pay for debt, but was just wanting to get some advice on what sort of figure to offer. All in all, my husband and i are in about £40,000 of debt and it feels like we are going to have to chose bankrupcy

fatbelly

If bankruptcy is a viable option (have you posted an SoA anywhere?) then go for it.

You should be discharged within a year and the maximum downside for your parents is helping you with the fees (£345 official receiver and £150 court) for you both.

What did Nat Debtline say about the idea?

minisoph

Hi

Just thought i would now let you know, my husband lost his job yesterday. Unfairly. We have been here before, 2 and a half years ago, thats why we are in this mess in the first place. So things have now taken a massive downward spiral

What on earth do we do now? I earn £1100 a month, and just my mortgage is £990

:-( :-( :-(

Gemmzie

Hi Soph,

First thing, is your husband being made redundant? Will there be any redundancy money? He needs to get down the job centre first thing Monday and register for JSA, I think he'll get contributions-based on your wage.
Next, how many hours do you work?

Then cancel any direct debits which aren't essential - pay your mortgage, council tax, water, TV license and utilities - cancel anything else for now. Then come back and we'll help you some more.

You're not on your own, don't panic.

minisoph

Hi

No he was sacked, unfairly, they just said he was unsuitable. Terrible really as 3 weeks ago he rented a flat to be nearer his work, and his boss agreed to pay for it, but didnt. His boss always told him what a good job he was doing and he was travelling all over country dealing with customers etc. he was in a very well paid job, had been for 8 months, and we were sorting out our debts from when he had been unfairly sacked 2.5 years ago, it now seems we have to do exactly the same thing and go to a tribunal. Its just awful having to do this again.
As for direct debits, my wage just will not cover anything but mortgage, and thats the complete truth.

Im so lost as to what to do, where to start. I know its bankruptcy, but i dont even no where to start with that x

10past6

minisoph wrote: »

Im so lost as to what to do, where to start.

Are you able to take a "Holiday Period" on your mortgage?

Your priority MUST be to speak to your mortgage company on Monday and explain the situation you've found yourselfs in.

Good luck

Gemmzie

Are you on an interest only or repayment mortgage?

minisoph

Hi

We are on a repayment mortgage, and yes we probably can take a payment break, as we done this before. But we do not have mortgage protection, due to my husband not being in employment long enough and when he was eligable, he was in period that they wouldnt pay out. So we are stuffed there too. Our mortgage is with Northern Rock of all lenders too! Had it for just over 3 years on a 5 year fixed rate

minisoph

Also mortgage lenders where not overly keen to help, they said we had to pay 3 months to get 1 off. The last time we had a payment break was 1st June.