DMP Mutual Support Thread (Part 5)

cocker100

keeno wrote: »

Thanks for the reply cheese.

I currently have a mortgage with Halifax that is fixed for another 4 years. Its remortgaging in 4 years that has me worried. Its so hard to decide what is the right thing to do, do I struggle on month after month or do I start a dmp and potentially ruin my chances of a decent remortgage offer in the future. Head feels likes its going to explode

The way I see it is like this.

You can struggle on month by month, paying only the minimum payment on your credit cards and hardly paying off the interest and basically throwing this money away..........

...........Or you can bite the bullet now and enter into a DMP where most interest and charges will probably stop within 6 month and start to actually clear the capital debt off your cards.

Yes, your credit file is wrecked for 6 years and you wont be offered any fantastic mortgage deal when your fixed rate runs out. BUT, the money you would be wasting on your minimum contractual repayments through interest would be significantly higher than the possible increase in your mortgage payments.

Also, dont forget, it is only for six years. Once the defaults are removed from your credit file, you are free to choose a better mortgage deal further down the line.

This is only my opinion, but read through this thread. How many times do you see people posting that "this is the best thing I have ever done, I should have done it years ago!!!"

Good luck!!!

Cocker:)

VanillaDelia

massivedebts wrote: »

Hi do you mean at the start of the DMP when setting up, or whilst you are on the DMP . I sent all statements to set up DMP, but didn't think I needed to forward anything after that, just to notify CCCS if the debt was handed over to a DCA for example so they'd know who to pay...................someone correct me if I'm wrong though, still class myself as a newbie at all this DMP lark.:o
MD xx

Thanks, yes I ment while on the DMP. 2 Creditors have been handed over to DCAs and another 3 are threatening to move the debts forward. Should I just send those 2 plus the 3 off. I was going to send the 2 ones that have gone to a DCA off anyway.

VanillaDelia

Another Q lol

What happens with debts where they refuse the offers, CCCS have told me to continue to pay it as it is. Most of them that refused are in default and are with DCAs so whats the next step? Is it CCJs etc..?

jenevieve

How long can you feasibly delay the start date of the dmp? I've got a massive car service and a few other things to pay for.
However, that would mean sending token payments for a total of 3 months - is that really pushing it?

trying_to_stay_positive_2

Can anyone tell me if either cccs or payplan are any better than the other, from things I have read on here I am concerned about the different ways they distribute your monthly payment to the creditors, some people have said they have big debts with small payments and small debts with big payments with cccs, I dont understand how this works, surely they are more likely to refuse your DMP if the payment is too small? can anyone explain this to me. Thanks

VanillaDelia

trying_to_stay_positive wrote: »

Can anyone tell me if either cccs or payplan are any better than the other, from things I have read on here I am concerned about the different ways they distribute your monthly payment to the creditors, some people have said they have big debts with small payments and small debts with big payments with cccs, I dont understand how this works, surely they are more likely to refuse your DMP if the payment is too small? can anyone explain this to me. Thanks

They base your payments by what you paid out of the DMP before, so say you have a debt of £15000 and the repayment was £20 and another bill that was £2000 and the repayment was £100 the smaller one would get more as they had a contracted repayment of more each month than the higher debt. That is based with CCCS.

ianmak

Evening all. Next two gangmembers initiated...

happy_peach 289
moneybuster 290

trying_to_stay_positive_2

VanillaDelia wrote: »

They base your payments by what you paid out of the DMP before, so say you have a debt of £15000 and the repayment was £20 and another bill that was £2000 and the repayment was £100 the smaller one would get more as they had a contracted repayment of more each month than the higher debt. That is based with CCCS.

does this means some of your debts get paid off quicker than others then? We have a loan that we pay £345 a month on but we only owe £5000 now and the rest are on credit cards with minium payments.

moneybuster

ianmak wrote: »

Evening all. Next two gangmembers initiated...

happy_peach 289
moneybuster 290

hey thanks :T

regards moneybuster

50broke

:cool: hi, i can't understand the payments via CCCS either, my sainsbury loan, contractual payments 300 are going top get 65 and my halifax cc contractual payments 125.00 are going to get 80!!!!! head spins........just hope thyey accept!:rolleyes: