DMP Mutual Support Thread (Part 5)

leese2504

Just to give me an idea of what to possible expect. I am arranging a DMP but have a mortgage with very little if no equity at all. Who else is in the same situation as me and has any of your creditors applied for charging orders?

DevonGirl

Hi Leese

Regarding the default letter - I have no idea... hopefully one of the experts will be around shortly with some advice!

Regarding mortgages, I have my mortgage with one of my creditors (mortgage obviously isn't part of the DMP, and as a priority debt is up to date). Although I've had lots of correspondence with the creditor, they haven't once mentioned my mortgage. They did ask me, ages before I went into DMP, when property prices were high, about how much equity I had in my property and at the time it was about £25k, which I presume (?) they made a note of, but anyhow, they've never mentioned it..... possibly because the market has gone pearshaped and there's nothing like that now available...

leese2504

DevonGirl wrote: »

Hi Leese

Regarding the default letter - I have no idea... hopefully one of the experts will be around shortly with some advice!

Regarding mortgages, I have my mortgage with one of my creditors (mortgage obviously isn't part of the DMP, and as a priority debt is up to date). Although I've had lots of correspondence with the creditor, they haven't once mentioned my mortgage. They did ask me, ages before I went into DMP, when property prices were high, about how much equity I had in my property and at the time it was about £25k, which I presume (?) they made a note of, but anyhow, they've never mentioned it..... possibly because the market has gone pearshaped and there's nothing like that now availableT...

Thanks Devongirl, luckily none of my DMP debts are with my mortgage company, but I have an unsecured debt with Northern rock and I believe they can be aggressive and go for charging in orders, so a little scared now

Barney_McGrew

Hi guys and girls, have asked elsewhere on the forum but had no response so will try here.

When trying to get on to a DMP are the figures used by CCCS to come to an arrangement with the creditors that of the outstanding balance or that of a final settlement figure which with a loan can be lower then the OB.

Also, my income and outgoings would allow me to pay off my debts in 9 years and 5 months with the money that i can afford to pay to the DMP from the start altho this payment could be increased when ive paid off arrears to mortgage thus in turn reducing the repayment time. Is this likely to be acceptable to my creditors?

leese2504

Barney_McGrew wrote: »

Hi guys and girls, have asked elsewhere on the forum but had no response so will try here.

When trying to get on to a DMP are the figures used by CCCS to come to an arrangement with the creditors that of the outstanding balance or that of a final settlement figure which with a loan can be lower then the OB.

Also, my income and outgoings would allow me to pay off my debts in 9 years and 5 months with the money that i can afford to pay to the DMP from the start altho this payment could be increased when ive paid off arrears to mortgage thus in turn reducing the repayment time. Is this likely to be acceptable to my creditors?

Hi and welcome, CCCS will work the repayment so you repay the FULL balance of your debt. As to whether your creditors will accept your DMP varies so much, some creditors are more aggressive than others I have seen DMP's agreed for much longers than your, then other wont even extend to 5 years. Sorry cant be much help you never know with these creditors. Good luck and keep reading and reading and reading all the threads on here so you can soak up as much info as possible.

Barney_McGrew

leese2504 wrote: »

Hi and welcome, CCCS will work the repayment so you repay the FULL balance of your debt. As to whether your creditors will accept your DMP varies so much, some creditors are more aggressive than others I have seen DMP's agreed for much longers than your, then other wont even extend to 5 years. Sorry cant be much help you never know with these creditors. Good luck and keep reading and reading and reading all the threads on here so you can soak up as much info as possible.

Thanks. Had it in my head if all debt could be paid off within 10 years then there wasnt goin to be a problem but now it seems it isnt as clear as that. Will just have to wait and see how things go i guess. Will worry about it if i get knocked back for one.

geoffmr1

leese2504 wrote: »

Just to give me an idea of what to possible expect. I am arranging a DMP but have a mortgage with very little if no equity at all. Who else is in the same situation as me and has any of your creditors applied for charging orders?

Hiya Leese,

I haven't got much equity in my house now either, I did have a long battle with HFC/Weightmans over their demand for a charging order. That went on for a year or so but as they didn't have an enforceable CCA so they gave up a couple of days before the trial & agreed to my original repayment plan. I started with 11 creditors & they are the only ones who tried for the CO. Some of the others were annoying to say the least but none tried any enforcement action.

gaztop26

Hi all,

Noob here. Just spoken to CCCS. My DMP is set to go live 01 July. Just spent the last hour cancelling direct debits from the (overdrawn) now unusable bank account. Hope they all transfer okay.

We owe 8 creditors £46000. DMP set to last 8 years.
Thinking about it our spending spree lasted about that long.
Time to repay, I guess.

We owe;
Barclays (2 overdrafts and a loan)
MBNA (3 credit cards 2 virgin 1 mbna)
Alliance and leicester (loan)
capital one (credit card)

Do these creditors normally accept the DMP offers?

I just spoke to an advisor at CCCS. Because my DMP starts on 01 july my creditors will get their next payment at the end of July. Obvioulsy I have some minimum payments that are due before that. CCCS told me to send the £1 postal orders to those due. I asked if their was a covering letter template I could use, but apparently there isn't (already sent the notification DMP letter from CCCS). Does anyone on here have one? Advisor suggested creating own one but don't want to get it wrong.

Also can I join your gang and get a number???

Thanks all, be posting regularly over the next 8 years,

leese2504

geoffmr1 wrote: »

Hiya Leese,

I haven't got much equity in my house now either, I did have a long battle with HFC/Weightmans over their demand for a charging order. That went on for a year or so but as they didn't have an enforceable CCA so they gave up a couple of days before the trial & agreed to my original repayment plan. I started with 11 creditors & they are the only ones who tried for the CO. Some of the others were annoying to say the least but none tried any enforcement action.

Hiya thanks for your reply, I have been getting some advice off 10past6 ( all helpful as usual ) nothing has happened off Northernrock as yet but they are known as being agressive so I am trying to be proactive with them, I am sending them a SAR tomorrow as the debt was taken out in prior to 2007 hopefully will get them to back off for a while. But I have a feeling they will try for a CO although I have 3 Youngs kids ( 2 being under 5 ) so hopefully I would be able to prevent a force sale

Barney_McGrew

gaztop26 wrote: »

Hi all,

Noob here. Just spoken to CCCS. My DMP is set to go live 01 July. Just spent the last hour cancelling direct debits from the (overdrawn) now unusable bank account. Hope they all transfer okay.

We owe 8 creditors £46000. DMP set to last 8 years.
Thinking about it our spending spree lasted about that long.
Time to repay, I guess.

We owe;
Barclays (2 overdrafts and a loan)
MBNA (3 credit cards 2 virgin 1 mbna)
Alliance and leicester (loan)
capital one (credit card)

Do these creditors normally accept the DMP offers?

I just spoke to an advisor at CCCS. Because my DMP starts on 01 july my creditors will get their next payment at the end of July. Obvioulsy I have some minimum payments that are due before that. CCCS told me to send the £1 postal orders to those due. I asked if their was a covering letter template I could use, but apparently there isn't (already sent the notification DMP letter from CCCS). Does anyone on here have one? Advisor suggested creating own one but don't want to get it wrong.

Also can I join your gang and get a number???

Thanks all, be posting regularly over the next 8 years,

Hi mate sorry i cant answer any of your questions but it seems you are in a very similar situation to me with alot of creditors the same. My debt is slightly more than yours and looks like it is gonna take 9 and a half years to pay off altho maybe less as can increase payments when cleared mortgage arrears.

Did u have to cancel your Barclays bank accounts, ive got a note in my pack from CCCS saying that i can still keep my account with them but would have to be an Electron card which cant be used as a debit card.

I will be looking in to see how your getting on as u seem to be a couple of weeks in front of me going through this process.

Good luck