DMP vs Full & Final settlement and advice on SOA

icecube2009

loaner wrote: »

Thats because you currently have no spare money to pay it off, you've got to pare expenditure down to the minimum first, and hopefully the OH parents will help you along.

Not sure how a bank financial adviser is going to help, they usually try to sell you things.

well thats what I said to DH but he said if they are going to help us they have to do it their way! Ok well I am not getting roped into more loans so will just have to see what they come up with!!

Burlesque_Babe

noooooooooooooo, no more loans!! Maybe sit down with a cast iron plan for, say , the next 6 months with all the projected savings from moving everything you are planning to move, the order it will be paid off and show him that you don't need any other 'help' from the bank

icecube2009

Burlesque_Babe wrote: »

noooooooooooooo, no more loans!! Maybe sit down with a cast iron plan for, say , the next 6 months with all the projected savings from moving everything you are planning to move, the order it will be paid off and show him that you don't need any other 'help' from the bank

I wont get sucked in to anymore loans. I have told DH that now I am shying away from the F+F's the £20k lump sum we asked for is no longer relevant. maybe if they could pay off the car loan for us (and we could repay at a later date or as it is a lot less than original sum, maybe they will give it to us!! LOL) we would be a lot better off and this would really help our situation. its somethign else to think about .

icecube2009

most of my cards are 22% ish I think, my lloyds is 0% at moment but goes up to 34% !! I am going to ring them tomorrow & get actual figures & ask them to cut the interest & get DH to do the same. Thanks

icecube2009

if we can hold out (manage without going to debt management) until this time next year when we can get out of our fixed rate northern rock mortgage, maybe we can get a better mortgage deal & save more money that way, if we do a dmp before then it will affect our credit rating wont it? then we wont be able to get another mortgage next year?

icecube2009

OK, well in laws dont think we should get rid of car! they arent happy about me walking home from work (nursery in a dodgy estate!! LOL) in the dark or grandchildren having to get themselves to school on public transport, they say they will pay off the car loan (not sure if we have to pay them back) which will save us £160 a month. Not sure what else they can do as they say they have money but its all tied up in isas etc. waiting for them to speak with bank, they will get back to us.

icecube2009

loaner wrote: »

If the terms of the loan allow it, sell the car, use money to pay off debt, and or subsidise the things you can't get out of straight away like mobile contracts/house buildings insurance.


quote]
we checked and are in negative equity on the car, I assume this means we owe more on the loan than the car is worth?

RAS

just about everyone who buys a CAR owes more to the finance company than they will get back selling the car, and why buying a car on finance is a poor option.

BIG question - do you have equity in the house, as that will affect the decision of creditors.
And what is the APR on the rest of the debts?

icecube2009

RAS wrote: »

just about everyone who buys a CAR owes more to the finance company than they will get back selling the car, and why buying a car on finance is a poor option.

BIG question - do you have equity in the house, as that will affect the decision of creditors.
And what is the APR on the rest of the debts?

not a lot of equity in the house, mortgage is £166k, house was worth around £200k last year but not now.
Have to find out apr on other debts

icecube2009

I have an update on this, the in laws have spoken to an independant financial advisor at their bank & rang to tell us all about a company called the cccs who can help us with a payment plan, which DH spent ages telling them about on Sunday! so big wasted trip on their part, dont you think!!
Apparently the bloke told them the CCCS are the best one because they have a high success rate with getting peoples debt written off completely! am sure the bloke probably justmade this up! LOL
Anyway, my father in law says he will pay off DH's car loan ('but its not a gift') which will leave us an additional £160 a month toward whatever we decide to do.
I was hoping for a bit more info on Payment plans if anyone can help please.