DMP Mutual Support Thread (Part 6)

2spicy

lolo06 wrote: »

hello everyone

im new here, buti have been learking on these boards for some time.
only today i got the courage to ring CCCs and get this sorted.

i was a bit gob smacked when they said i should go down the bankrupcy route. im really upset but i have opted for the DMP.
Whether they can help or not is a different matter. im really upset, i have a baby on the way and im scared that the creditors wont accept the DMP.

can i please have some reasurrance, from those who have already gone through this and explain to the me the process.

i have pasted the my financial summery below.





Your Financial Summary
Monthly income = £1499

Monthly priority outgoings = £1465

Monthly contractual payments = £212

You have 4 creditors

Your total credit debt = £14143

You have £34 left over each month once you have covered all of your priority expenditure.

To be honest, If I was in yoru shoes, the Bankrupcy route seems the most sensible .. its formal and final and these days its not as shameful as you may think.
I reciently found out 2 of my good friends did the same 10 years ago, and not look back with no regret.

I cannot honestly see anybody accepting the amount youhave "spare" as payment towards a DMP. where as the Other route, ok, I think it costs £500 to file your papers, is done, dusted and your free to learn from your mistales, lick your financial wounds for 6 years and start again.
Think of your Baby .... 10 years plus of living like a church mouse not being able to do or buy some of the things you see ..
These are My opinions and thoughts ... as I said before, given your I/E figures I would.

Mrs Spicy.

lolo06

i refuse to go down the bankrupcy route. the only reason we are in this situation is becuase my husbad lost his job. he is looking for work and say he gets a job in the next few days or even months we will be able to get back on track. i dont want to pay for the next 6 years becuase of a bad patch we are going through.

im not declaring my self bankrupt on this basis and becuase i know i can afford about £110 every month to my creditors. not £34.
with help from my family.
im only 1 month behind on my loan,

please tell me theres another way out.

bailey59

I am sure if you do a DMP your credit will also be shot to pieces for however long you are on it, you wont be able to get any further credit in that time. Someone will correct me if Im wrong. Have you posted a statement of affairs yet? Its at the top of this forum somewhere. Im pretty sure its in one of the first posts. Fill it out and post it on the main forum so people can have a look at all your outgoings and see if they can help you reduce anything. If your husband is hoping to get another job then I would say hang in there for a while. Did you tell CCCS this??

lolo06

No it didnt Bailey i completly forgot.
Buti think your right i will try and hang in there. ill try and make more cut backs.

its just the stress thats getting to me. its awaful being in this situation.
the sad thing is it that i know im not alone.

thank you

2spicy

ahhh more infomation you didnt say you had family backing and that yoru husband was looking for another Job .. that chages the perspective on a few things.

but if you get a default .. which is likely if you start paying your creditors a few peanuts each month, they will default you and that will stay with you 6 months from the date the default is issued ... its 6 of one half a dozen of the other ....

Given the fact you have a source of money that potentially could kick in as soon as your husband is working, then providing you can life on the amount you currently have, then the DMP may work out for you

Merecat_2

drc7741 wrote: »

Can anyone tell me if it is ok to pay the monthly payments on my dmp weekly in advance via bank transfer thanks jeff

Hi Jeff

Just to let you know that I have paid this way and no problems so far.

x

bigmommamuppet

Hi Lolo06,

If I were you, I'd give it 6 months. Send token payments of what you can afford even if it is only £1 per month explaining that OH is looking for a job and the payments will increase once he has secured employment. This will give you a bit of breathing space to get things sorted. Please don't try to live on a really tight budget for the long term future it's really hard going and will send you potty. Once the 6 months are up you can re-assess your situtation and work out the best way forward i.e carry on with DMP or bankcrupty. And yes as Bailey has said even in a DMP your credit rating will be shot to pcs and maybe effected for upto 6 years after you have cleared the debt, depending on when default notices etc are issued.

Huggles

Becks

ianmak

2spicy wrote: »

ahhh more infomation you didnt say you had family backing and that yoru husband was looking for another Job .. that chages the perspective on a few things.

but if you get a default .. which is likely if you start paying your creditors a few peanuts each month, they will default you and that will stay with you 6 months from the date the default is issued ... its 6 of one half a dozen of the other ....

Given the fact you have a source of money that potentially could kick in as soon as your husband is working, then providing you can life on the amount you currently have, then the DMP may work out for you

Sorry 2spicy I think you meant 6 YEARS from the date of the default...

bigmommamuppet

Hi Mrs Ryan

I feel the same our debts at first didn't seem to come down very much. We've paid CCCS just over 9k but our debts have only reduced by 6k. I think the 3k differance is due to interest being charged at the beginning with GE Money only stopping this month and the original balance figures being wrong. Hopefully now that I have upto date balances and all interest stopped then the figure will reduce quite nicely.

Have all your creditors stopped applying interest, if not write to them. I had contacted CCCS wrt to GE Money and they said they're was nothing they could do so I thought sod it and fired them a letter expecting a fight but they wrote back straight away and stopped interest immediately. Should have done it sooner :rolleyes:

If you need a template letter give me a shout (or anyone else for that matter) and I'll post a copy of the one I sent to GE Money.

Becks

geoffmr1

lolo06 wrote: »

i refuse to go down the bankrupcy route. the only reason we are in this situation is becuase my husbad lost his job. he is looking for work and say he gets a job in the next few days or even months we will be able to get back on track. i dont want to pay for the next 6 years becuase of a bad patch we are going through.

im not declaring my self bankrupt on this basis and becuase i know i can afford about £110 every month to my creditors. not £34.
with help from my family.
im only 1 month behind on my loan,

please tell me theres another way out.

Hi lolo,

Do you own your own property?? If so then I would be like yourself & wouldn't consider bankruptcy especially when your debts are not sky high.

If you don't own your own property then my advice would be the complete opposite. If you rent, then you should go bankrupt, you'll then get to start again & you'll be bringing your child into a much better situation.

Defaults, CCJ's & Bankruptcy are all much of a much. None of them are looked at any differently when firms do credit searches. Of course they aren't exactly the same & there are consequences to them all but if I didn't own a property I'd have declared myself bankrupt 2 years ago.