DMP Mutual Support Thread (Part 6)

bailey59

Yyyyyyyyyyyyyyyeeeeeeeeeeeeeeesssssssssssss!!!!!!!

I'm a decemberite!!!

sandalwood_2

bailey59 wrote: »

Hi Sandalwood, I would suggest you get in touch with whoever you have your DMP with and ask them what is the best thing to do. I thought I saw somewhere that all windfalls etc should be used towards your debt but I am sure all personal cases are different. As you said your situation is not cut and dry so it may make sense to keep some until you know your future situation. Cant help you anymore Im afraid as I am still new at this.[/QUOTE

Hi Baily
Thanks for the reply
To be honest I wasnt even going to let Payplan know,just pay the extra I was gonna throw at them through the justabank website,as I reckon they will tell me to pay as much as I can,and as I said I need to keep some back.....hmmmm..decisions,decisions.....

Northstar68

bailey59 wrote: »

Yyyyyyyyyyyyyyyeeeeeeeeeeeeeeesssssssssssss!!!!!!!

I'm a decemberite!!!

WAHAAAAAAAAAAAAAAAAAAAAAY!!!!:T:beer::beer::T:j:j:j:j
That's both of us!!!
Well done!!
Who else was hoping for a December start?

geoffmr1

sandalwood wrote: »

Adivce and opinions required please
Hello to all fellow DMP'ers
Havent posted for a while has there has nothing to report on re my DMP,will give u a recap:

11 creditors
7 accepted
4 being a pain in the a**e(all Natwest)
Around £40k debt-at the rate we are paying of will finish in 2030!?!?

I had to take a pay cut and OH on maternity leave-she finishes that in May(paid-but only SPP) and can have until August off unpaid
We dont really want her going back to work as we want her to stay at home with baby and it may not be worth putting baby into chid care as it is too expensive-she may end up working just to pay nursey-also we have no family local so no free child care
We currently own a one bedroom flat which is getting too small for us so will have to move in the next 6-12 months(if not sooner-just waiting for the property prices to go up to what we paid for it and then sell)-now here lies the problem:
Doubt we will be able to get another mortgage due to the DMP-so was thinking of renting a bigger place for a while and any money we make from the sale of the flat put to one side for a deposit for a later date-and also wanted to sell fast(ish) incase one of the creditors decide to take a charging out on the flat
OH is concerned that if we sell the flat we may never be able to get another mortgage again cos of the DMP...or we could rent the flat out so we still have the mortgage,but still may be a danger of a chargin order at a later date or the problem of not having tenants in there and having to find the mortgage for a month or so and the rent on a new place....

Also have just received a bonus at work of £8.5 k-which was a massive surprise-not to sure either to throw it all at the DMP to get it paid off-or just pay £1k to the DMP and spend around another £1k to get the flat up to scratch to sell and keep the rest as a back up to get us by while the OH is off and we decide if she is to go back to work or not....

If we did sell and put the cash to one side could creditors find out how much we made on the sale and ask for the cash or could we say that we had to pay back a family member who lent us the deposit in the first place??

I am a bit fuzzy in the head at the moment as to what to do,we really need to start making decisions in the new year so any input ideas and suggestions would be greatly appreciated

Thank you

Hi Sandalwood,

The creditors will not be able to find out how much cash you have unless your bank account is linked with one of them, so you can put your mind to rest on that.

I wouldn't be too concerned with charging orders at present. Until the threat becomes real I wouldn't worry about it. It's way, way, way down the line & there are several options open to you if a creditor does start trying that.

I would use the 8.5K to offer full & final settlements. I wouldn't want to get your hopes up but I know a couple of people who have paid off debts of a very similar amount to yours with between 8 & 10K. If your DMP has been running for sometime then the creditors will be aware just how long it'll take you to pay it off, so are likely to accept a vastly reduced amount. Obviously you make clear that the lump sum payment is only available if they accept the offer & if they want to know where it's coming from you can say a family member is willing to help you but only if the debts are repaid because of the baby.

Under no circumstances would I advise you to tell payplan, they would want you to pay that amount over to the creditors but they wouldn't try for full & final settlements. That money is an unexpected bonus so use it as you so wish, I'm pretty sure like the rest of us you've had a hard enough time as it is.

One other thing, use some of that cash to treat your OH to a really slap up meal & buy something lovely for the baby!!

sandalwood_2

geoffmr1 wrote: »

Hi Sandalwood,

The creditors will not be able to find out how much cash you have unless your bank account is linked with one of them, so you can put your mind to rest on that.

I wouldn't be too concerned with charging orders at present. Until the threat becomes real I wouldn't worry about it. It's way, way, way down the line & there are several options open to you if a creditor does start trying that.

I would use the 8.5K to offer full & final settlements. I wouldn't want to get your hopes up but I know a couple of people who have paid off debts of a very similar amount to yours with between 8 & 10K. If your DMP has been running for sometime then the creditors will be aware just how long it'll take you to pay it off, so are likely to accept a vastly reduced amount. Obviously you make clear that the lump sum payment is only available if they accept the offer & if they want to know where it's coming from you can say a family member is willing to help you but only if the debts are repaid because of the baby.

Under no circumstances would I advise you to tell payplan, they would want you to pay that amount over to the creditors but they wouldn't try for full & final settlements. That money is an unexpected bonus so use it as you so wish, I'm pretty sure like the rest of us you've had a hard enough time as it is.

One other thing, use some of that cash to treat your OH to a really slap up meal & buy something lovely for the baby!!

Thank you for the reply geoffmr1,
I hadnt really thought about asking for full and final settlements,but I guess it is definetly food for thought
I wouldnt put all the 8.5 K towards the DMP,as I said I need to keep some back to live off if my OH dosent go back to work.
So,do you think I could get away with maybe £2k,and see if I can get some creditors to take that,as a FF Settlement:ie: I have a credit card that is £5700 or a few smaller that are £800? ,thinking about it I could try my luck and offer £2k to the £5700 k debt and see how it goes...hmmmm lots to think about there......how would I go about this do you think? Ring them or write to them? I wouldnt get payplan involved,if I did pay a creditor off I would just say a family member paid it for me.....

thank you so much for your input and will defo have a think about this over the w/end....

geoffmr1

sandalwood wrote: »

Thank you for the reply geoffmr1,
I hadnt really thought about asking for full and final settlements,but I guess it is definetly food for thought
I wouldnt put all the 8.5 K towards the DMP,as I said I need to keep some back to live off if my OH dosent go back to work.
So,do you think I could get away with maybe £2k,and see if I can get some creditors to take that,as a FF Settlement:ie: I have a credit card that is £5700 or a few smaller that are £800? ,thinking about it I could try my luck and offer £2k to the £5700 k debt and see how it goes...hmmmm lots to think about there......how would I go about this do you think? Ring them or write to them? I wouldnt get payplan involved,if I did pay a creditor off I would just say a family member paid it for me.....

thank you so much for your input and will defo have a think about this over the w/end....

Hi again,

I personally wouldn't offer anymore than £1140 on a £5700 debt in the first instance. If you have creditors that haven't defaulted you then it's less likely they'll accept F&F settlements.

Those that have defaulted you will more likely accept. Don't forget that DCA's buy these debts for between £0.20 & £0.40 for every £1 you owe. So start at the bottom & work up as & when you feel like it.

Put the offer in writing but don't forget to highlight
WITHOUT PREJUDICE & make clear the offer is only open as long as they mark your credit file as satisfied & remove any default.

Have a look at this site over the weekend as it will give you more idea what to do:-
http://www.insolvencyhelpline.co.uk/debt_factsheets/full_and_final_settlement_offers.php

the_tooth_fairy

Well done Northstar and Bailey!!! Very pleased for you both.

Northstar, in reply to your request for an Irish saying, here's one thats apt.

'Don't dread the winter till there's snow on the blankets'. Basically don't complain about the cold while you have a roof over your head, but I think it applies to you two today!! You never know what turns up as you've proved!
ttf x

Northstar68

the_tooth_fairy wrote: »

Well done Northstar and Bailey!!! Very pleased for you both.

Northstar, in reply to your request for an Irish saying, here's one thats apt.

'Don't dread the winter till there's snow on the blankets'. Basically don't complain about the cold while you have a roof over your head, but I think it applies to you two today!! You never know what turns up as you've proved!
ttf x

I LOVE IT!!! Thank you ttf!
keep them coming pls!

Gpuk

Hiya, Can I ask a question?? I have just received my Barclaycard statement and it says that my debt has been passed to Mercers?? And I need to call them immediatly...........do I need to to do this or will Barclaycard pass it on to them that I am with Payplan, not that Barclaycard actually sent any acknowledgment of the Payplan letters but just a bit unsure of what to do???

Twit_Head

Hi
Thanks so much for all your messages of support. I am trying to pck myself up and carry on but my family are a 200 mile round trip away, and as I'm sure I've mentioned before my Mother is extremely elderly and very upset by it all.
Know I'll come through this but it has so knocked me back. It was a warm and caring relationship then wham! - nothing. Trying to put it down to him having a mid-life crisis.
What with my light-bulb moment in April.the start of my DMP, a slipped disc and the the break up of my long standing relationship this sure hasn't been the best year ever - can only keep hanging on and hope for better things.

'Twitty'