Egg/DMP

aero1607

Hi having my second interview with CCCS tomorrow will they discuss doing a DMP tomorrow and can i deal with Egg outside of the DMP arrangement i just spoke to someone at Egg who advised me that dealing with them solely they can freeze the interest once they have income/expenditure sheet from me and they would not pass the debt to DCA.They would consider smaller reduced payments for 3 -4 months,im thinking of going with her advice as Egg seem to be hard to deal with once it goes to DCA

Tixy

Talk to CCCS about it. I think they will say you would be unfairly paying egg more on a pro-rata basis than your other unsecured creditors and therefore when they send your budget/statement of affairs to the other creditors on your behalf the remaining creditors will be less likely to accept the DMP and the amount you are offering.

Egg will probably accept your DMP anyway and I think it would be unusual for them to send it to a DCA for at least 6months.

aero1607

Thanks Tixy you have been great help my main worry is Nat West im frightened they will go for bankruptcy cos my debt is 19 k on loan 8.5 k c/c and 5k o/d.

Tixy

Hi Aero

Well bankruptcy is always an option but they would consider how likely they are to recover the debt by making your bankrupt.
Have you got lots of assets? Do you own a house and is there any equity in it? Expensive cars that you own outright? Valuble antiques?! If they can't recover the debt they will be less likely to make you bankrupt.

If not its in their interests to work with you for a DMP (or whatever CCCS advise for you) as this is they way the will get the most money back.

Everyone panics at this stage and very few people seem to get made bankrupt (some people choose it but thats a different matter).

aero1607

Thanks Tixy i have no assets only my cd collection lol,my laptop etc ,living with my parents,plus if they wait 3/4 months they might get F/F final settlement if i was made redundant however at this stage i cant guarantee that its a 50/50 choice between me and colleague and there is no way im telling any creditor that yet.

GeorgeUK

Egg may accept the DMP payments, but for how long? You didn't get anything in writing and i would not trust any creditor without getting something in writing.

I think you are best to go through the CCCS. They will require your to deal with all your creditors in the same way so will not allow you to have some debts outside the DMP.