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Can anyone help me? DMP/IVA/BR

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  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    i need to talk to you regarding the figs you can call me if you like just pm me
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • PollyandMartin
    PollyandMartin Posts: 17 Forumite
    What does pm mean? I am new to all this. Are you an IP?
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    it means private message me then i can give you my number
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    have pm you now
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • Charco_2
    Charco_2 Posts: 1,677 Forumite
    How did the meeting go on Saturday?
    Would you ask the wolves to look after the sheep?
    CCCS funded by banks
  • thewad
    thewad Posts: 348 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    How can they BR you if the loans are all unsecured?
    I'm presuming that BR means they make you sell the house to pay off creditors.

    John
    If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    BR clears unsecured loans, it is secured loans it doesn't clear. If you go BR you don't necesarily lose the house, you will be given a chance to buy the OR's interest in any equity in the property.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • thewad
    thewad Posts: 348 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thought BR meant they took your house.
    How do you pay off the equity to the OR?
    Monthly payments?

    Regards
    John
    If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:
  • Charco_2
    Charco_2 Posts: 1,677 Forumite
    they dont take your house, their interest is only in the equity in your house - ie the portion that belongs to YOU!

    There are a number of ways to address the equity... your partner or family member could buy you out for example.
    Would you ask the wolves to look after the sheep?
    CCCS funded by banks
  • GarryTaylor
    GarryTaylor Posts: 10 Forumite
    Equity release when there is only 35K in the val?? If you choose an DM plan then they could focus solely on for loan and credit card debts. This would free up some of your surplus spending of which you could use to make over payments on the credit cards/loans with the highest rates. All the time keeping control of what you own/owe.
    Try contacting a DM company and seeing how much they could reduce your payments to. Come credit card companies will allow you to make as little as 25%. For example if you where paying £100 per month then you would pay £25. The interest would be stopped. In the back ground you could then make over payments (Or save the money) and pay off the as soon as possible. However do not place your mortgage on this plan.
    Also note that most DM companies take the first 3 payments and then 15% as fees.
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