am i going about things correctly

bank_of_slate

In the meantime, keep posting on here and look at ALL your outgoings, can you switch providers for better rates? If so, go through Quidco for cash back.
...Linda xx

tyllwyd

Have you spoken to CCCS about your plans? I thought they were strict about treating all creditors equally? I'd double check with them before doing anything, because you don't want to cause problems to yourself. I am surprised that they were happy for your SOA to include payments into savings/endowments.

Wantdebtsgone

have checked their guidance is to treat all creditors equally and therefore pro rata the payments, however it is advice only......

as for paying into savings and investments, they are not on the soa, I only make a couple of payments for bonds which have been held long term - 1 for eg is 7 yrs into a 10 yr term, and to stop would costs 000's in lost money, and I fund these through boot fairs, online surverys, mystery shop etc etc

the shares at work, are part of annual bonus, or taken at source each month so nby the time I get my net wage the money has gone

and when we 1st joined cccs, mentione dinvestments in place - and whilst they assured me it wouldnt be shared with creditors, they again advised should consider paying off debt rather than keeping them

tyllwyd

I see. I just wondered (but I have no experience so I might be wrong!) whether if you come up with lump sums, the creditors might decide that they don't believe what you've said on your SOA and start asking for interest or full payment.

Wantdebtsgone

intesresting about believing me...

my offers have stated third part offer from relative on condition of clearance of debt ion full

each time flat refusal. I had assumed this was due to the fact my monthly payments are quite high

in nov my step daughter leaves education and therefore maintenance of £400 a month will cease. In practice our costs will still be as high as DD lives with us, and will continue to eat, and use elec etc etc, so payments to creditors will drop by over 35%.......be interesting to see what happens then!

Wantdebtsgone

hi, as above, in dec a large chunk of the income (402 per month) we have will dissappear.

I am going to tell cccs on modany, and obviously suggest reducing total payment to creditors by 402 per month

will creditors who ahve previously frozen interest or reduced rates significantly accept this on the basis its via the CCCS?, or because its reduced payments are they likely to kick off?

thanks

Tixy

Obviously its quite common for people's circumstances to change and so CCCS and creditors are used to it. I think usually it may take a bit of persuading (like when you originally set up your DMP) but then things settle again.

That said £402 is a lot to reduce £1150 by. Also they may ask the reason for the reduction - and if your step-daughter is not in education and is now an adult they may not 'allow' for you to keep paying living costs for her. What does she intend to do? Will she be trying to get work? Can she not pay some rent or board towards the bills (maybe not the full £400). Even if she is on benefits she should be able to put something in to the household living costs.

I don't know if this will cause a problem but its just something to think about.

Wantdebtsgone

Thanks tixie, yeah she will contribute, but I am thinking this might be about £20 a week - she has a part time job, and plans to go to uni next october, so will work hard and build up some cash for this......

Told cccs, guess just see what happens next..

maybe they will begin to consider full n final settlements at last