Spectrum personal plan solution

tomstickland

Although CCCS and Payplan are "charities" they still get paid and this money comes instead from the creditors.
So, CCCS and Payplan and not entirely independent because altough they do a tremendous job they are often dictated to by the creditors more than a DM company.
So, CCCS and Payplan are a disguise that the creditors use to their advantage.
CCCS and Payplan work on behalf of the creditor to some extent so they are not 100% impartial.

They are funded by the creditors because they want their money back. They are paying for a service which returns money to them. Money which they lent out.

Don't stick up for the creditors they are all scum and crooks.

Why do you feel you have to justify being in debt.

They have a responsibility to be responsible lenders but the majority just abuse there position making millions off the back of vulnerable people.

Advertising loans on kids channels goes to show how corrupt they are and how they do not care.

Why not wish me luck in my decision to go BR and put the violins away!!

Noone made you borrow money. They might have made it too easy and helped you not to think about the implications, but they are offering a service and those who use it have some responsibility for their actions.

desmonds

Noone made you borrow money. They might have made it too easy and helped you not to think about the implications, but they are offering a service and those who use it have some responsibility for their actions.[/QUOTE]

So if loan sharks offer a service charging 400% then those that use it have a moral responsiblity in paying the money back?

So, if I sell alcohol to a person underage then I am offering a service am I and those that use it are responsible?

We all have some responsibility for our actions and decisions but they do the credit scoring and they take the risk based on their lending criteria.

southernscouser

Hi mate.

I'm not having a go but you have confused me with your posts!

You asked a question about Spectrum which people overwhelmingly by 100% said do not touch and gave you excellent advice about The CCCS and Payplan!

You then seem to defend Spectrum. I don't know whether these are your own opinions or just what you have been told by some idiot who is so desperate to screw you they stay in your house until midnight! :eek:

You then say how your glad you didn't sign to a DMP with them!

I'm finding it hard to advise you because I don't understand what you actually want!

Are you against DMP's? Or Spectrum?

Are you seeking advice over the pro's and con's of DMP's, IVA's and bankruptcy?

What Bunnie1982 said was pratically right I would like to add that thats not how they "make money"! They do this to maintain their service. They do not make any profit from what they do. The interest they earn on your money is 're-invested' if you like to help people who need it like yourself.

Whoever told you they were dictated by creditors need shooting. Yes they may donate to these charities but only coz it is in their own interests. Ask yourself why they don't give money to Spectrum! :rolleyes:

desmonds

southernscouser wrote:

Hi mate.

I'm not having a go but you have confused me with your posts!

You asked a question about Spectrum which people overwhelmingly by 100% said do not touch and gave you excellent advice about The CCCS and Payplan!

You then seem to defend Spectrum. I don't know whether these are your own opinions or just what you have been told by some idiot who is so desperate to screw you they stay in your house until midnight! :eek:

You then say how your glad you didn't sign to a DMP with them!

I'm finding it hard to advise you because I don't understand what you actually want!

Are you against DMP's? Or Spectrum?

Are you seeking advice over the pro's and con's of DMP's, IVA's and bankruptcy?

What Bunnie1982 said was pratically right I would like to add that thats not how they "make money"! They do this to maintain their service. They do not make any profit from what they do. The interest they earn on your money is 're-invested' if you like to help people who need it like yourself.

Whoever told you they were dictated by creditors need shooting. Yes they may donate to these charities but only coz it is in their own interests. Ask yourself why they don't give money to Spectrum! :rolleyes:

I probably was advised a DMP because thats how they make their money and not in BR.

I am £900 in deficit each month so an IVA is not an option.

Thankfully, I have no equity in my house so realistically BR is my best option so long as someone buys any little interest the OR may have to secure my property before discharge.

DMP is not a solution but a chain round ones neck for the rest of ones life unless of couse an IVA is then taken but to know that an IVA is not possible and that I would be in a DMP for ever then that is :eek:

Rather go BR

:beer:

southernscouser

desmonds wrote:

I probably was advised a DMP because thats how they make their money and not in BR.

When you say 'they' are you referring to Spectrum? Obviously The CCCS and Payplans advice is impartial so it's better to talk to them!

desmonds wrote:

I am £900 in deficit each month so an IVA is not an option.

Have you posted a SOA before? If not take a look at this thread. We maybe able to save you some money.

desmonds wrote:

Thankfully, I have no equity in my house so realistically BR is my best option so long as someone buys any little interest the OR may have to secure my property before discharge.

I'm not too clued up on bankruptcy to be honest with you so don't really understand the above! Are you saying that your home is safe if you went bankrupt?

desmonds wrote:

DMP is not a solution but a chain round ones neck for the rest of ones life unless of couse an IVA is then taken but to know that an IVA is not possible and that I would be in a DMP for ever then that is :eek:

A DMP might not be the best solution for you but for alot (and I mean thousands) of people it is the best solution. Everyone's situation is different.

I'm not sure a what point The CCCS and Payplan would be able to give you a debt free date but phoning them for advice is free!

With your level of debt bankruptcy maybe the best route for you. Obviously it depends on whether you will lose your home but if you were to you wouldn't be able to get another mortgage for a condsiderable time!

desmonds

In the position that I am in I have only 5-10K equity in our property which because my wife is not a part of any debt and all is unsecured and all in my name then the Official Receiver may have interest in half of the equity(my half) which he will allow me time(up to 3 years) to find someone either my wife or a friend or family member who is willing to hand him the 2.5-5K needed to buy his interest in the amount of equity in the home.
If not he could make us sell the house BUT the mortgage is fixed until 2008 and incurs a 12K penalty which would consume any equity so he would achive nothing by forcing usto sell.

However, if within the 3 years of BR the house appreciates in value and I have not found anyone willing to pay this 2-5K then the fixed deal would be over and the house may be worth more allowing creditors before the 3 year discharge to apply for a revaluation in seeking any additional equity.

It is important therefore that as soon as I go BR I get someone to pay the OR interest in any equity as soon as possible.

Once that is achieved then the OR has been satisfied and will discharge the BR.

After discharge no credtor can come after you.

You are freeeeeeeeeee:j :j :j :j :j :j :j :j :j :j

Addicted2Chocolate

just a quick message thnk you are confusing discharge and the 3 year period for the Trustee to realise the family home.
Discharge is either automatic after 1 year or possibly earlier (6-9 months) if your case gets early discharge. Discharge means you are released from the duties and restrictions of bankruptcy and has no bearing on assets.
A family home must be realised within 3 years of the Trustee becoming aware of it (normally the BO date if home diclosed in the statement of affairs by the debtor). You are right the earlier the home is dealt with the better. The third party purchaser of the Trustee's interest will have to pay the Trustees legal fees (around £500 whern OR is the Trustee) and may have to pay for independant valuations by a independent valuer/surveryor.
Have you seen the leaflet 'what will happen to my home'? it gets sent to every bankrupt by the OR but you can download it here:
http://www.insolvency.gov.uk/guidanceleaflets/home/home.htm

I personally think you have made the right decision for you and your family.
PM me if you have any bankruptcy questions.

desmonds

Addicted2Chocolate wrote:

just a quick message thnk you are confusing discharge and the 3 year period for the Trustee to realise the family home.
Discharge is either automatic after 1 year or possibly earlier (6-9 months) if your case gets early discharge. Discharge means you are released from the duties and restrictions of bankruptcy and has no bearing on assets.
A family home must be realised within 3 years of the Trustee becoming aware of it (normally the BO date if home diclosed in the statement of affairs by the debtor). You are right the earlier the home is dealt with the better. The third party purchaser of the Trustee's interest will have to pay the Trustees legal fees (around £500 whern OR is the Trustee) and may have to pay for independant valuations by a independent valuer/surveryor.
Have you seen the leaflet 'what will happen to my home'? it gets sent to every bankrupt by the OR but you can download it here:
http://www.insolvency.gov.uk/guidanceleaflets/home/home.htm

I personally think you have made the right decision for you and your family.
PM me if you have any bankruptcy questions.

Yes you are right. Discharge is automatic after 1 year and one may get discharge even earlier releasing me from the duties and restrictions of BR.

What I was referring to was the home being realised within the 3year the trustee is made aware of it.

So yes , the earlier a third party can buy the trustee's interest in the property the better.

Thanks Addicted2chocolate for your advice

I will keep u posted on any other BR queries

Thanks

desmonds

If the value of the beneficial interest is less than the costs, fees and debts owed in your bankruptcy, then the trustee needs to be paid only the value of the beneficial interest to release the Form J restriction.

.....don't understand this bit?

A Form J restriction is an entry at the Land Registry, made on the application of the trustee, against a property that is jointly owned by a bankrupt. It is a record of the trustee's beneficial interest in the property. It means that the Land Registry must notify the trustee of any dealings in connection with the property. A Form J restriction is different from a charge, which relates to a claim for a specific amount of money.A bankrupt's legal interest in a jointly owned property does not transfer to the trustee. So a bankrupt and the co-owner can still sell the property, but the trustee must be paid the value of the beneficial interest from the sale proceeds. The Form J restriction will only be removed when the trustee has been paid his beneficial interest in the property.If the property is sold, the trustee will make a claim against the property.

In most cases, if your beneficial interest in your home, or the home of your spouse or former spouse, has not been sold by the third anniversary of your bankruptcy (or by 1 April 2007, whichever is the later), it will cease to be part of your bankruptcy estate and will be returned to you.

......WHAT HAPPENS AFTER 1ST APRIL 2007? HAS THE LAW CHANGED AFTER THIS DATE???


pAUL

livinginhope

Hi desmonds,like SS I am confused by your posts.This is not meant to offend,but from the attitude in your posts you appear to have been plotting to screw the creditors for all you could get,then when you realise it needs to be payed back,you are looking to escape scott free.
How can you compare underage drinking to overage spending,you are not a child you know the implications of taking on debt,and yes the creditors are partly to blame for giving too freely,but you could have said NO.
You say you have a 900 overspend each month,but that you will have no probs getting 5k? are you planning on borrowing that as well?
Creditors can still come after you years after BR,I have a family member who went bankrupt and still gets creditors calling,they still cannot buy a house or get a credit card,or bank account for that matter.If you are hoping to go BR then get into debt all over again to maintain your lifestyle,it won't work.
Sorry for any offence caused but could not help myself,I too am weak!