Advice please.....

Professor_Pat_Pending

Just finally finished my SOA (after days of deliberating). I have just shy of £50,000 worth of unsecured debt and can afford £660 a month to the 8 creditors, 4 of whom are BoS. Just sent off for CCCS pack, but am still worried about losing the house, etc. In your experience(s) would my numbers seem acceptable, I hear all the horror stories about creditors refusing DMPs and just going for the jugular, which scares the **** out of me. Thanks in advance.

Tixy

Its hard to tell until it actually happens. I don't think your figures are too unreasonable, the debt is high but the payments aren't bad either. I have heard of one creditor who have said they won't accept less than 1% of the debt balance each month and from your figures you are above that. Whether the fact that such a lot of your debt is with one creditor will make a difference I'm not sure. If all interest was frozen immediately you would be looking at a 7year DMP which is not unreasonably long (not that all will necessary freeze interest).

Good luck, hope it works out well, and remember they sometimes refuse at first but settle down after a month or 2, so don't panic if it seems like had work to start.

WASHER

I echo Tixys post.

Another thought, make sure you don't speak to your creditors by phone, get an answering machine or caller display, and certainly do not be bullied into paying more than you can comfortably afford.

The phone calls will ease after a little while, but be prepared for them at the start.