has any one gone fown the Self Admonistration road?

garwil

we have been told that self administration/pro rata payments are an option for us.
we have £75 000 unsecured debt with a surplus of £660 per month available.
How does this sheme effect your credit report?
I may need a re mortgage within next few years - will this be possible?
My wife is self employed with no accounts - will they accept her word as to her earnings?
has any one any recent experience with RBS, Mint, Capital One, Tesco, Barclay Card,Sainsbury Bank, Virgin accepting these type of schemes?
sorry for all the questons but i want to get on the road to sorting this mess out ASAP.
:beer:

garwil

we have been told by CCCS that self administration/pro rata payments are an option for us.
we have £75 000 unsecured debt with a surplus of £660 per month available.
How does this sheme effect your credit report?
I may need a re mortgage within next few years - will this be possible?
My wife is self employed with no accounts - will they accept her word as to her earnings?
has any one any recent experience with RBS, Mint, Capital One, Tesco, Barclay Card,Sainsbury Bank, Virgin accepting these type of schemes?
sorry for all the questons but i want to get on the road to sorting this mess out ASAP.

DarkConvict

For such a large amount of debt i would certainly ask for National Debtline, CCCS or PayPlan to manage the DMP for you, its free and they are well experienced with it, they can also take a step back and look at it from a non personal view.
Furthermore, creditors are happier to deal with a well known debt charity than a self admined DMP.

Creditors don't have to accept a DMP, and they can be nasty including court action which is likely considering the amoutn owed i assume there are some big amounts to single creditor, going with one of the above free charities will probably give you more weight in court.

Even if you are not sure, ring them (one or all) and speak to them. I am sure you would prefer it overall that they handle it.

To the other question, your wife.
Unless they goto court, they can only accept your/her word. Only in court can a judge request to see the actual bank statements that make up your income/outgoings, all you are required to send to creditors is an income/outgoing sheet with rough breakdowns.

Professor_Pat_Pending

Am very new myself, so can't answer much.
But you may be able to re mortgage with your current provider without any credit checks. I did 18 months ago, no checks, 5 mins on the phone, new 5 year fixed rate.

DarkConvict

These topics need merging - http://forums.moneysavingexpert.com/showthread.html?t=2269553

garwil

thanks darkconvict
how do we go about merging this?

garwil

thanks Prof
18 months ago things were alot different!
I have been in touch with the Mortgage company and they dont seem too hopeful:mad:

Professor_Pat_Pending

Just been on my mortgage providers website, they still do it. So there must be some hope for you?

Ethereal_Gaz

Sorry if this is hijacking the thread (but I think you answered the question) but are there any standard letter templates covering this. I just sent an offer of payment, with a balance sheet to both MBNA and Capital One. MBNA were very civil and patient and talked me through my balance sheet then, as our figures were slightly different worked out pro rata payments for my 3 creditors. They then ran a credit check to confirm my debts. They also accept my estimated household incomes as me and my wife are both self employed. All very reasonable I thought.

Capital One on the other hand have sent me a letter asking for proof of income, 3 months banks statements, letters from the benefits office etc!! Am I able to just send them a letter telling them to accept my balance sheet???

claudia123

Hi there....just letting you know i have a credit card debt with Virgin of 10k and im on a DMP with Payplan since Sept 2009, and Vigin accepted my plan quite quickly with no nasty phone calls...but it does help if you unplug the house phone and dont answer calls on you mobile if you dont know the number ....all of which i did....


Hope this helps a bit