Debt Management Plan

HannahL_3

Hi,

I am in the process of setting up a DMP with CCCS after finally realising that my husband and I had no other choice. I already feel like a weight has been lifted off my shoulders (although I know it won't be easy at times!). I have a couple of questions that I hope someone will be able to answer:

- Are you able to make extra payments to CCCS to reduce the length of the plan? My husband receives quarterly commission and we would like to reduce the debt by using his commission (it isn't guaranteed).
- Can a creditor try and take equity out of properties that you own with a DMP? We own our house (with a mortgage) but we also own my parents' house (technically but it's their money) and they don't know about our debt problems. As it's also their money, it would be a dreadful situation if they tried to seize the equity in their property.

Thanks in advance!

cookie220985

my advice would be to open a high interest paying, savings account and put all the comission in there being its not guarenteed, and that way interests building on it all the time, then when you have enough saved up to chuck a full and final at the plan, go for it!! just a thought, at least that way the cccs aren't relying n the comission with every payment.

As for the properties, theres never any guarentee they wont, but if they see your making effort to pay up on a dmp and as long as you keep upto date with the payments this shouldnt happen.

Tixy

Hi Hannah

I would agree to save the commission payments, these can then be used a part emergency fund but also to build up cash to consider offering settlments a year or so down the line to some of your creditors.

Are you paying anything towards your parents house? or is it just legally in your name but doesn't have any cost implication to you? If the latter then I would not mention it on any budget/statement of affairs you produce.
If a creditor did decide to take you to court then obviously you can't not tell a judge about it but aside from that situation the less any creditor knows about it the better.

Good luck with your DMP