OH and 34 yr DMP

chelly63

Thankyou for your reply Wonder_girl, I am going to keep coming here as its really help me to remain calm and not totally panic, have had a few low moments, but not as bad since finding the support.
Hugs Michelle

Dr.Shoe_2

I was just going to say that DMP rarely last as long as they are initially said to. For one thing salaries go up and circumstances change; you could get some kind of windfall.

Have you considered a lodger or something like that? My Nan makes a little money by renting out part of her garden as an allottment as it is now a bit much for her (it is nearly an acre!).

chelly63

cccs said roughly 34 as OH can only throw just over £100 a month into DMP, he retires in 12 years, so that will aloso be interesting!!

Wonder_Girl wrote:

Hiya,

Sorry for taking so long to reply,
I can’t see anything wrong with your budget.

I have however worked out that your DMP will last 15 ½ years not 34

As losing your house isn’t an option bankruptcy is out of the question, and your surplus isn’t enough for an IVA, a DMP really is your best option at the moment. And 15 years is worst case scenario, your DMP will be reassessed once a year and fingers crossed your circumstances will improve and you may be able to increase your deposit!

Sorry I couldn’t offer better advice at this stage but your in safe hands now

WG xx

In_Search_Of_Me

Just wanted to send a humongous hug...not much help practically but I hope felt emotionally!!

chelly63

Hug was needed and felt too, your all so great here
Huging ya right back

donnalove

chelly63

hi i have been following your post on another site and i really feel you were given the best advice there, bankrupcty is an option as you have exeptional circumstances and would not lose your home.the gentleman giving you that advice is an insolvency practicioner and does know what he is talking about.
If you go ahead with the dmp and the crediters get to hear about your equity they will slap a charging order on your house,although they wouldn't be able to force a sale as any judge would throw it out with your circumstances, if anything happened to you(god forbid it doesn't) they would force a sale on your husband and he would find himself homeless.
there was also the advice of cashing in or selling the endownment and trying to negotiate full and finals and using the money from this endownment + what you will be paying creditors to pay off the mortgage with the £13,000 you say you can raise.

I know its hard trying to work out whats best(we had £37,000 debt and choose an iva now completed) but do you really want to live through the next few months worrying about getting a charging order on your house.

I also note that in your soa you haven't included any of your benifits ie dla and ib the creditors will not except that your hubby is paying all the bills and your ib should be included in the soa(i know dla won't count) If you are on highrate dla then this will pay for your cares, but the creditors will want to see where the money goes. so in working out your soa you must add on your ib, this would add at least another £350 a month to you soa.You will also need to add child benifit as you say you have 2 dependant children which is another roughly £112 ev 4 weeks, you need to do another soa including those figures and putting down food and clothing(roughly family of 4 for food and clothes £350-400 a month) which would still leave at least another £50.

sorry if i sound harsh its just the way it comes out.

donnalove
xxx

chelly63

I never put my IB because if you look at my husbands soa you will see only 40 a month house keeping, there are 4 of us , so my money goes on food and my bills.
And we have now sought further advice and from an IP, and in our case with all the facts in front of them, its not felt that bankcruptcy is an option, at this point no one has even mentioned court or anything.

wannabedebtfree_2

I think even if it went to a DMP you would have to declare all household income, and outgoings, maybe you could do a full household SOA, then people on here might be able to help you better.

Please don't make yourself ill over this, I know its stressful, and in a way I am lucky we don't own our house, because I know it will always be safe, it must be a real worry if you are concerned about that.

Maybe you could ring the Bankruptcy people and ask them if your house would be taken if your husband went bankrupt, as I have heard of people staying in their homes without the needs of you and your family, I know its not the road you want to take, but if your house will be safe it will be better than a 34 year DMP.

(((HUGS)))

xxx

chelly63

Just also adding to this, when I came to this site I was at an all time low and at the point of no return, I came here for support as OH starting the long term DMP as I know others here are going through this. Bancruptcy may be right for some as are IVA, but after talking to Debtline, CCCS and the cab and now the IP, its not felt right for us and they had all the facts of our individual circumstances facing them.
I want support for what we have chosen to do, not talk about the road we have not chosen. Also the IP said that charging orders can only be placed after a court has given a ccj and then you have to fail on that, also the amount that would raise would be nothing. Being forced to go bankrupt, was something our solicitor and IP said would be doubtful as the sum raised on my OH share would not cover diddly squat.
So with all that on board DMP it is. It maybe a long one but lots can happen in that time and hopefully not all bad.
Michelle

donnalove

hi chelly63

If thats the road you choose then that is your choice.No one on this board would force you down another way, and will support you in your quest.

don't forget you can get lots of information from the threads on this board, so have a look round and you will pick up loads of moneysaving tips.

Also the people on here are very friendly and supportive so when you feel low pop on for a bit of comfort.

donnalove
xx