DMP Mutual Support Thread - Part 7

Merecat_2

Well in Scouselad from Scousegirl x

the_tooth_fairy

Very well done, Scouselad!!! As a fellow Halifax victim, I am thrilled with your result, their stupidity beggars belief, I know!

ttfx

kingston_2730

Just wondered if any of you have known of anyone who has been on a DMP and has had their house taken as a result?

ianmak

I'm not sure, but the only way is if you get a charging order attached to the house, and if you stop paying your creditors completely. And even then you'd only be forced to SELL the house. I'll try and find confirmation of this though.

Obviously if you fall behind on mortgage payments, then you would be at serious risk of losing the house!

kingston_2730

Does a charging order mean they can force you to sell house? What, as in my case, there is no equity in house?

Hopelessly_Hopeful

kingston_2730 wrote: »

Does a charging order mean they can force you to sell house? What, as in my case, there is no equity in house?

Hi

Charging orders aren't to force you to sell they house they are just that if the house was sold they would get first take on the funds. The important thing is that you are seen to be making regular payment, no matter how small

Good luck x

kingston_2730

Hi. Thanks for your replies.Considering a DMP or a IVA. Going to discuss with CCCS. My OH and I are working professionals who have managed to get ourselves into large cc debt. Would be able to make reasonable and regular monthly payments on DMP. Main concern is losing house, due to kids and multiple pets (would make it hard to rent somewhere that would permit all our pets and the animals are the one thing I couldn't get rid of as kids would be devastated!). I thought I read somewhere that the creditors can force a sale of house. Has anyone ever known this to happen and is it likely to happen if there is no equity in house?

scouselad1974

Merecat wrote: »

Well in Scouselad from Scousegirl x

cushdy la :D

scouselad1974

the_tooth_fairy wrote: »

Very well done, Scouselad!!! As a fellow Halifax victim, I am thrilled with your result, their stupidity beggars belief, I know!

ttfx

Thank you very much.

The fight continues regarding their refusal to remove my telephone number from their systems. I will keep you updated with that side of things, as I intend to fight them all of the way, but at least for now the phone is silent

pure_dead_dopey

Hi Kingston

Long way down the line and quite unlikely to lose the house, so I wouldn't worry about it at the moment. I would just look at all the options available to you before making a decision. If you can try to be calm (difficult I know) but read up everything, talk to CCCs and perhaps CAB, you need to know everything before you find a solution. and the solution you want is the one that is best for you, longterm. Not a bad idea to post up a SOA, let's folks on here have a look and perhaps make some suggestions, in the very least it lets you see the big picture. My personal thing is don't pay the mins if you are going into a DMP as you need a emergency fund, pay tokens(£1) for at least a month and salt away some cash. Believe me the banks won't treat you any better if you pay tokens or a minimum payment.
take care, there is always a solution, you just need to find it.