DMP Mutual Support Thread - Part 7

Aremess

Thanks RockChick,

I did go through my details with CCCS last year and they wanted me to go down the route of a DRO, but with a small private pension I don't think that that will be an option. They look upon that as an asset worth more than £500 and that makes that nonviable.

I was surprised when Pay Plan said I would need to repay my creditors £150 a month in order for them to set up a DMP. They suggest that I make an Informal offer which will mean some of my creditors will only get £1+ a month. At that rate it will another 400 months to pay off. That's another 35 years which will put me around 100 years old.

I am at my wits end with it all.

Matt_EA

I am getting myself into a panic about my current situation. A couple of months back I was celebrating starting my DMP with CCCS. I have now made payments through them to my creditors in May and June, making a more-than £1000 dent in my overall debt.

However, I have recently been told that I am being made redundant, and this will be effective from 19th July (though I am getting some pay in lieu of notice as I have been there a few years and they are cutting my notice period in half).

Obviously this is a huge blow to my DMP as nearly all creditors are getting on board by this stage, but until I have found new work I will need my redundancy money to live on rather than servicing debts!

I spoke to CCCS as soon as I found out my situation and they asked me to get in touch when I knew how much my redundancy payment was going to be. They have also sent me a pack about making full & final offers to creditors. However until I have found new work (nothing on the horizon yet but I'm looking of course) I don't know how much money I will have 'left' to offer creditors as a F&F!

At the moment, I told CCCS I am going to let July's DMP payment go ahead as I get my June pay tomorrow on the 30th, but I'm just not sure what to do from here. I guess I will have to come off the DMP again and go back to token payments until I have found work and got an income again - will CCCS speak to my creditors for me or will I have to send another round of letters?

Just feeling quite lost and helpless about it all. Any advice anyone?

midget123

Thanks Ianmak, have check with CCCS, panic over.

**confuzzled**

rockchick1974 wrote: »

oh and confuzzled .. also planned to cut my grass ... couldnt quite psyche myself up for it though lol !!!

:rotfl: I copped out of it as well...ended up doing over time!! £££ KA-CHING £££:D

Matt I'm so sorry to hear that, what a blow!! I have no advice but what you've suggested sounds sensible and also remember the mantra "they can't have what you haven't got" you need to live so might be worth going down to token payments to each creditor for the time being until you're up and running again.
In a way it's lucky its it's happened now and not a few months back before the DMP otherwise you would've been truly screwed! I hope you get a hefty redundancy package and can shift a debt or 2 with F&Fs x

bertie1606

**confuzzled** wrote: »

:rotfl: I copped out of it as well...ended up doing over time!! £££ KA-CHING £££:D

Matt I'm so sorry to hear that, what a blow!! I have no advice but what you've suggested sounds sensible and also remember the mantra "they can't have what you haven't got" you need to live so might be worth going down to token payments to each creditor for the time being until you're up and running again.
In a way it's lucky its it's happened now and not a few months back before the DMP otherwise you would've been truly screwed! I hope you get a hefty redundancy package and can shift a debt or 2 with F&Fs x

I have a question, if you F&F offer to one or two creditiors, isn't that seen as unfair to the other creditiors, or can you do that?

ianmak

bertie1606 wrote: »

I have a question, if you F&F offer to one or two creditiors, isn't that seen as unfair to the other creditiors, or can you do that?

Yes it is seen as offering preference over other creditors, this is why it shouldn't be done lightly!

**confuzzled**

I personally have never had enough money for F&Fs:o but my BIL, also on DMP with CCCS, has done F&Fs with a couple of his creditors and has had no comeback from CCCS or the remaining creditors, although he did them on his own and not through CCCS...might be worth calling getting more info from them and see what they say/recommend

Twit_Head

Aremess wrote: »

On the subject of DMPs, I have recently been told by Pay Plan that I would need £150 per month to set up a DMP. This is despite only having about £30 pcm to pay off my creditors! Can this be right.

Hello to you :wave:
Hope you saw RockChicks reply (and Hi to you too RC! :hello:) suggesting you contact CCCS.
Sometimes a DMP is not possible if you can only reasonably afford to repay a very small amount.
Have a look here http://www.cccs.co.uk/ and play about with their very excellent 'Debt Remedy Planner'
I've been on a DMP for nearly 2 years. I was very scared it wouldn't be possible, as the amount I could repay was tiny compared to the debt. However, my 'low-start' DMP went into action. I've only been able to increase by a weeny amount in that time - my creditors are accepting and taking my money :cool:
Go ask and go learn - good luck!

'Twitty'

Twit_Head

smcshane wrote: »

I too have a weakness for Haribo and Sports Mixture! I thought I was the only one......
Do eat less Sports Mixture now after nearly chocking on one resulting in me nOt being able to breathe properly but trying to find someone to give me a firm slap on the back:eek: at least I'm here to tell the tale:D

Now, now smcshane - behave!
You know that even if turning blue and choking, you must honour your DMP agreement and not try to dodge your obligations to creditors by turning up your toes! :rotfl:
Really, really glad someone was around to give you a good 'slapping'
'Swallowing the wrong way' happened to me once, and it's the most frightening thing in the world :eek:
(I did it on steak though, not Haribo - steak? is that mince stuck together?):rotfl:

'Twitty'

Twit_Head

Matt_EA wrote: »

I am getting myself into a panic about my current situation. A couple of months back I was celebrating starting my DMP with CCCS. I have now made payments through them to my creditors in May and June, making a more-than £1000 dent in my overall debt.

However, I have recently been told that I am being made redundant, and this will be effective from 19th July (though I am getting some pay in lieu of notice as I have been there a few years and they are cutting my notice period in half).

Obviously this is a huge blow to my DMP as nearly all creditors are getting on board by this stage, but until I have found new work I will need my redundancy money to live on rather than servicing debts!

I spoke to CCCS as soon as I found out my situation and they asked me to get in touch when I knew how much my redundancy payment was going to be. They have also sent me a pack about making full & final offers to creditors. However until I have found new work (nothing on the horizon yet but I'm looking of course) I don't know how much money I will have 'left' to offer creditors as a F&F!

At the moment, I told CCCS I am going to let July's DMP payment go ahead as I get my June pay tomorrow on the 30th, but I'm just not sure what to do from here. I guess I will have to come off the DMP again and go back to token payments until I have found work and got an income again - will CCCS speak to my creditors for me or will I have to send another round of letters?

Just feeling quite lost and helpless about it all. Any advice anyone?

Hi
Feel for you! It's not raining but pouring on you at the moment isn't it?
Only my opinion,but would agree you're doing right to let your next DMP payment ahead. Gives you that 'breathing space' to take stock and re-assess your future.
How soon will you know how much your redundancy money will be? Will you be eligible to receive unemployment benefit?(job-seekers allowance or whatever it's called these days.)
These are only my thoughts so please take further advice from CCCS etc. But I would keep in mind that even though you're fairly new to your DMP, in the circumstances your creditors might look at F + F's favourably. If you are able to do it, always pitch them fairly low to start. And maybe if you could clear your debts you could manage on benefits?
You have an advantage in that you're used to living to a budget, and also have a proven track record of employment.
So go get that new job and hope this soon passes for you.

'Twitty'