DMP Mutual Support Thread - Part 7

Ellieseleven

Hi Anotherdebt, I have been having the same thoughts as you regards my payments not being enough for DMP. I'm paying £326 per month but have 11 creditors!! - 4 have accepted so far and frozen interest and charges

Hope this helps

Ellie xx

anotherdebt

Ellieseleven
Without being nosey how does your debt compare. Just say up or down but honestly no probs if you dont want to answer

p-pincher

Hi everyone

First time posting on this thread, just needed a bit of advice.

OH has had his paperwork from cccs about his dmp, nothing signed yet but he's got a telephone appointment with them on Tuesday and ive just sorted the letters out to send to his creditors and im going post office on Monday to get the postal orders to sort out his token payments. I know he's doing the right thing because basically his ougoings are alot higher than what he has coming in (including priority bills, csa, and debts).

We have separate money and were not linked in any way. Im just so worried about the house, its in his name but the mortgage has always been paid on time and no matter what it always will be. None of the debts are secured against the house but i cant get the thought out my head that we might loose our home, it's making me physically ill thinking about it. How likely is it that we could lose it???

grantalien

p-pincher wrote: »

We have separate money and were not linked in any way. Im just so worried about the house, its in his name but the mortgage has always been paid on time and no matter what it always will be. None of the debts are secured against the house but i cant get the thought out my head that we might loose our home, it's making me physically ill thinking about it. How likely is it that we could lose it???

Highly unlikely (dependant slightly on the amount owed) - especially if you are maintaining the mortgage - I am just about to be served with a CCJ (seems nationwide don't like the last 10 months of DMP payments:eek:) which at worst would mean a charging order if I fail to make the CCJ terms or maybe an enforced charging order (where the creditor applies for a forthwith judgement and charging order (CO) - seems a little unfair that as well as I would adhere to any CCJ demands) - effectively the CO would secure the debt against the property and would be paid back if/when the property is sold.

Hope this helps - I understand that courts are being encouraged to avoid repossessions where possible!:beer:

Hopelessly_Hopeful

Loubylou2 wrote: »

Must be something in the air because I am full of uncertaintly today.
We had our first default notice through with no reference to Payplan (they have had one token payment and one payplan payment). Is this just standard?
I had also written to them myself (on OH's behalf - debt primarily in his name but OUR debt) although I don't think it would have reached them in time.
We also had a phone call from NatWest. OH braced himself but it was just to confirm that it was us going on to a DMP and that they were forwarding everything to another dept.

Feeling a bit scared now.

We've all been there and still have the odd wobbly moment but it does get much better LL. The no reference is pretty standard, just make sure you keep YOUR notes upto date, it will stand you in good stead.

anotherdebt wrote: »

Hi all I have been lurking for a while and after sitting down with facts and figures I have just been slapped in the face. I have an appointment with CCCS on Monday having just had a refund paid by DFH. My trouble is I have debts of aprox £28,500 on 5 cards but my calculator is only telling me I have £280 spare each month to pay this back. I am convinced this will not be enough to satisfy creditors but how does it compare with other peoples debts and subsequent arrangements. My SOA is fine but as I am Self Employed and am currently having a slight down turn my fixed costs for work remain static and therefore can not save any of these costs. I have 2 endowments maturing in 3 years and this will pay off a secured loan which in turn frees up £550 per month. HELP HELP HELP

Welcome to the thread. First priority is to eat, drink, sleep and be well. The rest that is left over is for your debts so if it's £280 then that's what it is. They can't have what you haven't had. DMPs are informal and can be flexible if your income goes up or down so you will benefit from regular reviews. There are no hard and fast rules about what they accept, keep up the repayments and keep a spending log, that will be seen favourably when you have your reviews. The important thing is that you are showing you are doing your best. Paying too much to your DMP will just leave you with an unrealistic budget and the spiral will start building again. You don't want that do you? Today is the first day of the rest of your life! By my calculation if your situation stands as it is income wise, you paying £285 and you manage to get them to freeze interest then you will be debt free in 8.5 years. Not too bad when you consider most large loans have a 7 year repayment option on them these days. On top of that if the endowments come to fruition etc you could bring it down another couple of years. Good luck with your start up.

p-pincher wrote: »

Hi everyone

First time posting on this thread, just needed a bit of advice.

OH has had his paperwork from cccs about his dmp, nothing signed yet but he's got a telephone appointment with them on Tuesday and ive just sorted the letters out to send to his creditors and im going post office on Monday to get the postal orders to sort out his token payments. I know he's doing the right thing because basically his ougoings are alot higher than what he has coming in (including priority bills, csa, and debts).

We have separate money and were not linked in any way. Im just so worried about the house, its in his name but the mortgage has always been paid on time and no matter what it always will be. None of the debts are secured against the house but i cant get the thought out my head that we might loose our home, it's making me physically ill thinking about it. How likely is it that we could lose it???

Welcome to the thread PP, you sound ahead of the game with the organisation. Highly unlikely that you will loose the house. I'd put these questions to CCCS, Payplan and the Debtline helplines before you take your DMP out. It can be a useful time to explore and gain information. Different people put things across in different ways so your knowledge base will increase, if they say the same things it will be reassuring. Good luck.

HHx

goingforward_3

anotherdebt wrote: »

Hi all I have been lurking for a while and after sitting down with facts and figures I have just been slapped in the face. I have an appointment with CCCS on Monday having just had a refund paid by DFH. My trouble is I have debts of aprox £28,500 on 5 cards but my calculator is only telling me I have £280 spare each month to pay this back. I am convinced this will not be enough to satisfy creditors but how does it compare with other peoples debts and subsequent arrangements. My SOA is fine but as I am Self Employed and am currently having a slight down turn my fixed costs for work remain static and therefore can not save any of these costs. I have 2 endowments maturing in 3 years and this will pay off a secured loan which in turn frees up £550 per month. HELP HELP HELP

I/we owe way more than you and our DMP payment will be about £986 and we should (obviously dependant on interest being frozen etc ) be free in 7 yrs though i am hoping to reduce that to 5 years. I seen threads on here where peoples DMP's are going to run for 10 years + so i think 7/8 years isnt to bad .

Ellieseleven

anotherdebt wrote: »

Ellieseleven
Without being nosey how does your debt compare. Just say up or down but honestly no probs if you dont want to answer

Hi, sorry I should have put the figure in earlier, we owe in total 38k so quite a bit more than you

Ellie xx

the_tooth_fairy

Mrsgibbs1503 wrote: »

Umm, was just wondering what to do when you've heard nothing......:o

We've received the conformation letter regarding the Direct Debit to the CCCS and nothing else (no welcome pack yet) and Natwest have not contacted us at all, EVER to complain/demand payment??? I'm feeling a bit worried... Natwest credit card sent info to give to CCCS but that's it....????

I know they say no news is good news but surely not in this case... are they waiting to suddenly be really mean???

Please don't worry!! There's a lot of stuff going on in the background at the start, that we are probably unaware of. Reading through the posts today I'm sensing that there's an air of mild panic (that is totally normal) and if you didn't feel anxious about this there is something wrong!
Your worst enemy at the moment is your own imagination, I know this for a fact, waking at 3am convinced that our world was at an end.
To be frank, I think creditors are relieved when they are contacted by CCS/PP, at least they know they will be paid something (you never really hear exactly how many people clear off scott free)and at the end of the day, we are all doing our best to be honest, and money doesn't buy that. :A
ALL WILL BE WELL!! (Promise)

ttfx

ianmak

Loubylou2 wrote: »

Must be something in the air because I am full of uncertaintly today.
We had our first default notice through with no reference to Payplan (they have had one token payment and one payplan payment). Is this just standard?
I had also written to them myself (on OH's behalf - debt primarily in his name but OUR debt) although I don't think it would have reached them in time.
We also had a phone call from NatWest. OH braced himself but it was just to confirm that it was us going on to a DMP and that they were forwarding everything to another dept.

Feeling a bit scared now.

Defaults get issued as effectively you've broken the terms of the agreement. So pretty standard. According to PayPlan you don't need to inform them either!

the_tooth_fairy

Hopelessly_Hopeful wrote: »

Had my first communication back from Egg in 4 months. Good news, at last. Interest stopped, thank you!

2 more creditors to get on board, diary note to chase them again next week.

Happy weekend everyone.

HHx

That's brilliant:T
Isn't it the best feeling when that happens? (see Miss Ellie, I warned about unexpected joy, ha ha). I am very pleased for you.
Loubylou, I could paper my walls with default notices, seriously. They are just (as far as I'm concerned), the creditors way of formally noting the debt. As long as you are paying up every month,then there shouldn't be a problem. I suspect it is ammunition for creditors to take people to court who don't play ball?
Goingforward, Thank Goodness your Dad is on the mend and as the other posters say, best wishes to your hubby, too. 7 years sounds a lot, but to get your life back to normal within that time seems reasonable to me. Also, you never know what happens in the meantime, even coming in to a small amount of money might help you make reasonable offers to your smaller creditors and get rid of them for good. I hope so!

ttfx