I'm a DMP Starter, Twisted DMP Starter.....

Homershairdo

Hi all,

After building up a debt base of over £30k, which was manageable, my partner has had her income reduced by 75%. Which now means that we are really struggling to meet our committments each month. Although not missed any payments yet, it's getting more of a struggle.

Anyhow, I've used both CCCS and the DAF Personal Debt Analyser, and have finally decided to do something about the mire I'm in.

So, I'm pulling together my various offers for a reduced payment. My creditors are:

ZOPA (£13k @ 16.9%)
Lloyds (£6k @ 0% - moving to 25% in Jan)
Virgin (£4k @ 19.9%)
Natwest (£3.5k @ 0%, moving to 18% in Jan)
Halifax (£3.5k @ 0%, moving to 18% in Jan)

Are there any which are likely to be right pains? And when the wife gets a new job, which should happen soon, will I be able to go back to normal payments, if there is a benifit to do so?

Thanks all, and here's to the ride!

H;)

jayn_3

Hi, the title of you post actually made me smile,and I'm having a bad day! so thanks.

Speak to CCCS if you haven't already. I have had a good long talk with an advisor and they have offered me practical advice on how to start sorting myself out.

Do an SOA (you will find a post at the top of this forum for newbies, and the CCCS website gives a planner)

Do it today they are fab, I wish I had spoken to them months ago, they will tell you all you need to know!

Good luck with it
PS I have spoken to Halifax and they were really understanding

KingElvis

Prefer Invaders Must Die

Natwest are supposed to be hard to deal with, freezing interest etc etc

Homershairdo

KingElvis wrote: »

Prefer Invaders Must Die

It was hard to fit that into a workable title!

Homershairdo

Letters ready to send. Very nervous to send them. I'm still committed to making the full payment this month. Is that likely to go against me?

Hannah_10

There are two ways to look at making payments. The first is that the less the creditor is getting out of you the more chance you have of being seen as a poor risk and the lower settlement they'll take. If this was the way you were going to go about it then you have to be a little brave as your credit rating will take a hammering, you'll need to ignore everyone for months and the letters and phone calls will increase.

The other way to look at it is that you don't want the aggro of ignoring them (to make them feel a bit deseperate) and in paying it as agreed then you're watching your back for the interim.

The more you pay and the quicker you pay, the quicker you will reliably be out of debt. Stopping paying would be taking a risk, on a settlement you may or may not get, so in all honesty I would say if you can pay, do pay, even temporarily, as it gets those balances down a bit more and brings your debt free day closer. Especially as some of your debt is on 0% cards.

Oh and I'd trust the CCCS (a charity) over any fee paying company any day. Loving the title too.

Homershairdo

Are creditors likely to accept a short term dmp - i.e. six months, or is it just really down to individual company and circumstance?

Deep_In_Debt

It does depend on the creditor but yes, most are likely to accept a short term arrangement.

Homershairdo

Thanks - if I were to arrange a short term dmp, is it likely that it would be classed as a default, so I am just as well off arranging a "full term" dmp?

Cheers!!

H