help dmp or iva and how quick ccjs and baliffs will come??

debtiva

i am about to miss payments to all my creditors for the first time ever from this month, will they start issuing ccjs, baliffs etc before i have a chance to set up an iva?
Also some of my debt is quite new the catalogue i have had for 3 years but have ordered xmas presents from it 2 weeks ago as i was able to pay then but not now.

pay plan ans cccs have advised iva or dmp.
dmp would be for 15 years, i own my property but have a huge morgage,6 children so don't want to lose my house or have baliffs at my door

i have been told by payplan an iva would take 6-8 weeks to set up would i get ccj before this time?

Also they have said as i do not have a lot of equity in my house when the creditor ask me to remortgage in 4 and half years as i would still be in an iva i would not be able to remortgage, so would not have to and would just need to have my iva for another year to satify the creditors, is this right?

Charco_2

That's more or less true.

If you have NO EQUITY your IVA will end after 60 months. (You're not mortgaged with Northern Rock are you?)

If you have a little equity (less than £5k) you'll have to increase the term of your IVA for a further 12 months and then it is satisfied.

If you have a little bit more equity than that then you will have to at least try to remortgage and show that no-one will lend to you (on reasonable terms) and so your IVA will be extended by 12 months.

(that is a very basic description of the standard practice)

To_be_Free

"i have been told by payplan an iva would take 6-8 weeks to set up would i get ccj before this time?"

If you have kept up with your payments until now I doubt if you would get any ccj's in such a short time.

the-money-muppets

Hi,

we were worried too when we first started missing payments whilst we applied for iva etc. Don't worry, its now been 6 months to get to the stage we are at - our iva was turned down, we switched to interest free mortgage, we are now starting a DMP - first payment just gone.

We have had plenty letters and phone calls threatening debt collectors and court etc but thats all they have been - threats

we got the phone calls stopped by writing to creditors data controllers - legally you only have to have one form of contact and therefore name and address is fine - theres lots of posts on here with template letters you can use.

if you look closely at the letters they tend to say "we may take further action, we may take you to court" - try not to worry - we simply sent letters back stating that we couldnt afford to pay and cccs were dealing with our iva/dmp

so far no ones knocked on our door

the money muppets