Help needed with DMP and Redundancy!!!

vera123_2

hi all - new to this so please bear with me.

have been on my dmp for 1 year - all going well. have been with same employer for 14 years and face the high possibility of redundancy by the summer.

i would appreciate some help with the following:

1. when do i alert cccs to the possibility of redundancy
2. when i receive redundancy pay £4, 500 i estimate - will cccs take all of it to pay off debtors?

i am a single mum of 2 children and in the current job climate, am unsure how long i will be unemployed for - i will then have to apply for benefits which means i will not be able to keep up the payments on my dmp - please help - need advice badly

many thanks

Tixy

Hi

If you have a review with CCCS before summer then I would say it is worth mentioning your possibilty of redundancy then.

No CCCS would not take all of your redundancy money to pay towards your creditors. That money is for you to live on until you find work and would be for basic household expenditure.

Exactly what would happen would depend on the relative amounts you owe and redundancy you will receive etc but it might be that you would need to cease your DMP and just pay token payments to creditors until you find work. You then have the redundancy to live on.

Should you manage to find work before you have used your redundancy up you might want to consider putting any remaining money into a 1 off payments to your creditors or consider offering reduced F&Fs to some of your creditors. And after that either restarting your DMP or restarting normal payments (if you were financially able to do so).