In a pickle.. what should i do next (urgent)

foreveradevil

Hi,

Thanks in advance for anyone who takes the time to read this.

I have been on a debt management plan with CCCS and my now ex-wife for the past 6 years and since the split we have carried on making 1 joint payment from her account and all has been smooth, however the problem now arises...

I want to split everything so that i have no contact with my ex and continue to build my credit rating so that i can start to see a point where i can get a mortgage. None of the debts are joint so i have spent some time finding out which belong to me and getting current balances etc...

I am now in a position where i myself owe 10k to roughly 8 creditors and when i rang CCCS they said the only way forward is to ring the standard number and start my own dmp, alarm bells are now ringing as i do not want to have to go through the mess of negociating with my creditors again as i am in a position to continue to pay the amount i have been paying for years. I have juggled my budget so that i can keep the payments as they are if not up them a little.

So my question is...

would i be easier cancelling the dmp and contacting the creditors directly and explaining the situation and ask them if i can continue to make the payments i have been making via direct debit?

Would creditors agree to this? would they start charging interest again if i was not with CCCS?

If not, how will starting a new dmp affect my debts, will i have new defaults when they negociate a new payment etc? that is what i want to avoid...i have spent 5 years rebuilding my credit file and finally i see an end...this could ruin everything!

Someone please help..

Regards

Rob

dancingfairy

I honestly can't see what the problem is - is the dmp in joint names? it should only be in your name if the debts are in your name so why can't you set yourself up a bank account and make the payment from there? it seems very odd to me that CCCS can't cope with this.
If they have got the dmp in both names then I guess they've got to reset it up again just in your name - as long as this doesn't take too long I can't see the creditors getting too upset about it - they've accepted it once why not again?
At this point I think I'd probably start offering settlement offers as 6 years is quite a long time to have been on a dmp and presumably you have some time to go yet? have a read on National Debtline's website as they have template letters you can use etc.
df

foreveradevil

dancingfairy wrote: »

I honestly can't see what the problem is - is the dmp in joint names? it should only be in your name if the debts are in your name so why can't you set yourself up a bank account and make the payment from there? it seems very odd to me that CCCS can't cope with this.
If they have got the dmp in both names then I guess they've got to reset it up again just in your name - as long as this doesn't take too long I can't see the creditors getting too upset about it - they've accepted it once why not again?
At this point I think I'd probably start offering settlement offers as 6 years is quite a long time to have been on a dmp and presumably you have some time to go yet? have a read on National Debtline's website as they have template letters you can use etc.
df

Hi,

Thanks for the reply, the dmp is in joint names so they have to close it and open up a new one for us as individuals. I'm reading a lot on here about setting up your own dmp and dealing with creditors direct.

Any idea how easy it would be for me to finish with cccs and continue to make the payments with creditors direct? then i can ask about settlements too? I think that would be my favoured option.

Regards

Rob

dancingfairy

I would have thought it would be fairly straightforward? phone the creditor - explain the situation , follow up with a letter and the monthly payments and bobs your uncle? the hard bit I think has been done - if they are getting more or settlement offers then surely they'd be happy - a bit different if you started offering a lot less but I think they'd have a screw loose if they start messing about after 6 years of regular payments and the promise of more.
I haven't done it myself but a small group of people run their own dmp's.
One thing I would do though it set up a standing order and not a direct debit - it puts you in control and not them so if for any reason you did have any problems it could be easily sorted without worrying they'd take the money.
Best of Luck
df

dancingfairy

As long as you don't take any rubbish from them you'll be fine - I can't think they would but if they start messing you about you must stand firm and you can always pop back to let people know how it's going or if there are any small niggles.
df

feeling-good

foreveradevil wrote: »

Hi,


...i have spent 5 years rebuilding my credit file and finally i see an end...this could ruin everything!



Rob

You have been on a DMP so you have not been rebuilding your credit file ! you have been paying less on a DMP than you normally would have had too so you will have lots and lots of late payments on your credit file, you will be able to start rebuilding your credit score when all your debts are finally paid off and not a day before

foreveradevil

feeling-good wrote: »

You have been on a DMP so you have not been rebuilding your credit file ! you have been paying less on a DMP than you normally would have had too so you will have lots and lots of late payments on your credit file, you will be able to start rebuilding your credit score when all your debts are finally paid off and not a day before

technically not true, i have watched my credit file over the past few years improve slightly each year, defaults have now fallen off the file and my rating is classed as 'fair' which is a huge step forward from 'BAD'... i have 2 defaults that need to go before it can improve even further.