Anyone got a little help & support going spare.

Issuma

Hi All

I've been self managing my DMP since July last year - long story OH had heart attack, couldn't work for 6 months didn't get paid etc things soon got out of control, anyway OH now back at work but in Jan 2011 changed jobs and had to reduce hours for health reasons, I've now submitted a revised SOA to all creditors as I will have to reduce my offers of payment, my question is do I start paying the new amounts that I've offered as soon as I receive my next statement even if I've not heard back from them by then.

I feel very anxious about this at the moment as I'm sure they're not going to be happy about this but I can't give them what I haven't got. Any advice or support at this time would be very much appreciated.
Thanks

GeorgeUK

It is better to pay them something rather than nothing. If you are wondering if it is okay to reduce the amount you are paying them - you can't pay what you haven't got. They may not like it, but i doubt they'll send any of the payments back to you.

I would pay the amount you have calculated you can afford.

Culex

"non dat quod non habet" does rather spring to mind.

gettingbackontrack

Hi. So sorry to hear about your OH's ill health which must have added to your stress.

I'm self-managing a DMP too. I'm not an expert but when I started to struggle (having to take on a lower paid job after redundancy) I reduced my payments before they were accepted. I simply didn't have the money to pay what I had been paying. I've had mixed success - most accepted, one or two insisted on a bit more (which I eventually managed to find, an extra £10 a month) and MBNA were awkward. They defaulted me after two months of not making my agreed payment and have been very hard to deal with, but at the end of the day the debt is still going down and they haven't added any charges or started to add interest again.

Personally, I'm not worried about a default - I will be VERY unlikely to want credit ever again - and I couldn't pay them money I didn;t have.

No credit card company has ever refused whatever payment I've sent them and most have been OK. That's my experience - some people will be along with much better advice but all I can say is try not to stress too much. Things will work out and as you say they can't get what you don't have. Take care.

cloudcuckooland_3

So sorry to hear you have been worried.

No one goes to prison for non payment of debt these days and ultimately they will have to accept what you are telling them ie that you can't pay what you haven't got.
If this all went to court your income and outgoings would be taken into account and also the amount you have to pay to other creditors. If they query what you are paying then you must tell them what you are paying everyone else because then they will see that you don't have any spare money.

Apart from all that can you do stuff with your OH that takes you out of the doom and gloom? It's important to have a life whilst you are paying off the debt - get the payments set up and put everything to one side. Enjoy life with hubby and have some fun because it sounds like you both deserve it!
Get some direct debits set up an then forget them for a while - Life Goes On Without Debt despite what the debt agencies would have us believe.

All the best to you and your hubby!

Issuma

Thank you so much for taking the time to reply and your support, one of the most difficult things I find in this situation is the feeling of isolation it's hardly the type of thing you sit chatting about in work !!!

My biggest worry is that a lot of our debt is with one creditor and my fear is that they may try to force us into bankruptcy which would be too much for my OH to deal with, while he is so much better physically he has some physcological issues now (that he didn't have before) he is well aware of our situation we are a team and are dealing with this together but I do all the letter writing, dealing with creditors etc as he gets worked up very quickly and has what can only be described as a 'short fuse' these days with very little patience and while I am fully aware of making sure my priority debts (mortgage etc) are always paid on time to protect us from losing our home I still have sleepless nights worrying about being forced into bankruptcy...........I let my thoughts run away with me some times but this did happen to someone I know some time ago so I know it is a possibility and that would just be terrible that would just destroy my OH.

Once again thanks for your kind words, well it's Monday again better get ready for work, hope you all have a good day.

tealady

Don't forget if any of your creditors try to force you down a route you don't want to go then we are always here for support and advice.

Issuma

Hi tealady,

thanks for your reply it's nice to know that there are people out there who take the time to offer their support, I posted all my letters, SAO's and revised offers of payments to my creditors last week so I'm waiting for the 'you know what' to hit the fan at some point later this week, I'll keep you all posted but if anyone has any info about what might happen next any advice would be very much appreciated. I would imagine that majority of my creditors will now pass these debts on to DCA's - everything's still with original creditors at the moment.

I'm not at all bothered about defaults etc as I NEVER want credit again - I just want to be able to pay what I owe at an amount I can afford even if it takes me 20 years !!!!! and have a reasonable life and to be able to spend some quality time with my OH without thinking about money all the time probably not being very realistic here.

But I'm desperate not to be forced into bankruptcy as losing my home makes me feel physically sick and I can't even think about what that would do to my OH.

Have a good day all.

Culex

Issuma wrote: »

But I'm desperate not to be forced into bankruptcy as losing my home makes me feel physically sick and I can't even think about what that would do to my OH.

It is hardly likely that these parasites would force you into bankruptcy, as not only would they receive less money as a result, they would no longer be able to use your terror of bankruptcy to torture you into paying them more money.

fermi

How much is this particular debt? Do you have any equity in your home?

Unless the debt is for 10's of thousands, and you have a stonking amount of equity in your house, then most creditors won't even contemplate making you bankrupt.

They may threaten it, and even perhaps send statutory demands as a scare tactic, but going through with it would cost them thousands in up front fees. They would have no guarantee of getting those fees back, let alone any of the actual debt.

Honestly, put bankruptcy to the back of your mind. The most normal creditors might try for is a charging order etc, and even that is not a given.

Culex

fermi wrote: »

They may threaten [bankruptcy], and even perhaps send statutory demands as a scare tactic, but going through with it would cost them thousands in up front fees. They would have no guarantee of getting those fees back, let alone any of the actual debt.

Honestly, put bankruptcy to the back of your mind. The most normal creditors might try for is a charging order etc, and even that is not a given.

Or even possible, in some cases. Triton (try it on?) threatened me with a charging order over an outstanding debt of about £200 and that "their client" might even be granted possession of my property.

They seemed not to care that they could not get a charging order for such a sum or that, even if they did, they'd still not obtain title to my house.