DMP Advice

CLAPTON

just a few points/questions


your father income is 2166 ..is this gross before tax and NI ...if so deducting 287 for 'business' expenses including tax and NI seems too low ...are you sure this is correct?

you say this is for 9 months.... what sort of change in the overall sums will happen then... at the moment assuming the creditors freeze interest and charges the repayment plan will take 15 years.

in reality there has to be some spend on socialising/going out/presents/xmas/modest holiday even if its disguised from the creditors.

you may have already posted it so apologies if you have but what is the house worth and how much is the mortgage and secured loans for?

Also is the endowment mandatory... what cash in value would it have ?

Gemmzie

CLAPTON wrote:

just a few points/questions


your father income is 2166 ..is this gross before tax and NI ...if so deducting 287 for 'business' expenses including tax and NI seems too low ...are you sure this is correct?
He says yes, it doesn't seem right to me either

you say this is for 9 months.... what sort of change in the overall sums will happen then... at the moment assuming the creditors freeze interest and charges the repayment plan will take 15 years.
Brother's wages will be increased so he will be paying more keep, Child Benefit and CTC will stop and my student loan will kick in so I will be contributing more

in reality there has to be some spend on socialising/going out/presents/xmas/modest holiday even if its disguised from the creditors.
Sky is my parents only form of entertaining, they don't go out or socialise, mum saves for Christmas, and we don't have holidays

you may have already posted it so apologies if you have but what is the house worth and how much is the mortgage and secured loans for?
It's worth around 250k, the mortgage is 112k (34k being interest only) and the secured loan is 29k

Also is the endowment mandatory... what cash in value would it have ?
I think so, it has very little cash value as all of the 'bonuses' and such are added on at the end

Have answered above, thanks

Gemmzie

Okay, so my friend who works in the CAB is off sick, so I'm going to try alone.

Can I write the letters as if from me or is it best that they are coming from my father directly?

I'd really appreciate some help on what to say to them.

Gemmzie

Shameless bump

Anyone that can help with the letter or is there templates online?

milliejon

Hi Gemmzie. The letters to the creditors should be written from who ever the credit agreement was signed by. The National Debtline has template letters for writing to creditors to set up a DMP.

http://www.nationaldebtline.co.uk/england_wales/temp/5161_49701.pdf

Gemmzie

Thank you so much milliejon, that's exactly what I needed.

milliejon

No problem Gemmzie, just remember to send the letters by recorded delivery so that they can't deny receiving them.

Gemmzie

The part of the letter which states "Should my circumstances improve I will contact you again."

I am planning to change to:
"My financial situation as shown in the budget will apply for the next nine months, until September 2007, therefore I offer the current payment until that date when I will review my situation and contact you again."

Is that okay or should I say why?

milliejon

That sounds fine to me, it's the kind of thing I put in the last time because my circumstances are changing soon because my Child Tax Credit is reducing as my son will be 1.

Gemmzie

Our CTC will be gone too I'm getting too old for it