5 years on and fed up.

livinginhope

orangesmartie wrote: »

Is it worth talking to your DMP administrators and seeing if you can loosen the budget a little to give you the occasional treats?

I think this might be our only option,i was trying to avoid doing it,as we managed to increase our monthly payment last year and it seemed to keep everyone happy,but with all thr price increases and no wage increase,things have changed.
Would lowering our payment set all the threatening letters and phone calls off again?

livinginhope

Bettingmad wrote: »

i appreciate that you don't want to go down the route of Bankruptsy, what about an IVA? 52 yrs is far to long to be on a DMP IMHO

we have discussed an IVA,but again been told we would lose our house,we only pay £150/month to our creditors at the moment,if we were on an IVA,we would have to pay more,or have a lump sum at the end,the only way to get a lump sum would be,to sell the house,Payplan advised us against an IVA in our situation.

Shineyhappy

I would guess that you probably know all the tricks but it is worth suggesting mystery shopping some of the companies do pub visits which you could do of an evening or looking at the freebies board for free cinema tickets?

We are trying to save the pennies and have managed to borrow some different board games and that has been quite a laugh. Is there anything you can do to get some extra income and the debt paid off quicker? I was away from MSE for a bit but we now want to get the mortgage paid off and have managed to make a bit selling old phones, changing banks, mystery shopping and looking at all the boards on here. Post your SOA again and just double or tripple check you havent missed anything?

secretshopper75

LIH..sent you a PM..

Bettingmad

livinginhope wrote: »

we have discussed an IVA,but again been told we would lose our house,we only pay £150/month to our creditors at the moment,if we were on an IVA,we would have to pay more,or have a lump sum at the end,the only way to get a lump sum would be,to sell the house,Payplan advised us against an IVA in our situation.

How much detail have you found out about an IVA? I googled and found the below which may help.

A lot of people don't want to go down the route of an IVA, however you have to balance that with the prospect of being on a DMP for the next 52 yrs in your current income situation.

Is this a short term finance blip, are you likely to increase your earnings significantly?

Dealing with debt is difficult, what makes it easier is being able to see the light at the end of the tunnel to drive you on. As I have said 52 yrs is far too long to be on a DMP IMHO.

I would certainly research in depth an IVA and sit down with a list with advantages(Which there are) and disadvantages (Which there are) work out if the advantages outweigh the disadvantages when you are in possession of all the facts.

Will I have to sell my house if I do an IVA?

It is unlikely you will have to sell as part of an IVA

We receive a lot of calls and emails from the public asking; "Will I have to sell my house if I do an IVA?".
If you own your house, it is unlikely you will have to sell this as part of an IVA.
An IVA will provide you with an opportunity to realise some equity for the benefit of creditors, usually by way of a re-mortgage. Re-mortgaging usually at some point during the IVA.
Under the terms of an IVA you will not be forced to sell your home, house or property. In some IVAs the creditors may request you release some of any equity from the property and then pay it into the IVA, for payment to the creditors. The creditors can request up to 75% of the equity payable either during or at the end of the IVA.
In some IVA cases people may be unable to release 75% of the equity. If this situation occurs then the creditors sometimes accept a lower. To make up for the lower amount the credits may ask you to offer 12 months further payments. This would mean you will not lose your home, house or property; instead your IVA would be 6 years instead of 5.

iolanthe07

it's due to a house fire we are in this situation,

You should have received recompense from the insurance company to put you in the same position as you were before the fire. Is this worth exploring further?

livinginhope

iolanthe07 wrote: »

it's due to a house fire we are in this situation,

You should have received recompense from the insurance company to put you in the same position as you were before the fire. Is this worth exploring further?

Turned out we were un insured! banks lent us the money to rebuild,refurnish and rent a house whilst ours was being rebuilt for 8 months,they knew we couldn't pay it back,but lent it anyway

beanielou

52 years is just unbelieviable TBH.
Im stunned that you were alowed to enter into a DMP to last that long.
Anyway, you need to go back to Payplan and renogotiate the amount you pay so that you can at least have some sort of life.
Take care.