DMP & Mutual Support Thread - Part 8

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

On the job list for next weekend, many thanks

HHx

Hopelessly_Hopeful wrote: »

Brilliant link, thank you

HHx

Does this mean I am going to be outgeeked next week? :eek:

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Does this mean I am going to be outgeeked next week? :eek:

I bow down to your superior geek apptitude

HHx

Time_to_face_the_music

I bow to your all around better attitude

Walaboobah

grant1wish wrote: »

Afternoon all,

Hope everyone is well. Quick update

CCCS have set up direct debit for 1st Nov, and I have moved almost all my other debits to the new account.

Am now in the process of papping myself about the fact that there seems to be a lot of creditors not reducing interest. If this is the case my payments will not even cover it, so debts will just keep going up.

I currently have £150 left for the month, not sure how I will be able to put petrol in for the last week (walking to work not an option), but hopefully November will be a bit easier. I have worked out we should have about £350 more than the current month.

G1W

I thought that too, had letters off creditors saying you are in arrears and some have sent Default notices too, I rang them and queried it and was told they were legally obliged to send them as that was what they had to do to close the account so that interest payments could be frozen. I wouldn't worry about the letters but always worth a phone call if you are worried

Walaboobah

Well here, I am, all DMP'd up and raring to go. I can't believe it but I am actually looking forward to Wednesday when the money will be leaving my account to go to CCCS as I know this will be another step along the way to my DFD.

I am so glad that I have taken this route, thanks to everyone who has given me advice and assistance on various threads it is much appreciated.

I know for a fact I will never again take out a loan or consider a credit card, as soon as I am debt free, that is it everything from then on will be saved for and paid for!

campingqueen

Hi Everyone.

Completely new to this forum so if i'm posting this in the wrong place i'm sorry!

I've trailed through this entire thread after finally (and very very belatedly) getting in touch with the CCCS about a DMP. They've been fab but i've got a couple of questions that I'm not sure about and before i sign the final paperwork i needed to see if anyone can shed any light on the subject.

Myself and the hubby are partners in our own business therefore all our finances are linked. However all the debts that are going on the DMP are in my name only. The CCCS advised setting up a joint DMP so as OH earnings could be taken into account for our budget and we wouldn't have to faff around splitting all the dd's, bills etc seeing as we run our household 50/50 where finances are concerned.

But, if his name is on the DMP but all the debts are in my name will it affect him? He's a bit worried as has never had any CC's (he's a lot cleverer than me:)) but we do have a joint business account so are therefore financially linked.

Should I a) take my name off the business account so he has no financial connection to me anymore (this is the only account we share)?
and b) should the DMP be in his name as well as mine or should it really just be in mine?

I'm totally confused as the CCCS seem to have told me one thing but other people on other threads are saying different and if we both end up stuffed as far as credit ratings go then we're up the creek without a paddle (not that either of us want any more credit but we rent so one of us needs a good credit rating!)

Thanks for taking the time to read this. Any advice would be greatly appreciated. Its been such a weight off my shoulders to read just how many people are going through this so thanks everyone for sharing your stories

Hopelessly_Hopeful

Walaboobah wrote: »

Well here, I am, all DMP'd up and raring to go. I can't believe it but I am actually looking forward to Wednesday when the money will be leaving my account to go to CCCS as I know this will be another step along the way to my DFD.

I am so glad that I have taken this route, thanks to everyone who has given me advice and assistance on various threads it is much appreciated.

I know for a fact I will never again take out a loan or consider a credit card, as soon as I am debt free, that is it everything from then on will be saved for and paid for!

Welcome

Sounds like you have all in order!

HHx

Hopelessly_Hopeful

campingqueen wrote: »

Hi Everyone.

Completely new to this forum so if i'm posting this in the wrong place i'm sorry!

I've trailed through this entire thread after finally (and very very belatedly) getting in touch with the CCCS about a DMP. They've been fab but i've got a couple of questions that I'm not sure about and before i sign the final paperwork i needed to see if anyone can shed any light on the subject.

Myself and the hubby are partners in our own business therefore all our finances are linked. However all the debts that are going on the DMP are in my name only. The CCCS advised setting up a joint DMP so as OH earnings could be taken into account for our budget and we wouldn't have to faff around splitting all the dd's, bills etc seeing as we run our household 50/50 where finances are concerned.

But, if his name is on the DMP but all the debts are in my name will it affect him? He's a bit worried as has never had any CC's (he's a lot cleverer than me:)) but we do have a joint business account so are therefore financially linked.

Should I a) take my name off the business account so he has no financial connection to me anymore (this is the only account we share)?
and b) should the DMP be in his name as well as mine or should it really just be in mine?

I'm totally confused as the CCCS seem to have told me one thing but other people on other threads are saying different and if we both end up stuffed as far as credit ratings go then we're up the creek without a paddle (not that either of us want any more credit but we rent so one of us needs a good credit rating!)

Thanks for taking the time to read this. Any advice would be greatly appreciated. Its been such a weight off my shoulders to read just how many people are going through this so thanks everyone for sharing your stories

Welcome

I would fight tooth and nail to keep it just on your name or I would be worried your hubby will become jointly liable. Just your name should give you the best of both worlds

HHx

Standingtall

campingqueen wrote: »

Hi Everyone.

Completely new to this forum so if i'm posting this in the wrong place i'm sorry!

I've trailed through this entire thread after finally (and very very belatedly) getting in touch with the CCCS about a DMP. They've been fab but i've got a couple of questions that I'm not sure about and before i sign the final paperwork i needed to see if anyone can shed any light on the subject.

Myself and the hubby are partners in our own business therefore all our finances are linked. However all the debts that are going on the DMP are in my name only. The CCCS advised setting up a joint DMP so as OH earnings could be taken into account for our budget and we wouldn't have to faff around splitting all the dd's, bills etc seeing as we run our household 50/50 where finances are concerned.

But, if his name is on the DMP but all the debts are in my name will it affect him? He's a bit worried as has never had any CC's (he's a lot cleverer than me:)) but we do have a joint business account so are therefore financially linked.

Should I a) take my name off the business account so he has no financial connection to me anymore (this is the only account we share)?
and b) should the DMP be in his name as well as mine or should it really just be in mine?

I'm totally confused as the CCCS seem to have told me one thing but other people on other threads are saying different and if we both end up stuffed as far as credit ratings go then we're up the creek without a paddle (not that either of us want any more credit but we rent so one of us needs a good credit rating!)

Thanks for taking the time to read this. Any advice would be greatly appreciated. Its been such a weight off my shoulders to read just how many people are going through this so thanks everyone for sharing your stories

Hi Campingqueen and welcome.:). I would expect that any credit check will show you as financially linked in any case due to your joint account. I suspect a joint DMP would only cement this. However, even if you take your name of the account and go solo on the DMP creditors may still take your status into account when checking your husband. People will possibly refute this but I know that when applying for a loan prior to my DMP I had a letter from the loan company asking my relationship to the other adult in the house: this was my son who still had my ex husbands name and who had a terrible credit rating.

Having said all that, I did read elsewhere on the forum they currently there are 2 levels of access to credit files and landlords only see restricted info such as if you have a bankruptcy against you. The poster did note however that this situation is due to change at some point.

I do apologise for the lack of concrete information in this post but I hope it's better than nothing. There are some more 'clued up' posters who will hopefully pop on and give you some more 'legalised' info soon.

Good luck.

StepChange_Pavan

campingqueen wrote: »

Hi Everyone.

Completely new to this forum so if i'm posting this in the wrong place i'm sorry!

I've trailed through this entire thread after finally (and very very belatedly) getting in touch with the CCCS about a DMP. They've been fab but i've got a couple of questions that I'm not sure about and before i sign the final paperwork i needed to see if anyone can shed any light on the subject.

Myself and the hubby are partners in our own business therefore all our finances are linked. However all the debts that are going on the DMP are in my name only. The CCCS advised setting up a joint DMP so as OH earnings could be taken into account for our budget and we wouldn't have to faff around splitting all the dd's, bills etc seeing as we run our household 50/50 where finances are concerned.

But, if his name is on the DMP but all the debts are in my name will it affect him? He's a bit worried as has never had any CC's (he's a lot cleverer than me:)) but we do have a joint business account so are therefore financially linked.

Should I a) take my name off the business account so he has no financial connection to me anymore (this is the only account we share)?
and b) should the DMP be in his name as well as mine or should it really just be in mine?

I'm totally confused as the CCCS seem to have told me one thing but other people on other threads are saying different and if we both end up stuffed as far as credit ratings go then we're up the creek without a paddle (not that either of us want any more credit but we rent so one of us needs a good credit rating!)

Thanks for taking the time to read this. Any advice would be greatly appreciated. Its been such a weight off my shoulders to read just how many people are going through this so thanks everyone for sharing your stories

Hi campingqueen and welcome to the forum

You can include your partner on your DMP but there’s nothing to say that this is compulsory if he doesn’t have any unsecured debts. We usually recommend it if you have joint finances because it gives the clearest and most accurate picture of your finances. You can take his name off the DMP provided that you can show your contributions towards the household budget easily.

If none of the debts are in your husband’s name he won’t be held liable for them – whether he’s named on the DMP or not. Before considering whether to take your name off the business account, it’s worth finding out what the implications might be (in terms of running your business). You may still need to financially ‘disassociate’ yourself from him to make sure that his credit rating won’t be affected by your debts. There’s more information about how to do this on page 10 of this leaflet: http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf.

I hope this helps.

Kind regards,
Pavan