DMP & Mutual Support Thread - Part 8

BlushingRose

Finshopefulmum wrote: »

Afternoon everyone

Just received a phone call from a very friendly and helpful James at CCCS, just making sure I'd received my pack and going through what I need to do. I was quite nervous about speaking to him as I prefer the annonimity of being online (am feeling quite unworthy and ashamed) but he was not at all judgemental, even when he was obviously looking at the huge amount of debt I have amassed.


x

I spoke to a James at CCCS the other day and he was lovely (and had a nice voice too!) I wonder if it was the same one?

Finshopefulmum

BlushingRose wrote: »

I spoke to a James at CCCS the other day and he was lovely (and had a nice voice too!) I wonder if it was the same one?

Hi BR

Nice to speak to you, I've been reading your posts over the last few days. I hope you are feeling happier with your new budget (that the lovely James agreed). Only four more sleeps till payday!

x

BlushingRose

Finshopefulmum wrote: »

Hi BR

Nice to speak to you, I've been reading your posts over the last few days. I hope you are feeling happier with your new budget (that the lovely James agreed). Only four more sleeps till payday!

x

Time will tell!!!

oooh yes, perhaps I should start marking the days off on the calendar!

mon1o

I had a call on thursday last week from CCCS - cant remember the chaps name, but he was very sweet and patient with all my questions and what have you. im trying to be proactive with things so have opened myself an e-savings account so that if i ever get to the point when i do have money left at the end of the month (as opposed to too much month left at the end of the money!) i might be able to actually save something. for now my concern is the caravan and what could happen with the proceeds. part of me is thinking i need to clear some debts but as the money wont cover anywhere near half of what i owe, the other half is saying to keep it and put some of the money in my savings to act as an emergency fund and then come april get the rest in an isa that will not be touched. but if cccs/my creditors can make me clear some debts with it, then maybe ill hold off selling her.

BlushingRose

Why not do half and half? Keep half for an emergency fund, and pay off some debt wit the other half?

mon1o

thanks BR - i was thinking of that also but wasnt sure if it was "allowed" - ie would i have to pay all towards my debt or nothing? we bought the caravan ourselves so technically it has nothing to do with the debt i owe, its totally 100% ours hence why i cant just happily part with her. Not because i dont want to clear my debt. if that makes sense??

BlushingRose

mon1o wrote: »

thanks BR - i was thinking of that also but wasnt sure if it was "allowed" - ie would i have to pay all towards my debt or nothing? we bought the caravan ourselves so technically it has nothing to do with the debt i owe, its totally 100% ours hence why i cant just happily part with her. Not because i dont want to clear my debt. if that makes sense??

I don't know, although how would anyone find out?

Finshopefulmum

mon1o wrote: »

thanks BR - i was thinking of that also but wasnt sure if it was "allowed" - ie would i have to pay all towards my debt or nothing? we bought the caravan ourselves so technically it has nothing to do with the debt i owe, its totally 100% ours hence why i cant just happily part with her. Not because i dont want to clear my debt. if that makes sense??

Hi Mon

I'm a complete newbie when it comes to MSE, but I've been reading through loads of the posts on here and I'm pretty sure you'd be able to keep the proceeds. I think a DMP is very different to an IVA or bankrupcy where you would be expected to sell assets to go towards your debt. By making token payments this month I am able to save an emergency fund. I couldn't quite believe that either!! But I've noticed and others have mentioned that you can ask a CCCS person a question on here, it's a sticky at the top of the DFW forum.

x

Sammy246

BlushingRose wrote: »

We too were up to date with our payments, we had no defaults. However, our payments were so high that we had no actual money at all and were having to pay for everything on the credit cards. So, money came out of the account to pay off the cards and the loan, which left us with nothing to live on, so that went onto a card....until, eventually, it was getting to the point where we had no credit left on the card either...

BlushingRose - How have you found DMP? I don't know why I'm unsure about it, I have been researching a bit into it today but still have not made my mind up?

Has it reduced your re-payments significantly each month?

Standingtall

Finshopefulmum wrote: »

Hi Mon

I'm a complete newbie when it comes to MSE, but I've been reading through loads of the posts on here and I'm pretty sure you'd be able to keep the proceeds. I think a DMP is very different to an IVA or bankrupcy where you would be expected to sell assets to go towards your debt. By making token payments this month I am able to save an emergency fund. I couldn't quite believe that either!! But I've noticed and others have mentioned that you can ask a CCCS person a question on here, it's a sticky at the top of the DFW forum.

x

I agree with this, for what my opinion is worth:). I believe you can keep any money beyond your regular income as the agreement is informal not legal such as bankruptcy or IVA. rather than pay off your debts why don't you tuck it away for a rainy day for now. You might need a new car, boiler or such like in the future and these things do not come cheap! Or, you may want to offer settlements to your creditors at some point.