DMP starting very soon - I am apprehensive!

Sea78

I had to send off the letters, using the CCCS form at the same time as returning the completed forms to CCCS so that then they'd get my letter with token payment (could be as little as a £1) and then CCCS get in touch with them also once you've returned all the info.

Sea xx

midlands_miss

Hi

I am nearly £19,000 in debt and can't afford to pay everything monthly anymore. I have received details of a DMP from National Debtline and CCCS.

My main worry is how this will affect my chances of a mortgage if I continue with it. Can anyone tell me? I currently have a joint mortgage with my partner since May 06 and we have 29 years 5 months left on it. It's fixed rate until May 08 but then we'd like to upgrade to a slightly bigger house (our house is tiny). I'm worried if I carry on with a DMP I won't have any chance of changing my mortage in the future. I don't have any arrears of the main bills...Mortgage, council tax etc.

Any advice gratefully received.

lfc1983

midlands_miss wrote:

Hi

I am nearly £19,000 in debt and can't afford to pay everything monthly anymore. I have received details of a DMP from National Debtline and CCCS.

My main worry is how this will affect my chances of a mortgage if I continue with it. Can anyone tell me? I currently have a joint mortgage with my partner since May 06 and we have 29 years 5 months left on it. It's fixed rate until May 08 but then we'd like to upgrade to a slightly bigger house (our house is tiny). I'm worried if I carry on with a DMP I won't have any chance of changing my mortage in the future. I don't have any arrears of the main bills...Mortgage, council tax etc.

Any advice gratefully received.

Once youve entered into a dmp you will not be able to take out any future credit until you have repayed over the five years or however many years you have agreed to. unless of course you try to buy out of it. but even then you will find it very hard to get credit.

in_debt_again_but_dealing_with_it

Joek wrote:

I'm awaiting my paperwork from CCCS, but I'm wondering whether they advise you to send letters to them BEFORE agreeing to everything with CCCS themselves.

Personally, I want to stave off any harassment and give the creditors full notice of my intentions before things change.

Any advice on this count?

I sent all my paperwork back to CCCS last week, I sent letters with a token payment to my creditors advising them of my situation a couple of days before that because my CCCS paperwork hadn't arrived. I then sent the "official" copy of the letter from CCCS, don't think it does any harm to keep them informed.

Sea78

Through London and County, my mortgage advisor was telling me he'd arranged a mortgage for someone with an IVA. It is possible with a DMP but the rate will be huge.
Sea xx

HHH_2

I'm 2 months into my DMP with CCCS initially I did get a lot of phone calls but I either didnt answer or if I did I just gave them my CCCS number. I also wrote to all of my creditors and asked them to contact me by letter only. I havent had any calls since my first DMP payment although I do still get the odd letter. I send those on to CCCS. As regards your wife not knowing I didn't tell my OH but obviously it was difficult to hide. It caused me a lot of stress but last weekend I did tell him as now I am doing something about my debt I feel less afraid and less ashamed of my situation. Im not going to tell you what to do as everyone handles it in their own way but once you get over the initial shock of recognising your debt and start to act you will feel a lot better. CCCS have been very helpful and kind and my OH now accepts I have debts but am doing something about them. It has been easier for me since I told him as he doesnt quetion my MSE ways any longer! Good luck x

rare_stuff

Pan wrote:

I had to read this post a couple of times as it seemed to suggest that the problems where with CCCS. It was only after reading a couple of times that I noticed a different company name at the top of the post....a tad confusing.

I don't know if this is just been posted in the wrong thread but the post doesn't really 'fit' into this thread. I think maybe it should be moved as some people may be of the opinion that CCCS is being refered to.

Sorry, I should have made it a lot more clear I was referring to spectrum financial services (who should be avoided at all costs!) not CCCS, I hadn't realised that this thread was purely about a different company.

Sorry for not coming back to this since making that post what seems like weeks ago!

Also, apologies for a quite garbled post, I shouldn't be allowed at the keyboard at this hour!

moneypot

midlands_miss wrote:

Hi

I am nearly £19,000 in debt and can't afford to pay everything monthly anymore. I have received details of a DMP from National Debtline and CCCS.

My main worry is how this will affect my chances of a mortgage if I continue with it. Can anyone tell me? I currently have a joint mortgage with my partner since May 06 and we have 29 years 5 months left on it. It's fixed rate until May 08 but then we'd like to upgrade to a slightly bigger house (our house is tiny). I'm worried if I carry on with a DMP I won't have any chance of changing my mortage in the future. I don't have any arrears of the main bills...Mortgage, council tax etc.

Any advice gratefully received.

Hi, I'm in the same situation as you as to deciding whether to go forward with a DMP for this reason. When I spoke to the counsellor at CCCS he seemed to think that your existing mortgage would tend to go more on your mortgage payments rather than you credit file. As long as payments are up to date and none have been missed, things should be alright. I also spoke to Northern Rock who we have our mortgage with and told them that I might be entering into a DMP but the mortgage payments would not be affected what would be the chances of remortgaging with them if we wanted to move. I spoke to several people and they all said the same thing. If we stick to our payments and they are on time and none missed they can't see any problems, as they tend to go on your mortgage payment record rather than your credit file! Do I take the risk especially as my OH doesn't know yet!