DMP with CCCS?

Gimpsdad

Rochdale Guy.

It is very unlikely that you would lose your car in BR, although you may have to buy out the OR. There is a small chance though.

You DEFINITELY would not lose the car in an IVA. There is nowhere in my previous replies that suggests that, but if that was your impression then apologies. If you want to continue on your DMP then contact CCCS asap to reassess your case, they are getting paid for it so they should have no objections.

Given what you have said, I stand by my assertion that BR is the quickest and cheapest way for you, but if you cannot stomach that then an IVA is a far better solution than DMP. Out of the 3, you could not make a worse choice than what you have been advised to do by CCCS. Take some more opinions from professional people, if for nothing more than your own peace of mind.

Standingtall

Good evening Gimpsdad. I have to admit that I did not receive any real advice from Payplan but gained a reasonable amount of information from various sources on the Internet. I did not opt for an IVA for the simple reason that I have far more flexibility in my DMP. I can keep all my overtime and Bonus for instance. An IVA may also have been q greater risk if I was to lose my job as I believe my creditors may have then forced bankruptcy thereby risking my future job and home.

My DMP is currently 17 years and but I hope to greatly reduce this by increasing my payments once my daughter is older (I want to enjoy the few remaining years of her childhood) and also by offer full and final settlements.

I agree that good professional advice is great but unfortunately due to the minority of 'cowboys' that receive the majority of press it can be difficult to know who to trust.

BlushingRose

Standingtall wrote: »

My DMP is currently 17 years

Yay! someone else who will be still chatting to me about all this in 10 years time

Gimpsdad

Standingtall

As long as you have made your own mind up after weighing up all the pros and cons and are happy with it then fair play. A disproportionately large number of posters on here, though, seem to be in the dark as to the relative merits of each debt solution, and it is that state of affairs that annoys me.

If RG and BR are similarly happy then there is also no argument, however both have asked questions that indicate that they may not be as familiar with as many debt solutions as they maybe should be. I don't think that that is in anyway an unfair comment.

Rochdale_Guy

Growurown wrote: »

Have you actually had creditors say no to your offer or are you just still waiting to hear?

Well, of the 7 creditors (MBNA, Northern Rock (NRAM), MINT, RBS, OPUS, Barclaycard and my RBS bank account), I have only heard from MBNA and Northern Rock who accepted I am having difficulties and accepted the offer from CCCS on my DMP.


CCCS sent me a letter saying Barclaycard have refused the CCCS offer, but they will keep making the payment anyway. And RBS Mastercard have issued with me a Default Notice, which worried me. I have heard nothing from the other.

Growurown wrote:

There are 'accepted' amounts for things like your food bill for example. However other costs such as petrol will obviously depend on your mileage so this can vary greatly from person to person. You can say to creditors that you have to reduce your payments because your costs have risen and if these costs aren't unreasonable then there isn't much they can do. I found it very difficult to manage on the amount they allowed us for food, but I did put in amounts for things I didn't use such as dry cleaning and lunches at work, which have given me a little extra each month to put towards the food bill instead.

Sorry, I don't explain myself very well. I am already on a DMP with CCCS and they have made an offer to the creditors based on the £126 I apparantly had free each month, the DMP started on 1st March and they are due to make the first payments on my behalf on the 25th of each month.

Growurown wrote:

Only one of our creditors turned down our offer because they said they didn't like the amount we put by for smoking, so we had to up our offer a bit, but then they were fine. We don't smoke either but that again gives us extra each month. It does mean it will take longer to our DFD, but it makes life a bit more bearable.

Well, the Barclaycard refusal letter came from CCCS, I don't know why they won't accept it. I was paying BC £99 a month, and CCCS offered them £14, so it must be 'cos they refuse the £14?! It's obviously not enough for them. Whereas MBNA were getting £296 a month off me, they are happily accepting £46 via CCCS. Go figure!

Growurown wrote:

So the question you have to ask is - have you done a realistic budget or are you still in the spend, spend, spend frame of mind that got us all into this situation in the first place?

Hell no, am I in the spend, spend, spend frame of mind! What with? All my cards are cancelled and I am seriously living off ASDA smart price 29p baked beans....

Rochdale_Guy

Gimpsdad wrote: »

Rochdale Guy.

It is very unlikely that you would lose your car in BR, although you may have to buy out the OR. There is a small chance though.

I thought any car over £1,000 was the first thing to go? Someone isn't giving me the facts here...... buy out the OR? What d'ya mean?

You DEFINITELY would not lose the car in an IVA. There is nowhere in my previous replies that suggests that, but if that was your impression then apologies. If you want to continue on your DMP then contact CCCS asap to reassess your case, they are getting paid for it so they should have no objections.

I was offered bankruptcy as first choice with CCCS, then the DMP. I chose the DMP as a) I didn't want to lose the car, and b) I built up these debts, and feel I owe them every penny back. Crazy I know, its just the way I am.

Given what you have said, I stand by my assertion that BR is the quickest and cheapest way for you, but if you cannot stomach that then an IVA is a far better solution than DMP. Out of the 3, you could not make a worse choice than what you have been advised to do by CCCS. Take some more opinions from professional people, if for nothing more than your own peace of mind.

I'll take any advice, if its free, thank you. As for bankruptcy, I owe £27,000 with no available credit, or any savings. How can I afford £750+ for bankruptcy unless I sold the car?

Thanks though for the continued replies (it's not even my thread!)

:beer:

Rochdale_Guy

BlushingRose wrote: »

Yay! someone else who will be still chatting to me about all this in 10 years time

Hey, I'm another 17 year slogger too!

Growurown

Rochdale_Guy wrote: »

Hell no, am I in the spend, spend, spend frame of mind! What with? All my cards are cancelled and I am seriously living off ASDA smart price 29p baked beans....

Ooh yuck I've tried those and they are pretty grim. If you can't offer your creditors any more then just keep on paying what you are as CCCS say and wait and see what happens. I wouldn't worry about bailiffs and such like yet as you have just started your DMP and bailiffs are a long way down the debt road usually when you have failed to make payments.

BlushingRose

Rochdale_Guy wrote: »

Hell no, am I in the spend, spend, spend frame of mind! What with? All my cards are cancelled and I am seriously living off ASDA smart price 29p baked beans....

Get yourself to Aldi, their cheap beans are rather nice.

Rochdale_Guy

Ha ha!

I don't mind the Asda 'Smart Price' beans, the down smiley was for the fact that that's my diet for the next 17 years - as food is the only way I can save any cash

Little tip now, don't touch their 'Smart Price' cornflakes that come in a bag that splits open when you finally manage to rip open the packet and disperse the contents all over your kitchen, they are yuck!

I thought the picture on the bag was just badly printed, they actually are that colour and taste awful!