Help with Payplan interview.42000.00 in debt

somewhere_up_there

Blushing Rose.
Can i ask your debts are similar to mine.
So how much do you think is enough to offer your creditors, on debts of 42000.[provided i have got sufficient funds]
All advice greatly appreciated.

Sorry should have said on a dmp

Mort

somewhere_up_there wrote: »

Mort.
can i just ask,. you managed to pay back your full amount on a dmp
I want to pay back money owed , but am not sure i will ever get there.

You can and I did

BlushingRose

Tixy wrote: »

Yeah, the charities and Payplan will typically only do a managed DMP for someone who has over £100 to offer to creditors and owes at least £5k across at least 3 different creditors.

If you have less than £100 a month and don't owe loads they'll help debtors to set up self-managed DMPs and provide template letters etc.
If you have less than £100 a month and owe a lot then they usually consider those token payments - and either advise on that as a short term option and on other alternative options for the debtor.

I hadn't realised that.
Our payments have had to reduce to a mere £126 a month, what might have happened (might happen) if we had to reduce them further for some reason? They;d take us off the DMP?

Tixy

As you were already up and running I think they'd consider is at a individual case. Certainly if it went much below £100 and was likely to be reasonably long term then they may eventually say to move you onto self-managed. I don't know that for certain, but I think that may happen.

BlushingRose

somewhere_up_there wrote: »

Blushing Rose.
Can i ask your debts are similar to mine.
So how much do you think is enough to offer your creditors, on debts of 42000.[provided i have got sufficient funds]
All advice greatly appreciated.

Sorry should have said on a dmp

Hiya chuck,
We currently give CCCS £126 a month for our creditors and, so far, everyone's been happy with this. However, I wouldn't like to say how much is 'enough' (we've only been on our DMP since Jan 2012) but this is an amount that CCCS is ok with.

BlushingRose

Tixy wrote: »

As you were already up and running I think they'd consider is at a individual case. Certainly if it went much below £100 and was likely to be reasonably long term then they may eventually say to move you onto self-managed. I don't know that for certain, but I think that may happen.

It sounds likely. The CCCS guy referred to the dmp now as 'a slow starter' and, to be honest, we are going to see if we can up the payments in the future but this new amount is allowing us to get used to budgeting and, perhaps, even allowing us to have an emergency fund (eventually)

LaCoco

Hi, I just wanted to say that I've just sent all my forms, proof of income etc to CCCS. I completed the online Debt Remedy, which recommended a DMP, and our monthly payments will be £84.

Reading this thread has makes me slightly nervous that creditors won't accept, but I haven't been given any indication from CCCS that our payment is too low. I filled in the budget as realistically as I could, and £84 was what was left, so I'm hoping things will go according to plan, and also that, in time, we can increase our payments.

(If it helps, my debts amount to £9700, family of four, one earner, one recently made redundant... £84 isn't going to clear it in a hurry, but it's a start )

antonic

LaCoco,

I wouldnt worry to much about how much your paying, the important fact is that you have faced upto the situation and are dealing with it.

You may ONLY be paying £84/mth but at least your dealing with the situation and talking to your creditors, not just burying your head in the sand and ignoring it.

LaCoco wrote: »

Hi, I just wanted to say that I've just sent all my forms, proof of income etc to CCCS. I completed the online Debt Remedy, which recommended a DMP, and our monthly payments will be £84.

(BTW I`m with Payplan 75months out of 84 done and paying £263/mth, never had a problem with them in the whole time !)

Reading this thread has makes me slightly nervous that creditors won't accept, but I haven't been given any indication from CCCS that our payment is too low. I filled in the budget as realistically as I could, and £84 was what was left, so I'm hoping things will go according to plan, and also that, in time, we can increase our payments.

(If it helps, my debts amount to £9700, family of four, one earner, one recently made redundant... £84 isn't going to clear it in a hurry, but it's a start )

LaCoco

antonic wrote: »

LaCoco,

I wouldnt worry to much about how much your paying, the important fact is that you have faced upto the situation and are dealing with it.

You may ONLY be paying £84/mth but at least your dealing with the situation and talking to your creditors, not just burying your head in the sand and ignoring it.

Thanks, antonic - yes, it's a massive relief to have posted everything off, and £84 is all we can afford.

Earlier in the thread someone was saying that they'd been told £100 was the minimum amount accepted when setting up a DMP, so I just wanted to reassure others that it wasn't necessarily always so - although perhaps it depends on the total amount of debt?

Anyway, thanks all. Finding this forum was one of the best things I ever did, and I just wish I'd done this (the DMP) much sooner.

mrs-t-w

We started with Payplan 16months ago and have found them very helpful. The first time we spoke we went through every payment i was was making and how much we had coming in can then came bake with a figure that we both agree I could comfortably make. I found the first 12month months was a little stressful althought it was in waves not constant. the first three months there was a lot of letters and some phone calls from our creditors and then again at 6months but we dont hear from any of them now apart from to update us.

At our 12month reveiw we just went back though our details as with the 1st phone call and again just wanted to make sure it was a comfortable amount we were paying.

I would recomend them.
Good luck:)