DMP = possible reduced payments, AGAIN

continualdiamond

Horrible time at the moment as my hubby is facing possible redundancy.

Its all in the consultation stage at the momen, though he has received an outline of a payout, minus holidays as they're yet to work that part out.

If it happens this will be the 2nd time he's been out of work whilst we've been in our DMP and I suspect creditors to not be very understanding when our payment could go down to £1 each a mth again. He was out of work last time for 6mths and they got a bit fed up, so much so we were advised to consider going bankrupt if he didn't find a job soon.

We've been in the DMP since Jan 2008 (:eek:) and have paid £13,600 with a total estimated remaining of £9,800.

Anyone had experience of this kind of thing? I'm so worried and just want the debt gone now, part of me wants to use the possible pay out he'll get as a final offer to them (very low though compared to what we owe).

The thought of all this hard work paying off what we have to then go bankrupt is a horrible horrible thought. Let alone if we can't afford the mortgage...

sistafromanothermista

:wave:

Hi, i know nothing about DMP's but once you find out what his redundancy is it is definitely worth trying for a F&F on the debts, You don't ask you don't get and all that.



Good luck and i hope it all works out for you. x

theoretica

You will need the payout to live on until he finds another job - when he is back in work is the time to offer F&F with what remains of the payout.

DS4215

I believe that using his redundancy payment to pay off debts can affect any entitlement to benefits. So be very careful before making any offers that you do not make things worse than they have to be for the (hopefully short) period of unemployment.