Average/reasonable length of time for DMP?

HappyMJ

I'd listen to the debt charity. In a few years this car might be worth less than £2,000 and you can keep it even if you were to go BR. If any creditor were to be nasty in the meantime they could get a CCJ then a court order to send a bailiff to your address and they could seize the car if they wanted to to sell to realize some cash to pay your debts.

tpl

Thanks for the info Happymj.

HappyMJ wrote: »

If any creditor were to be nasty in the meantime they could get a CCJ then a court order to send a bailiff to your address and they could seize the car if they wanted to to sell to realize some cash to pay your debts.

So that could potentially happen? I'm not sure if I could live with the stress of that potentially happening, that's the problem., Especially if its a scheme via work and it would affect my job. I don't cope well with stress and it might make me ill again...

I think I'm going to firstly write to the creditors and offer a full a final settlement figure using the OD, and see what they say....

HappyMJ

tpl wrote: »

Thanks for the info Happymj.

So that could potentially happen? I'm not sure if I could live with the stress of that potentially happening, that's the problem., Especially if its a scheme via work and it would affect my job. I don't cope well with stress and it might make me ill again...

I think I'm going to firstly write to the creditors and offer a full a final settlement figure using the OD, and see what they say....

It's unlikely...it just could happen.

gizmo111

You will soon have an extra £100 from the rent and I am assuming that you no work for a council?
What job do you do that insists that you have a car - are you an essential car user or casual car user? If essential what allowance do you get that reflects this?
Council car loans go over 4 years - so the repayments are unlikely to be £224 per month.
I reckon you could get a DMP started with at least £100 when the rent arrears are cleared - until then put off the new car and do a fresh SOA when you know the repayments for the car.

gizmo111

HappyMJ wrote: »

I'd listen to the debt charity. In a few years this car might be worth less than £2,000 and you can keep it even if you were to go BR. If any creditor were to be nasty in the meantime they could get a CCJ then a court order to send a bailiff to your address and they could seize the car if they wanted to to sell to realize some cash to pay your debts.

But only if he defaulted on the court ordered repayments.

dancingfairy

You owe 12,000 ish? At the moment you have 224 a month 'spare' to put towards debt repayments. Not surehow much a car wouldcost you but say 100 a month? this leaves you with 124 left (plus the 100 amonth from the rent) and you'd have 224 a month to chuck at the debts. This would take you approx 4 and a bit years if interest and charges were stopped (obviously it wouldprobably take a while to get to the state of interest and charges being stopped so could be a bit longer but still doable)?
df

eyeopener2

Well said DF, great post.

eyeopener2

HappyMJ wrote: »

I'd listen to the debt charity. In a few years this car might be worth less than £2,000 and you can keep it even if you were to go BR. If any creditor were to be nasty in the meantime they could get a CCJ then a court order to send a bailiff to your address and they could seize the car if they wanted to to sell to realize some cash to pay your debts.

That's scaremongering MJ, we should be dealing with the here and now and not what may/possibly/could happen in the future.

HappyMJ

What new car costs £100 per month over 2 years? I want one... Is there a deposit? A final payment?

gizmo111

HappyMJ wrote: »

What new car costs £100 per month over 2 years? I want one... Is there a deposit? A final payment?

New car doesnt have to mean brand spanking new - 2nd hand bargains galore.