DMP & Mutual Support Thread - Part 9

Hunnies

Find_The_Real wrote: »

Hello Hunnies

Sorry to hear about your problems with the DMP. I have to agree with GUO that it may be best to take independent advice from one the debt charities and to also check out the bankruptcy board before you make a decision. It may also be worth getting some free independent advice from an Insolvency Practitioner as well as you have mentioned you do have the additional secured loan on the house which makes it a little bit more complicated than if you didn't unless you are arranging to have the secured loan paid off before you decide what to do, plus the fact your husband is self employed.

Although I am sure you have every faith in your parents FA, they may not know the full implications that bankruptcy may have.

What may be an option is a Full and Final IVA if any of your sets of parents are willing to offer an amount in a lump sum which although still a formal course of insolvency has slight less implications than bankruptcy.

Good luck with whatever you decide to do.

Thank you TTFTM, I will wait to hear what the FA says today and then make a plan from there which will include speaking with Stepchange (who run our DMP) to see what their thoughts are. I've started reading up on the Full and Final IVA, is that different to a normal IVA?

I think I've got my head around going BR in the hope that it won't come to that and something else can be done. My parents have hinted at paying off the secured loan (12k balance) so does that mean that we wouldn't lose the house? What if we then wanted to sell the house and rent a 3-bedroom one instead? Also, does anyone know what would happen if we sold out house before going BR, would that stop the BR taking place as they would see it as selling off our assets?

Thanks for anyone's replies. x

Hunnies

Just to give you an update TTFTM and GUO, I've just spoken with my parents following the meeting and the FA has said we definitely can't go bankrupt as it iwll affect my husband's self employed business so they are looking at an IVA. We're seeing my parents tomorrow to get all the information. The FA did say although we weren't clever getting in this situation we actually did a really good job managing the debt and it was a credit to us that we never missed any payments or had arrears on mortgage/council tax etc. I know it doesn't solve anything but it was nice to hear.

Growurown

Hunnies wrote: »

The FA did say although we weren't clever getting in this situation we actually did a really good job managing the debt and it was a credit to us that we never missed any payments or had arrears on mortgage/council tax etc. I know it doesn't solve anything but it was nice to hear.

Good luck with this Hunnies. Nice to know we aren't all complete numpties!

Find_The_Real

Morning all,

I hope everything is going well for you all and you are all set to enjoy the weekend.

More of a moan to myself but why do important things you need always breakdown on the weekend/Friday evening when you can't get in touch with anyone to fix it until Monday, does that come under sods law?

Off to clean out one rather dead fridge/freezer in anticipation of an engineer coming out next week and trying not be annoyed at all the wasted food as it is normally a pet hate of mine. Sods law number two it was pretty full having picked up a number of bargains this month! :mad:

Growurown

Find_The_Real wrote: »

Morning all,

I hope everything is going well for you all and you are all set to enjoy the weekend.

More of a moan to myself but why do important things you need always breakdown on the weekend/Friday evening when you can't get in touch with anyone to fix it until Monday, does that come under sods law?

Off to clean out one rather dead fridge/freezer in anticipation of an engineer coming out next week and trying not be annoyed at all the wasted food as it is normally a pet hate of mine. Sods law number two it was pretty full having picked up a number of bargains this month! :mad:

Yup sod's law! Can you cook some of the food and refreeze it using someone else's freezer until yours is fixed?

You could invite loads of friends & family around for a big nosh up. Hope you get it sorted.

Find_The_Real

Alas the food was pretty defrosted and soggy by the time I noticed (the drawback of having a very quiet freezer) and I don't want to chance it as it is mostly chicken stuff and batch cooking, never that keen to freeze it twice. Does seem a terrible waste though.

Oh well on a plus side I now have a very clean fridge freezer!

Growurown

Find_The_Real wrote: »

Oh well on a plus side I now have a very clean fridge freezer!

There you go - the silver lining:rotfl:

DanielleNic87

Ok so I am finally plucking up the courage to start a DMP. I have done the debt remedy on Stepchange and just need to send off the paperwork.


Now I don't know what to do next. Do I still make payments to the creditors or do I just send the template with token payments?

Hopelessly_Hopeful

DanielleNic87 wrote: »

Ok so I am finally plucking up the courage to start a DMP. I have done the debt remedy on Stepchange and just need to send off the paperwork.


Now I don't know what to do next. Do I still make payments to the creditors or do I just send the template with token payments?

Welcome

Yes token payments, go for it and welcome to your new chapter

HHx

Hopelessly_Hopeful

Morning all

Hope all ok, just going to catch up with posts.

HHx