Dmp Mutal Support Thread (Part Two)

choccy999

Hello,

I was wondering if anyone has any opinions on this? Feedback wouldbe appreciated.

I am on a DMP with Payplan and my mortgage fixed rate is up in Oct, so I called up Who's Lending who are a sister co of PP to see what my options are.

Total unsecured debt is approx £8 and my mortg is currently £83k on interest only 6.39%, monthly payments £444.

I thought that it would give me a chance to clear the debt with the equity in my house, but they said that they could lend me up to £98k interest free, but only £83k repayment on my current salary, so they have advised me to approach my current lender to see if I can get another fixed rate with them and to contact them if my circumstances change??? I doubt I'm going to have a whopping payrise sometime soon.

I feel a bit miffed as I thought that they would help sort things out, but have said that they can't really help.

My feelings on this are not good. I'm getting the feeling that selling the house is going to be my only option, as from the payments, I am never going to own it as I will only be able to afford interest only and will have to keep stretching the term to make it cheaper and I'm in my 30's already!! I have thought of the lodger option too, but at the moment my house is in need of decoration which I can't afford to get done either.

Anyone have any pearls of wisdom to share?

Many thanks,
Choc

yellowmonkey

Sorry. My days of having a mortgage are far behind me and i cannot assist as I rent at the moment. Bump it up for you though and good luck.

YM

Stillsmiling

Hi, can I join in? Our DMP with CCCS starts on 1st September and I'm hoping we'll be on our way to a). learning how NOT to waste money and b). paying off our debts. One of my credit card companies rang me to ask what had happened as I'd never had a problem paying them. I had to say that we'd struggled on for a while and now it was getting too much. Though I am pleased that I'd never defaulted. Now just to pay it all off *sigh*

Still hoping for a lottery win so we can start from scratch again.

yellowmonkey

Course you can. You are more than welcome :T . You are in the right place here. Loads of advice and banter. Sometimes we even have a laugh :rotfl:

ym

MadDogWoman_2

Hi

Can I join?

I started my DMP with the CCCS last year.

I think my LBM lifted the worry so much that I got pg naturally within weeks after 8 years of treatment!!

That's her under my name.

Thanks to some strict budgeting (thanks mum) I haven't had to reduce my monthly payment to the CCCS whilst I'm on maternity leave.

MadDogWoman

WorriedMart

I receivied my initial paperwork and agreement from CCCS today. :beer: Signed with everything ready to go back, but im still waiting on the balance from both of our personal loans to arrive in writing as I think I have to put them in with the agreement to CCCS? I requested this on Monday but haven't had anything in writing yet! grr.. :mad:

Did everyone else include written balances for the DMP of personal loans? Cause if they cause to much delay I wont have time to set this up to start next month

Also sorting out a Plan of Action to switch my bank account and transfer next months wages out before the loans try to come out, but leaving enough time for the normal Direct Debits to come out before.. Gets very confusing lol Missed the payroll cut off to change my bank details with work for the next payroll run doh!

Welcome MadDogWoman and StillSmiling

paulal29

hi worriedmart
yes it was all really quick,after you fill in the online form they send you an agreement to sign and you also have to send proof of earnings and debt.so im sure it would be ok if you just put a letter in to explain the difference.ive just got to get myself to the post office now to send off my first payment.ive had a couple off calls as i have stopped the direct debits,but not much happening yet....
paula

paulal29

hi worriedmart,
when i sent back my paperwork i just sent back original paperwork of one of my loans and wrote on it the balance that i was given when i rang.that was excepted.
paula

WorriedMart

Thanks Paulal

I will give them to the end of the week and then just include written figures obtained from my phone calls from the 2 that are responding very slowly.

I guess they will be in contact with the creditors and obtain exact figures themselves then anyway?

redfaced

worriedmart,

we're in exactly the same position as you but our problem has been setting up a new bank acct as we have debt with the banks our current accts are with. unfortunately co-op, who we've applied to, have a bit of a backlog so it means we'll miss the date for getting our paperwork back to cccs for our dmp to start in sept, that is of course if we're accepted! i'm gutted-we were turned down for an acct with the halifax but they took over a wk to let us know, so everything has seemed to go against us. we're also waiting for info from one of our creditors even though we requested it over a wk ago. I've spoken to cccs but was told not to send the paperwork off before we had the necessary documentation. if i were you i'd ring and check what they say, maybe the info differs slightly dependant upon who you speak to? i'm not criticising them though, they've been an absolute life saver. good luck, i'll follow your progress with interest...