Dmp Mutal Support Thread (Part Two)

dlb

I really dont know the answer to the self employed dmp.
But im sure someone will be along soon that does.
Another idea is you can always consider a DIY Dmp, others on the boards have done it, write there own SOA out and send to each creditor offering set payments , worth looking into also maybe?

Gemmzie

louloujs wrote: »

I have just taken the plunge and looked at the CCCS website, but because I'm self-employed they can't help me. Payplan doesn't mention either way but they're closed at the moment.

Does anyone know if i can do a dmp if i'm self-employed?

You can but CCCS and Payplan won't help in my experience. National Debtline will help you with your budget but you have to negotiate with the creditors yourself and it seems that they'll accept the budget for shorter periods, for example, six or twelve months instead of indefinitely as your income is generally more varied.

mummytofour

Cant you just say you work for the compny ( the one u run) and tell them your income, based on lowest you have been earning?

smitty2702

Thanks all, Ill dig out stuff and post a SOA soon. Its kind of hard to admit what we owe though which is why ive put it off.

Lou - Payplan will help if you are self employed. Im self employed and they said they were still able to help but unfortunately I apparently dont have enough disposable income to do a DMP with them.

Smitty

Gemmzie

Don't worry smitty, we've seen it all here

louloujs

OK. Feeling woozy but slightly liberated... I have added up my total debt and it amounts to £56,000. Going to call Payplan tomorrow and see if they'll help a self-employed person.

In the meantime, it has been suggested to me that i write a letter to all of them asking them to accept 30p in the £ to settle within one month or else I seek insolvency advice.

Any ideas on whether this will throw up a new can of litigation worms or a letter asking me to settle?

Thank you to the experts out there who are being sooooo helpful...

Lou

louloujs

First of all i just want to say thank you all so much for all your help. I'm sure you have all gone through this shaky LBM and your advice is invaluable.

I'll wait and see what anyone says about my last post above but tomorrow i'm going to contact Payplan but also think about self-managed dmp.

dlb - you are a star. I have just splurged on the children this Xmas, partly as I know it will be the last time I'm going to buy with someone else's expensive money. Holidays etc are just going to have to wait.

I feel quite emotional really. I have gone through the 13 cards and cut them all up and have the latest statement on each ready to tackle tomorrow with whichever process seems the best idea.

Thanks again. Is there a DMP number I can get on this thread? I think I maybe around here for a while!

Lou

dlb

Do you mean a full and final offer on all your creditors?
If you do have a lump sum available to you, there is a way to work out how much you would offer each creditor on a pro rata basis.
amount available x amount owed to one creditor ,divided by total amount owed to all creditors, will give you a figure of how much to offer that creditor.

dlb

Louloujs WELL DONE!! Chopping the cards up is a huge step in the right direction so WELL DONE YOU!!!
And as for hoildays will have to wait....no they wont they just needed to be budgeted for!!!
Always here if you need me
Donna
xxx

louloujs

Yes, I'm going to offer full and final to each one. Have calculated that 30% of total debt is £18,000 so intend to write to each one (advice on this site permitting...) and tell them that I can pay 30% of their debt straight away or else I will talk to insolvency practioners. Surely they'll realise they may get nothing.

I'm only thinking of this because a friend of mine has just mentioned he put this to HSBC and they accepted.

Finding the £18,000 will then be a priority. It can be done with some clever fiscal maneouvering. Husband has said he'll do what it takes to make sure it's done if they accept.

HSBC have just agreed to freeze my interest on my credit card if I fill in a form and send it back. That was easier than I thought. Shame the rest have gone to bed.

IF I GET PUT THROUGH TO ANOTHER DELHI CALL CENTRE I WILL SCREAM THOUGH.