Debt Management Plan

owetoomuch

madzman wrote: »

I know it sounds stupid EE to be honest its the wife who harps on about the car, to me its just a bit of metal, shinier than most admittedly!:D
How will the creditors react to a quid a month and the news of bankcruptcy?
Many thanks for your replies and time by the way;)

Before I went BR the CCCS advised me not to make payments to creditors and to save the money I would have paid to pay for bankruptcy, speak again to the CCCS regardless of what you decide, they will help you with bankruptcy or DMP, if you do decide to go BR post any questions you may have on the Bankruptcy and Dealing With It board as there are a lot of very helpful people on there, too many names to mention. If you do go for DMP then this (DFW) board will give excellent advice also.

madzman

Thanks owetoomuch regards to rent i am up to date and never missed a payment

Eager_Elephant

The OR will always contact your landlord to get proof of the rent you are paying. This is to make sure you haven't increased it to give yourself a bit of other expenditure.

Can I also ask how old you are? 50+years on a DMP will probably take you well into old age and surely your wife does not want to be paying debts and having them reviewed every year when she is in her 80's.

To be honest creditors are not going to care much about you only giving them a £1.00 and saving for bankruptcy because as long as they get something they aren't bothered.

Like you said you have no assets so they can't do much while they wait for you.

EE

madzman

I am 40 sir! My wife is 5 years older than me, that is what im worried about i will be paying this for rest of my life,what happens when i die or/and wife as well, if i can only afford 100 is it worth trying anyother debt management company as they will only offer same or refuse?

madzman

A Question from the wife surprise surprise its about the car! If we go bankcrupt the car will be taken how do we go about getting another one as
(a) we havent got the money and b as being bankrupt we wont be able to get any finance to purchase one

Eager_Elephant

How much is the car worth and how much is the finance?

What about paying your creditors £1.00pm and then saving the rest towards a car and then buying a car before you go bankrupt? Could you manage without a car for a few months so you could use the Hp money for this.

You need to get rid of Hamilton Locke as they are taking a cut of your money, creditors should accept the offer for a short period, it doesn't matter who the DMP company is but they will prefer it to be a non-fee charging one.

EE

madzman

The car is probably worth 5k
we brought it for 7.5k new last year we put down 2k and we pay 133 a month over 4 years . so we have 3 years remaining

madzman

In regards to hamilton locke they are taking 29 out of the 100 we are paying:eek:

Eager_Elephant

So your finance outstanding is just slightly lower then the value of the car so you might be able to sell the car with the permission of the Hp company and keep any extra towards a different car for yourselves.

So Hamilton Locke are making £17,400 on a 50yr DMP. No wonder they aren't advising bankruptcy!!!

EE

nomoneytoday

With a 50 year repayment plan ahead of you, why are you worried about the car??