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DMP - advice required....
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Marcus3344
Posts: 15 Forumite
Good evening all.
If I can try and lay out where we are at currently, any words of advice would be appreciated as to the best course of action to take next .....
House value 175k
Owe mortgage 104k
Secured loan 26k
DMP unsecured debts 35k
11 creditors
DMP plan been going only 4 months, on a very low short term figure to clear secured debt arrears, and whilst my partner found work.
The arrears will be cleared in 5 weeks.
Now we are both back in work.... I am going to need to update our household incomes with HMRC, to stop our tax credits and avoid too high an overpayment (couldn’t notify straight away as if they stopped benefits the we would not have survived awaiting monthly pay packet)
So there is question 1.... should I update my details with HMRC
sooner rather than later? Is there a time frame?
Question 2) when should I update the DMP (step change) with our new household income and expenditure figures?
Question 3) in my mind I don’t want to lose our family home.
Is there a way of negotiating with our creditors , to try for a heavily reduced full and final payments?
Is there a way of releasing equity to pay the creditors with such a poor credit file at present ?
Question 4) how long is it best to be on a DMP to have the best chance of negotiating a reduced settlement?
Is there a percentage of the total debt that they will not go below?
I appreciate the above may be a little bit out there... but if anyone can give feedback on any points above I would really appreciate it.....
Marcus
If I can try and lay out where we are at currently, any words of advice would be appreciated as to the best course of action to take next .....
House value 175k
Owe mortgage 104k
Secured loan 26k
DMP unsecured debts 35k
11 creditors
DMP plan been going only 4 months, on a very low short term figure to clear secured debt arrears, and whilst my partner found work.
The arrears will be cleared in 5 weeks.
Now we are both back in work.... I am going to need to update our household incomes with HMRC, to stop our tax credits and avoid too high an overpayment (couldn’t notify straight away as if they stopped benefits the we would not have survived awaiting monthly pay packet)
So there is question 1.... should I update my details with HMRC
sooner rather than later? Is there a time frame?
Question 2) when should I update the DMP (step change) with our new household income and expenditure figures?
Question 3) in my mind I don’t want to lose our family home.
Is there a way of negotiating with our creditors , to try for a heavily reduced full and final payments?
Is there a way of releasing equity to pay the creditors with such a poor credit file at present ?
Question 4) how long is it best to be on a DMP to have the best chance of negotiating a reduced settlement?
Is there a percentage of the total debt that they will not go below?
I appreciate the above may be a little bit out there... but if anyone can give feedback on any points above I would really appreciate it.....
Marcus
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