DMP Budget querie

Desperadoo

Cpmplicated situation.


Issue 1

My hubby and I both have separate DMP.  His was first , we could not do a joint one with him as I am self emplyed so I struggled on for a few years then I got my own DMP with a different company.   My hubby was happy with his DMP company  so would not do a joint one with me at this stage so it stayed as it would mean extending his period until his is debt free.  My debt is 4 times his.

Both DMP use a joint budget ....  once his DMP ends ( years before mine ) can my DMP be on my income only ?  If a joint budget again and his income used I would be paying more than I personally earn !!  

Hubby says he no longer wants his income used in working out what I pay. I totally get this as it is MY debt and he earns a lot more than me. 

Issue 2

Our mortgage is due to end same time as Hubbys DMP.  Can we be forced to remortgage to pay my debts ?  I am worried about this as we are nearing retirement age and hubby does 2 jobs one of which he is going to retire from ( no pension ) as very phyical and he is struggling with it once his DMP and mortgage ends 

Our  plan is once mortgage paid off we use a few months mortgage funds  for repairs needed to the house which we cannot afford due to paying £800 between us to DMP's 
( his is 600 mine is 200) 

My DMP company has suggested an IVA but dont want too go down that route and I know some will say 800 is a lot to pay out but an end is in sight for his anyway 

thanks for reading 

fatbelly

It's the same answer to both parts - a DMP is an informal solution and so you and your DMC can do whatever you agree on.

No-one can force you to remortgage and what you pay is what is justified by your own income/expenditure statement

If you're using a fee-charging DMC others may suggest that you ditch them and do this yourself!

Desperadoo

fatbelly said:

It's the same answer to both parts - a DMP is an informal solution and so you and your DMC can do whatever you agree on.

No-one can force you to remortgage and what you pay is what is justified by your own income/expenditure statement

If you're using a fee-charging DMC others may suggest that you ditch them and do this yourself!

thanks for reply

I am doing my DMP with Payplan 

fatbelly

Payplan are OK. When they do a review they should calculate your payment based on your income and your (pro-rata) share of the household expenses.

sourcrates

You could go self managed and run this thing yourself, you don`t need any 3rd party involvement to have a DMP.

It comes with many benefits, you can organise it as you wish, the best way to do it, is to make sure you save a good emergency pot on the side, then save up for full and final offers, big discounts can be obtained if the time is right.

Also CCA your creditors, find out which debts are enforceable, and which are not.

Desperadoo

sourcrates said:

You could go self managed and run this thing yourself, you don`t need any 3rd party involvement to have a DMP.

It comes with many benefits, you can organise it as you wish, the best way to do it, is to make sure you save a good emergency pot on the side, then save up for full and final offers, big discounts can be obtained if the time is right.

Also CCA your creditors, find out which debts are enforceable, and which are not.

thanks for your reply

I think I may change to self managed....although my DMP has been running for 3 years smoothly I think I would like more control and be able to offer F&F when time comes......have had a number of letters offering me big discounts.

I have just looked at hubbys DMP and it shows HIS contribution to household bills only and no mention of my income where as mine has to have all his details which he does not like.



" Also CCA your creditors, find out which debts are enforceable, and which are not. "

Sorry to sound stupid but what does this mean by enforceable ?  All my debts now with debt collection companies and all unsecured where credit cards and a loan.  No secured loans 

thanks 

sourcrates

I am referring to Section 77/79 Consumer Credit Act here.

Debt buyers cannot just rock up out of the blue and say we now own your debt, you must now pay us, well they can if you let them, but essentially you should always make them send you proof that the debt is owed, for all unsecured CCA debts, a copy of your credit agreement is that proof, without it, the fool`s that bought your debt will have purchased a lemon, as the debt cannot be enforced through the courts without it.

Debt Camel explains the process here -

Debts - why, how & when to ask for the CCA agreement · Debt Camel

Keep in mind that no actual legally required paperwork ever gets passed on to a debt buyer, unless you, by making this request, ask for them to do so, and then pass it on to you.

A lack of compliant paperwork can help with full and final negotiations, and you can also just walk away from the debt if so desired.

Desperadoo

sourcrates said:

I am referring to Section 77/79 Consumer Credit Act here.

Debt buyers cannot just rock up out of the blue and say we now own your debt, you must now pay us, well they can if you let them, but essentially you should always make them send you proof that the debt is owed, for all unsecured CCA debts, a copy of your credit agreement is that proof, without it, the fool`s that bought your debt will have purchased a lemon, as the debt cannot be enforced through the courts without it.

Debt Camel explains the process here -

Debts - why, how & when to ask for the CCA agreement · Debt Camel

Keep in mind that no actual legally required paperwork ever gets passed on to a debt buyer, unless you, by making this request, ask for them to do so, and then pass it on to you.

A lack of compliant paperwork can help with full and final negotiations, and you can also just walk away from the debt if so desired.

thank you 

I'm not disputiing I owe the money so happy to pay what I can but will definelty read through the link you provided when I get the chance

thanks again 

sourcrates

Desperadoo said:

sourcrates said:

I am referring to Section 77/79 Consumer Credit Act here.

Debt buyers cannot just rock up out of the blue and say we now own your debt, you must now pay us, well they can if you let them, but essentially you should always make them send you proof that the debt is owed, for all unsecured CCA debts, a copy of your credit agreement is that proof, without it, the fool`s that bought your debt will have purchased a lemon, as the debt cannot be enforced through the courts without it.

Debt Camel explains the process here -

Debts - why, how & when to ask for the CCA agreement · Debt Camel

Keep in mind that no actual legally required paperwork ever gets passed on to a debt buyer, unless you, by making this request, ask for them to do so, and then pass it on to you.

A lack of compliant paperwork can help with full and final negotiations, and you can also just walk away from the debt if so desired.

thank you 

I'm not disputiing I owe the money so happy to pay what I can but will definelty read through the link you provided when I get the chance

thanks again 

That a fair comment, but over the years I've found the more strings you have to your bow, when dealing with all matters debt related, the better an outcome you can achieve.

Rob5342

Also if you have some that are unenforcable, then you can make yourself more finanically secure by using the money to clear the enforcable ones first. 

Desperadoo

So last night I did it .....emailed Payplan to cancel and letters printed to send to creditors today to say taking over my own DMP.

I don't mind telling you its scarey in case creditors reject offer. I.paid PP 197 which I really struggled to pay due to income reduction  and now offering £107 between them.   Now typing that I'm thinking should I have offered the same and struggled on ? 

My budget looks weird as only put down 1/3 of mortgage/utilities/household rates them My car and car expenses and a little note to explain hubby pays the rest BUT as these are my debts he does not give permission for his details/income to be used for a joint household budget.  I hope.they accept that 

A lot of the companies have online portals to chat/ correspond so now wondering if I should use that rather than send letters by post although from what I can see each then what's an online budget which I have done with CAB site.