DMP Mutual Support Thread (Part Three)

mumzyof2

Hello all i contacted CCCS yesterday and rang them today and they have worked out my monthly payment on a DMP would be £48 Im only 2037 pound in debt but should be debt free in 3yrs :O.

May i join? Im getting some info packs in post but dont know what will happen after i sent off all my paperwork to them, can anyone give me a idea?

also does DMP take a percentage of each payment you make to them?

epiphany_2

Hello everyone,

I hope that I have found the right place to post this. I am desperate for some guidance and so aplogise if I have come to the wrong thread. In a state of panic so not thinking straight at all.

My husband and I joined CCCS in November last year. We have outstanding debts of approx 123k between us via 18 creditors. All of our creditors agreed to the DMP except for Northern Rock. They have now sent us court papers as they are applying for a CCJ and a charge order on our house. We only moved in 9 months ago so have no equity as such for them to take. I have been trying all day to find a way forward. N Rock will not budge. A company called Myvesta said today if we sign up with them for a £600 per month IVA for 5 years they can stop the CCJ proceeding through an Interim order?? CCCS say to let them do the CCJ or pay £650 per month for an IVA. I don't know what to do and am ridiculously shaken y this. If I could just find a way forward I could get some strength and fight back but everything is so unclear. I have 7 days left to reply to the court papers. I am heartbroken as we took out the loan as part of a together mortgage in 2000. It was for 22k. We changed mortgage in 2004 and it became a loan. We have paid over 25k back to them over the years and now they are telling us we owe them 29k and I have no idea how this could be.

Does anyone know whether or not we should just let them put on the CCJ and stick to the DMP which as it stands will take us over 90 years to repay or should we just go for an IVAand try to afford 600 per month. It would be so tough to reach this. Plus it feels as though life would go on hold. We wanted another child but we wouldn't be able to afford one (we have a 2 yr old) and we have a gas guzzling car and a 90 mile round trip to work but we couldn't afford to buy a new one. 600 per month seems so tough to achieve.

Please, please let me know what you think. I am so terrified that we are going to lose everything.

Thanks in advance for any help.

E

timetobefree

Hi everyone, I'm on a DMP with CCCS and have made two payments so far with onbe been paid to my creditors. I've not heard from anyone saying they've accepted but do know that three have not. They say I need to be paying at least 1% off each month. Is this a normal tactic and have pther people had less than that accepted? My total Debt is just under £50000 will probably go over that with initial interest . i currently pay £231 a month which will be increased soon as i've got a £5k wage increase coming. How much do other people pay for that level of debt? just wondering how much i should be looking at repaying to get acceptance.

Boltonbwfc

epiphany wrote: »

Hello everyone,

I hope that I have found the right place to post this. I am desperate for some guidance and so aplogise if I have come to the wrong thread. In a state of panic so not thinking straight at all.

My husband and I joined CCCS in November last year. We have outstanding debts of approx 123k between us via 18 creditors. All of our creditors agreed to the DMP except for Northern Rock. They have now sent us court papers as they are applying for a CCJ and a charge order on our house. We only moved in 9 months ago so have no equity as such for them to take. I have been trying all day to find a way forward. N Rock will not budge. A company called Myvesta said today if we sign up with them for a £600 per month IVA for 5 years they can stop the CCJ proceeding through an Interim order?? CCCS say to let them do the CCJ or pay £650 per month for an IVA. I don't know what to do and am ridiculously shaken y this. If I could just find a way forward I could get some strength and fight back but everything is so unclear. I have 7 days left to reply to the court papers. I am heartbroken as we took out the loan as part of a together mortgage in 2000. It was for 22k. We changed mortgage in 2004 and it became a loan. We have paid over 25k back to them over the years and now they are telling us we owe them 29k and I have no idea how this could be.

Does anyone know whether or not we should just let them put on the CCJ and stick to the DMP which as it stands will take us over 90 years to repay or should we just go for an IVAand try to afford 600 per month. It would be so tough to reach this. Plus it feels as though life would go on hold. We wanted another child but we wouldn't be able to afford one (we have a 2 yr old) and we have a gas guzzling car and a 90 mile round trip to work but we couldn't afford to buy a new one. 600 per month seems so tough to achieve.

Please, please let me know what you think. I am so terrified that we are going to lose everything.

Thanks in advance for any help.

E

E

CCCS are now undertaking IVA's so ask them to explain everything to you. This Myvesta will be charging more for the administration and managing the debt over the 5 years than CCCS would be. I booked a hour appointment with the IVA depatment at CCCS over the telephone. I wrote all the questions down I wanted to ask beforehand and they where superb. Currently the IVA is is not an option for me until another 12 months or so on a debt of nearly 30K.

I don't want to give you the wrong info here but I was under the understanding that before they could get a charge on your property they had to get a CCJ granted by the judge and then later a charging order if the judge felt that it was right. I maybe wrong here but I am sure some of the quality people on here will correct me if I am wrong and will give you more info.

Keep your head up E you are in the right place here. They are all saints and some are long standers. Without them I would be under. Just to let you know my debt will be 42 years to pay off as it stands. :rotfl:

Whilst I am posting as anyone had any experience of reducing student loans. I am currently being hammered about £90 a month on paying back my loan. I am just wondering if I could re-negociate a reduced payment for a while? And finally does anyone have a source or link I can find out which professions are not allowed IVA's or Bankrupcy or even DMP's becaus of their profession? Thanks in advance!

Hey Spring is on its way! Have a good weekend everybody! :T

cloudnine_2

Hi Epiphany. I'm with CCCS too, and although my DMP is only coming into its third month, I'm learning fast and trust in their advice. I also am on the verge of one of my creditors taking a CCJ out against me. Its scary, you're right. But, what I'm learning is not to panic. And, whilst it is essential so respond to the court papers in good time, perhaps just to count to ten and try to look from outside the box at possible solutions? I find that when I rush decisions, they are usually the wrong ones. The friends on this thread are wonderful and like any others, you are in excellent company. Please continue to keep in touch.

WhoopieDoodle

Good morning everyone. 147 reporting in!

I was looking forward to a more relaxing day today. Sadly, the postman has been and deposited the usual array of junk and threatening letters!

One of our creditors is MBNA. We haven't had a peek from them since the DMP arrangements started.

However, a letter has arrived this morning from Global Vantedge threatening us with calls and visits at home/work if we don't pay up.

Does anyone know of this company? And any ideas what to do now? Do we contact MBNA about it, or these people?

Obviously, I will pass the info onto Pay Plan too but thought I would see if anyone here has had experience of this.

Oh well, not the best start to my planned day of r and r ;0)

nomoneynomoney

Good Morning Epiphany
Sorry to hear about your stress but everything will work out for you.

First of all it is not up to the creditors if they accect your DMP or not - you pay them what you can afford and that's that.

As for the IVA - I don't know very much about them but if you can not make the monthly payment then you will become bankrupt.
If you have little or no equity have you considered bankruptcy. You wouldn't lose your home as long as you can keep up the motgage payments. I know this isn't suitable for everyone but it may be worth looking into if you have no assets (it does affect some jobs) so you would need to look into that.

As for the DMP - many of us start on one with very high debts and small repayments. It gives a breathing space and things can improve over the years.
The CCJ needs to be adressed straight away or else they will get a judgement against you by default. I think if you entered into an IVA now to stop the CCJ then you may regret it. You need time to consider the best approach.
Acknowledge service of the CCJ and this will give you more time to respond to it. The loan was 24k and now you owe them 29k - well perhaps you can defend this claim and get the amount reduced that you owe.
Read through this thread - somebody else having court action taken against them by NR.

I have previously just admitted full liability on CCJ claims and wish I hadn't. I didn't know very much and thought I was doing the right thing.
Try not to panic - I know easier said than done - but you will get through this.

nomoneynomoney

timetobefree wrote: »

Hi everyone, I'm on a DMP with CCCS and have made two payments so far with onbe been paid to my creditors. I've not heard from anyone saying they've accepted but do know that three have not. They say I need to be paying at least 1% off each month. Is this a normal tactic and have pther people had less than that accepted? My total Debt is just under £50000 will probably go over that with initial interest . i currently pay £231 a month which will be increased soon as i've got a £5k wage increase coming. How much do other people pay for that level of debt? just wondering how much i should be looking at repaying to get acceptance.

It doesn't matter if they accept it or not as that's all the creditors are going to get from you. At first some creditors will keep trying to scare you but eventually they will see sense.
when I first entered my DMP with CCCS I was paying £184 for 90k debt.

epiphany_2

Thank you all so much for your replies. It does mean so much to me. This site is amazing and the knowledge here is incredible. It is suh a relief to me as I have been struggling so much.

Bolton - CCCS have said we could do an IVA if we can find £650 a month. I am realising from thoughts on here that Myvesta are not the way to go and if we choose an IVA it should be with CCCS. I am however terrified of the thought of paying £650 a month for 5 years. As another lady said, 5 year plans in life tend not to work and I think she is so right. We would literally be down to the bone and I know that at the end we would be debt free but I have no idea how we would get there. Life would literally stop and existing would begin.
BTW - I think you can renegotiate student loan payments. I did and they were very helpful actually. I would give them a ring if you haven't already.

Cloudnine - You are so right. I am panicking. I need to somehow find a way forward. Are you accepting the CCJ and then the charging order? I am unsure what to do with the court papers as CCCS say to question the amount they are stating as it seems so high. I don't actually know how to go about this but am sure there must be a simple way. The people on here do seem amazing! The relief of having you guys help me with all these fears has me welling up! What a mess I am with this. I think that m reaction to all this has shocked me too.

It seems my primary question is becoming to choose one of two options.

a) Do we take the CCJ and let them put the (correct) amount against our house and carry on with the DMP as it allows us to have a life? or

b) Enter into an IVA and just accept for 5 years we will be bare to the bone but after that we will be free.

Which is the lesser evil??

Any votes on this??

E x

epiphany_2

Nomoneynomoney - I crossed posts with you! Thank you so much for your reply.
I found your reply so interesting. hen you say the acknowledgement will buy us more time. Do you mean you returning the papers we have received? Sorry to be so clueless. How would we go about asking them to reduce the amount? Is that through getting a solicitor and doing a counterclaim or something?

Will read through the link now.

Thank you so much for taking the time to respond to me. The goodwill on here is so refreshing.

E