DMP Mutual Support Thread (Part 4)

trudij

When I set up my IVA I was told it was not goign to affrect a home at all,unless I defaulted and then became bankrupt, then it would all change anyway.
They dont make you sell anything, nor do they expect you to make any seperate payments at the end (though they do want half of anythign more than you first agree to) - certainally they dont ask you to remortgage your home at the end or you cant take one out - I dont have a house - (I have always had live in jobs) and I was accepted and had everything gone through (so far!) with no problems at all.

Ex-Spendaholic

Evening all

Its good news from me. You may or may not remember that I have been whittling on about claiming bank charges for decades now.

Well I put in 2 claims to the Hellifax - one for £2680 :eek: and the other for £3051. :eek: I expected they would be put on hold due to the court case but I wanted to join the queue. However I have received a letter offering me £2944 for the claim that I made for £2600. :j I'm not sure why they have offered more that what I claimed but I sure ain't complaining. It seems they looked at my case and decided I was in financial hardship, :rotfl: I never asked them to do this. I'll get the money within 14 working days of them receiving my acceptance form. They have said that the money will be used in this order:

1. To bring the account up to it's OD limit - it is over limit by £500 :j
2. To pay any mortgage arrears - I had some arrears but these have now been capitalised - does anyone know whether these will be still classed as arrears and whether they will pay the money into the mortgage account?

Ideally I would like the whole OD - £2000 to be cleared and then I would use the remainder to make a few !!!!!! offers on the smaller debts of the DMP. :j

I phoned them today and they have said that the claim for the other account is still being reviewed and that I would hear by 5 August. I'm hoping against hope that they decide to pay out on this one too.

GhostHunter_3

rayday2 wrote: »

Hmm its tricky the whole ethos of a DMP is treating all your creditors fairly, for example, I included a catalogue with only £80 left on it. It is designed to make life passed just survivng to getting a better quality of life.

I understand what you want to do but I am not quite grasping what you see are the benefits to doing what you propose.

You do run the risk if the companies are related as well of maybe them finding out and I am never convinced if companies check credit histories or not.

Maybe if you tell us why your propose leaving cards and paying the loans then we can maybe give another perspective.

If you want to weigh out the idea a little more take a look at the national debtline website which has fantastic advice and a payment calculator, although not sure if it will help you if you are making up your own payments.

Hi Ghosthunter,

If I understand you correctly, what you are proposing isn't really a DMP, you are just proposing to make a payment arrangement with some of your creditors but not others. I don't really understand why you'd want to do this.

As Rayday said, the idea of a DMP is that all creditors are treated equally. So all of your debts are added up and your creditors are paid pro rata.

I think it's highly likely that the creditors being offered a reduced amount, would not accept on that basis. Just because you are hiding the amount from CCCS, doesn't mean that your creditors won't find out, if they see your credit file, then they will be aware of your other creditors.

You'd also lose out - A lot of creditors will stop interest on a DMP, on the debts you are hiding from your DMP, you would continue paying interest. So you would end up taking longer to become debt free.

It's far better to disclose everything, it could come back and bite you otherwise.

Hi Ray, hello Tiggert

Thanks for the replies.

No particular reason why I needed to do it this way. I suppose I didnt really understand why CCCS wanted to do it any other, after all I was thinking more allong the wrong path that pay what I can and get help with what I cant.

I expect this is the wrong way round, what you are saying, if I am correct, is I should get help with repaying the credit cards AND the loans?? Thus freeing up more spare money for me to live on, I wouldnt say comfortably but more to make finances less of a struggle and more of a releif. After all anythings better than not being able to buy any basic food or to have to choose between a loaf of bread or a pint of milk right? Yes thats what its like here these past few days, mainly due to me having to pay off £160 worth of arrears between 2 loans. All my Incapacity Benefit has been swallowed up in 1 go, that would normally feed us for almost 2 weeks! Doesnt stop here either the dreaded calls are back from the credit card companies, so I think I better go find someone who can sit down and help me complete these forms as I am still confused. Must be the stress, how can something so simple to some seem so complicated to others? I expect once its been completed I will wonder why I thought it so difficult anyway.

Will look at the national debtline website, anything that can help make things easier is worth investigating. Thanks.

Thanks both / all for the replies so far.

H

Mogminnie

When I contacted Payplan the information I was given was that I would have to offer a percentage of the equity in the property in 5 years time for them to accept the IVA. The same went for my mam. If however you don't have a property obviously it must be different.

ANY_CHANCE

Bumpety bump !

For a poster looking for advice on cccs

Bluediamond

Any Chance

You still there?

ANY_CHANCE

Hi yep im still lurkin round:D

Bluediamond

just thought I would see how you are. How are things going okay ?

ANY_CHANCE

Thanks blue diamond things are quiet at the moment,

I feel calm at the mo LOL not like the other week :rolleyes: silly me;) you know how it is some weeks/days are better than others

i havnt heard from HFC s solicitor/DCAs regarding charging order i have a feeling that this time they may well push for the ccj and co but i will just have to wait and see :rolleyes:

how about you?

Bluediamond

So So this week. I have heard form Payplan again today to say that I need to start making repayments on the lower amount now so that is good. Although I have not heard anything form the dreditors yet.

Have you thought anymore about lowering your DMP payments at all? You are like me, struggling to keep your head above water. We have no savings and I dread something cropping up that will need to be paid for with money that we have not got !

I was just reading your signature..I love the Winston Churchill quote !