DMP Mutual Support Thread (Part 4)

Alpinestar_2

I hope someone can help me as I'm really stressed about all of this. I'm about to start a DMP with CCCS (who have been great). I have a NR Together mortgage and I have not disclosed the unsecure part of the loan on the DMP. I had thought that it was part of the mortgage as it is not separated (pay single amount), so I've naturally entered the total figure for my mortgage.

To make matters worse, I have also taken out a unsecured loan out with them... Reading stuff on this site and other sources, it seems that NR would want to go straight to court and put a charge on the house for the loan part of my mortgage. I can understand this as it contribute to the total amount of the purchase price of the house. So basically I'm in a pickle (putting it mildly). I know I'm in a mess and in serious debt, please can someone help me !!!!!

Do I disclose the Together loan as unsecured, and wait for the battle ahead

Having a personal loan out with them as well, will they still want to go to court and put a charging order on my house.

andytwonames

Alpinestar wrote: »

I hope someone can help me as I'm really stressed about all of this. I'm about to start a DMP with CCCS (who have been great). I have a NR Together mortgage and I have not disclosed the unsecure part of the loan on the DMP. I had thought that it was part of the mortgage as it is not separated (pay single amount), so I've naturally entered the total figure for my mortgage.

To make matters worse, I have also taken out a unsecured loan out with them... Reading stuff on this site and other sources, it seems that NR would want to go straight to court and put a charge on the house for the loan part of my mortgage. I can understand this as it contribute to the total amount of the purchase price of the house. So basically I'm in a pickle (putting it mildly). I know I'm in a mess and in serious debt, please can someone help me !!!!!

Do I disclose the Together loan as unsecured, and wait for the battle ahead

Having a personal loan out with them as well, will they still want to go to court and put a charging order on my house.

I have one of those too. CCCS insisted that the unsecured part had to be included on the DMP but it turned out for me not to be a worry.

My contractual payment to the unsecured part of NR was £170 - ish over 20 years. Once the payment for my DMP is apportioned out, NR will get about £220 i.e. MORE that they expect. I tried to argue that this was daft but CCCS say they have to treat all unsecured creditors the same.

Work the numbers out for yourself, it may turn out the same.

As for what NR will do, I don't know.

pinksparkle_2

rayday2 wrote: »

Not a problem I would not worry about what date payments were due as you are basically throwing agreements out the window. So today is the day you start a new agreement on your terms - so if you send a payment now and a payment to reach them in a calendar month that would be fine.

The fact you are late paying or missed a payment just proves you are struggling.

Thanks Rayday,

I will send token payments and pack back pp today.

Do you know roughly how long it will take before i will be making my first payment to pp? I just want it up and running...!!!

I know what you mean Korkz, i havent told anyone about mine...To scary...!!!

pinksparkle_2

Alpinestar wrote: »

I hope someone can help me as I'm really stressed about all of this. I'm about to start a DMP with CCCS (who have been great). I have a NR Together mortgage and I have not disclosed the unsecure part of the loan on the DMP. I had thought that it was part of the mortgage as it is not separated (pay single amount), so I've naturally entered the total figure for my mortgage.

To make matters worse, I have also taken out a unsecured loan out with them... Reading stuff on this site and other sources, it seems that NR would want to go straight to court and put a charge on the house for the loan part of my mortgage. I can understand this as it contribute to the total amount of the purchase price of the house. So basically I'm in a pickle (putting it mildly). I know I'm in a mess and in serious debt, please can someone help me !!!!!

Do I disclose the Together loan as unsecured, and wait for the battle ahead

Having a personal loan out with them as well, will they still want to go to court and put a charging order on my house.

Hi there,

I am in the process of staring my DMP with pp, i have a mortgage with NR and PP asked if i have a together mortgage, i said know, but i dont even know what that is...!!!...Im getting a bit worried now....Could i have one...???

Pinksparkle
x

rayday2

pinksparkle wrote: »

Thanks Rayday,

I will send token payments and pack back pp today.

Do you know roughly how long it will take before i will be making my first payment to pp? I just want it up and running...!!!

I know what you mean Korkz, i havent told anyone about mine...To scary...!!!

I am not too sure of the time scales of Payplan but once you post things off they will be in contact one way or another to arrange payment etc so just treat it as done all you can now and see what happens.

andytwonames

pinksparkle wrote: »

Hi there,

I am in the process of staring my DMP with pp, i have a mortgage with NR and PP asked if i have a together mortgage, i said know, but i dont even know what that is...!!!...Im getting a bit worried now....Could i have one...???

Pinksparkle
x

Together mortgage is where they lend you more than you have paid for your house. If they do this then you have 2 loans at the same time. One for a big amount which is secured on your house and another for a smaller amount which is unsecured.

You will need to know and it is easy to find out. Call NR, they don't need to know why you are asking. You need to know this stuff.....
1. Is the loan split to secured/ unsecured. and if so.....
2. What is the outstanding balance on the secured part
3. what is the payment to the secured part
4. what is the outstanding balance on the unsecured part
5. what is the payment on the unsecured part.

Just call NR with your mortgage reference no Phone no 0845 602 8301

pinksparkle_2

andytwonames wrote: »

Together mortgage is where they lend you more than you have paid for your house. If they do this then you have 2 loans at the same time. One for a big amount which is secured on your house and another for a smaller amount which is unsecured.

You will need to know and it is easy to find out. Call NR, they don't need to know why you are asking. You need to know this stuff.....
1. Is the loan split to secured/ unsecured. and if so.....
2. What is the outstanding balance on the secured part
3. what is the payment to the secured part
4. what is the outstanding balance on the unsecured part
5. what is the payment on the unsecured part.

Just call NR with your mortgage reference no Phone no 0845 602 8301

I dont think we have that, we paid £178500 for our house and we paid 5% cash deposit £8925 so our mortgage is for 170k. We didnt get any extra money with the mortgage, i know that for sure...

Thanks though...

Pinksparkle

ben79

Hi Everyone,

I’ve had my pack back from CCCS today informing me that my DMP has been accepted and I am to pay £249 a month which is a good amount. Rayday2 can I have a number now and be all official!?

I’m feeling really positive now, I’ve also got myself a new bank account set up although I’m too late to stop my wages being paid into my old account this month. I know realistically I probably have a few weeks / months of trouble ahead whilst it all gets set up but at least I’m on the right track which is a good feeling. And I’ve also just raised £150 on ebay selling rubbish I didn’t need!

I’ve not returned the agreement form yet as I only got it today, so I shall send it straight back tomorrow.

I’ve received the template to photocopy and send to my creditors, I’m tempted to include a covering letter explaining my situation. Do you think this is a good idea? Realistically, I should be in a better position financially this time next year when I am able to apply for better jobs, is it worth mentioning this to my creditors and that I plan a full review in 12 months time. (I know that this will be conducted with my by CCCS as a matter of course.) Will any of that give me a better chance of having the DMP accepted?

I want to send off the notification to all my creditors tomorrow with my token payments to really get things moving. Can I ask what I’m best putting in the box to explain why my circumstances have changed? Is it acceptable to say that I cant get other finance to pay everyone off?! That seems to give the wrong impression!

Thanks again to everyone on this incredible thread. I feel so much better knowing I have people to talk too. And I look forward to helping anyone else out once I’m up and running!

Thanks .

Angel_Cake_3

pinksparkle wrote: »

Thanks Rayday,

I will send token payments and pack back pp today.

Do you know roughly how long it will take before i will be making my first payment to pp? I just want it up and running...!!!

I know what you mean Korkz, i havent told anyone about mine...To scary...!!!

Hi Pinksparke, re your first question earlier, agree with Rayday, just send the £1's off to everyone now. If you can pay Payplan in July, they will send money to your creditors for you, or if you can not pay Payplan till August, continue to send creditors £1s next month.

I think i may have said yesterday, as soon as PP get your pack they contact the creditors. Once they confirmed all the balances of your accounts, either through the creditors or a copy statement from you and they have then received your first payment, they write to the Creditors with a SOA and propose the DMP payment to then.....

It is then a waiting game, but in the meantime, just continue to pay PP your monthly amount

Hope that helps
Angel Cake xx

Tigert

ben79 wrote: »

Hi Everyone,

I’ve not returned the agreement form yet as I only got it today, so I shall send it straight back tomorrow.

I’ve received the template to photocopy and send to my creditors, I’m tempted to include a covering letter explaining my situation. Do you think this is a good idea? Realistically, I should be in a better position financially this time next year when I am able to apply for better jobs, is it worth mentioning this to my creditors and that I plan a full review in 12 months time. (I know that this will be conducted with my by CCCS as a matter of course.) Will any of that give me a better chance of having the DMP accepted?

I want to send off the notification to all my creditors tomorrow with my token payments to really get things moving. Can I ask what I’m best putting in the box to explain why my circumstances have changed? Is it acceptable to say that I cant get other finance to pay everyone off?! That seems to give the wrong impression!

Thanks again to everyone on this incredible thread. I feel so much better knowing I have people to talk too. And I look forward to helping anyone else out once I’m up and running!

Thanks .

Hi,

I wouldn't worry about a covering letter. Just the CCCS letter + your token payment will be fine. Realistically the creditors don't care about individuals, just when they are likely to get their money (or not!)

For the reason your circumstances have changed, I would just put "Overcommitted on Finance"

Glad you are feeling more positive - It's a good feeling getting things sorted. Just remember, the next couple of months you may get some unpleasant letters, but they are just computer generated. Give it a couple of months and things will quieten down.

Hope it goes well.