Long-Term DMP?

coolcait

Hiya Lisa

If you're thinking of a DMP, maybe it's worthwhile checking out the Debt Arrangement Scheme? I've seen a couple of people on here mention it (and my family member who was screwed over a trust deed was told about it when it was too late :mad: Unfortunately, because it looked like it would have been ideal for her ).

It might not be a possibility for you if you're looking at a long repayment period. But, on the principle that if you don't ask, you don't get...

There's more info on this site

http://www.moneyscotland.gov.uk/das/das_display_home.jsp?pContentID=77&p_applic=CCC&pElementID=30&pMenuID=1&p_service=Content.show&

System

Hi Lisa, have you spoke to CCCS or Payplan? I agree that there is a line that is drawn where a DMP may not be the best option all told. Try not to get too down at least you have done something about it and you are starting to gain control of your life again. I think you should phone one of the above, have a good look around on the BR board and go from there. Good luck Len

lisa-r_4

Ahh, i've just finished typing a reply to you in my other thread Coolcait!

I'd heard about the DAS, but when I mentioned it to CCCS they told me point-blank I wouldn't qualify. It might still be worth giving them a call though wouldn't it, just to find out exactly what the minimum amount I could pay would have to be etc. It appeals to me in that it guarantee's interest freezing, AND (getting back to my neurosis, cough!) wouldn't effect any inheritances etc. Thanks again! :T

lisa-r_4

Hi Len,

Thanks. I have spoken with CCCS/CAB etc, but they only seem to think bankruptcy is suitable for me as they view a DMP "unrealistic".

I love this forum - i'm feeling so much better, and have just realised that my week long (since I last spoke with CCCS) nausea has lifted! Perhaps now I can enjoy my impending holiday afterall, pheww!

System

Hey Lisa, paying off debt via a DMP is admirable but not always the best solution for all concerned (well perhaps not the creditors) and maybe BR is the way ahead for you. And go enjoy that holiday life is toooooooooooooooo short. Len

Deep_In_Debt

Thanks Lisa - I have a few more analogies - might not want to hear them though!

I know how you feel about feeling lonely. I'm on my own and 27k in debt and couldn't work out how I'd got there - the wagon must have left from a different platform!

Anyway, there is a light but you must do what you feel is right for you. I had a few companies recommend IVAs or Bankruptcy to me. I decided to do a DMP and think about my options. A DMP will at least give you a bit of time to think about your options. I've decided I'm sticking to a DMP for a while, it's affordable repayments and I've got money to live on which I didn't have for many years.

I do wish you the best of luck in whatever you decide to do.

rayday2

I think one of the worst things about debt is feeling you don't have choices. Remember all CCCS do is advise if you don't like the advice then you have had the information and you can make an informed decision.

Worrying what ebay appear to be doing - I will be stuffed I only have a feedback of 97 - last year I scrapped my old ID which I had had for about 10 years after a privacy invasion.

Yummy-mummy

Hi all

We are in the process of starting a DMP with Payplan. We owe approx £60k and it is going to take us about 22 years to pay it off. Payplan suggested we go ahead with an IVA but after a lot of thought and reading about other people's experiences, we've decided not to go ahead with the IVA. (Rayday2, I agree with you, don't like the idea of someone else getting their hands on my equity).

I know its going to be hard work but I've also got piece of mind that if things change the DMP is more flexible than the IVA.

I keep reading the threads and its giving me the strength to go ahead with this and to keep my head out of the sand so thank you all!!!

kpwll

I'm also in the process of starting with Payplan and it is going to take me (if the interest is stopped) about 15 years to pay back, unless those coloured balls throw out 6 of my numbers. Why don't you give Payplan a ring, before you settle with CCCS and see what they advise also, good luck.

lisa-r_4

Thanks everyone, you've really cheered me up and I feel a little bit better about my holiday now! I'm still in 2 minds about bankruptcy or DMP, but i'm going to give myself a couple of months before I make my final decision.

Another thing i'm wondering, is if i'd still be able to get a mortgage with my partner whilst on a DMP? Or if we did go down that route (my Father is always on at us to buy the house we rent from him, as it would make his life much easier etc) would it be better if it was solely in my partners' name? A worry with that you see is that my creditors could have a claim on the house, as i'd then have an asset?