DMP Mutual Support Thread - Part 12

sourcrates · 9 February 2018 at 6:44PM

MK-4 wrote: »

Yes, both on the mortgage. The mortgage finishes in 2024 and the plan is to be debt free by or before then.

When I spoke to SC they initially gave a 4 year period, but I expect this may be longer as my budget details are finalised. They did say the wife could not be on the DMP because she is self employed.

Thanks for your help and would be very pleased to hear of any other options.

Probably DMP your best bet then, was thinking DRO for partner, maybe IVA for you, but if you can clear in 4/5 years with DMP, go for that.

System · 9 February 2018 at 6:56PM

MK-4 wrote: »

Yes, both on the mortgage. The mortgage finishes in 2024 and the plan is to be debt free by or before then.

When I spoke to SC they initially gave a 4 year period, but I expect this may be longer as my budget details are finalised. They did say the wife could not be on the DMP because she is self employed.

Thanks for your help and would be very pleased to hear of any other options.

We are in a similar position. I am 60 and mortgage finishes in 2025. We have £45k left to pay and have had to drop payments making it look like years before we are DF. However the plan is to pay more if/when we can and also now that we have gone self managed, to try and save and get some good F&F's.
Luckily my OH is 12 years younger so at least he will still work full time for a bit after I retire....not that I have any plans to retire yet.

MK-4 · 9 February 2018 at 7:34PM

ploppy57 wrote: »

We are in a similar position. I am 60 and mortgage finishes in 2025. We have £45k left to pay and have had to drop payments making it look like years before we are DF. However the plan is to pay more if/when we can and also now that we have gone self managed, to try and save and get some good F&F's.
Luckily my OH is 12 years younger so at least he will still work full time for a bit after I retire....not that I have any plans to retire yet.

Very similar situation to you. Also no intention to retire, just trying to find some sort of business that can be done (from home) when my retirement is forced on me.
My intention is to follow something like you are doing, SC for a couple of years then self managed to try to reduce the DF date.

KID77 · 9 February 2018 at 8:38PM

Evening, hope everyone is well.
We have officially gone self managed from 1st Feb which is alot less daunting than I thought. As my OH is being made redundant, I wrote to them all offering £1 token payment for 3 months and also put a CCA request at the bottom of each letter.
Most of them ignored the CCA request but accepted token payment so I will chase on the CCA request in a few weeks.
However, the fabulous news is that 3 x MBNA debts which were sold to PRA Group as soon as defaulted have come back as unenforceable, this is approx £12k of debt. They have attached paperwork which they say is the paperwork they have been sent so far and based on this its unenforceable blah blah blah. As they have some sort of paperwork which they obvioulsy realise is legally useless, I assume no other paperwork will turn up....
I would like to get the 3 accounts closed so plan to write to them offering £100 or something as final settlement.
Just as FYI, the accounts were opened 2005, 2010 and 2011 so it really is worth everyone sending CCA requests.
I am not holding out much hope for the others but will still follow up as you never know.
Thank you for all the advice on this forum and even though I don't post much, I read everything and appreciate all the advice offered.

January2015 · 9 February 2018 at 11:36PM

KID77 wrote: »

However, the fabulous news is that 3 x MBNA debts which were sold to PRA Group as soon as defaulted have come back as unenforceable, this is approx £12k of debt. They have attached paperwork which they say is the paperwork they have been sent so far and based on this its unenforceable blah blah blah. As they have some sort of paperwork which they obvioulsy realise is legally useless, I assume no other paperwork will turn up....
I would like to get the 3 accounts closed so plan to write to them offering £100 or something as final settlement.
Just as FYI, the accounts were opened 2005, 2010 and 2011 so it really is worth everyone sending CCA requests.
I am not holding out much hope for the others but will still follow up as you never know.
Thank you for all the advice on this forum and even though I don't post much, I read everything and appreciate all the advice offered.

Fantastic news - so pleased for you :j:j:j

Can I ask what made the 2010 and 2011 accounts unenforceable? From reading your post I think you are saying they sent some documentation but admitted it was UE. It's useful to know :beer:

Summer12 · 10 February 2018 at 12:07PM

Hi

Feeling a bit brighter about things thanks to you guys! Can someone confirm if anyone at anytime can request a copy of the credit card agreement to check if a debt is enforceable or only when an account has defaulted? I ask because going through the figures I noticed that barclaycard bill is £360 per month with only £20 of that going towards the debt. That’s crazy and I may aswell be starting my dmp and only paying them £20! (It comes out by dd so ashamed to say I’ve never looked at it closely before). I’ve been a customer since 1997 and that’s the interest rate you get for being loyal I guess!! :mad:

MK-4 · 10 February 2018 at 1:30PM

sourcrates wrote: »

Probably DMP your best bet then, was thinking DRO for partner, maybe IVA for you, but if you can clear in 4/5 years with DMP, go for that.

Thanks for the advice. The IVA looks worrying as we really don't want to risk the house.

I'm already moving DD's to the new bank account. Just a bit worried about the joint account overdraft - assuming it can't be included in the DMP as my OH is not going to be part of it.

Lucky2008 · 10 February 2018 at 3:34PM

MK-4 wrote: »

Thanks for the advice. The IVA looks worrying as we really don't want to risk the house.

I'm already moving DD's to the new bank account. Just a bit worried about the joint account overdraft - assuming it can't be included in the DMP as my OH is not going to be part of it.

Hi in a similar situation regarding property as mortgage now paid off.Started self-managed DMP for myself only (married) in oct.17
Owe over £60,000 in CC,loans,overdraft etc.
An advisor tried to steer me to an IVA but unless I misread,it didn't make any sense.I understood an IVA is marketed as the best solution to protect your property.BUT and here's what I didn't understand.There's a sting in the tail that you have to get a SECURED loan or Remortgage in the last year (which won't be at sensible rates as your credit history is trashed).So now you have a secured debt (fore several more years) at a high rate of interest & because you have capital you are ending up paying all the debt back anyway.Not having some written off as they try to sell it to you & its a legally binding option which will also incur costs of £4000 plus.Partner would have been dragged into an IVA.

Thanks to finding this forum & posts from the regulars convinced me a DMP was the way to go for now.I still worry about "what can happen - charging ccj etc" even though people say it's very unlikely.

Didn't have any joint accounts so can't help there hopefully somebody will have experience to advise.

KID77 · 10 February 2018 at 3:59PM

Hi January

They have sent me a document titled Credit Card Agreement regulated by the consumer credit act 1974.

It's then a list of t&cs with a signature box which has no signature as I would have applied online so a box is ticked instead which I assume is online consent/application.

They have deemed it unenforceable according to covering letter so not sure what is wrong with it, I am going to do some research and see what it should have on it.....

I'm concerned that they have it wrong and may realise....

KID xx

sourcrates · 10 February 2018 at 4:49PM

Lucky2008 wrote: »

.BUT and here's what I didn't understand.There's a sting in the tail that you have to get a SECURED loan or Remortgage in the last year (which won't be at sensible rates as your credit history is trashed).So now you have a secured debt (fore several more years) at a high rate of interest & because you have capital you are ending up paying all the debt back anyway.Not having some written off as they try to sell it to you & its a legally binding option which will also incur costs of £4000 plus.Partner would have been dragged into an IVA.

Can i just add that if you can`t re-mortgage in year 5, as an alternative measure, you make an extra year of payments instead.

If you opt for an IVA, it makes sense to glean as much information as you can beforehand, as the rules tend to change, and you don`t always get the hugh write off`s off debt that some companies advertise.

DMP Mutual Support Thread - Part 12

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