Hi, new here, trying to sort out a DMP, would welcome advice

[Never-In-Doubt]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

As for phone based company, utter bollocks lol. Just tell them to get lost and to come back to you when they start adhering to oft guidelines on debt collection. Also they have no legal right to refuse letters, even eBay accepts letters and we all know how big and powerful that "online" business is.....

[kagey]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

Thanks everyone! That's great.

I've read thru the guidelines re. IVA on here, the bit that worries me is:
"If you own your own home you may have to release equity by remortgaging or taking out a secured loan on the property."

As I said above, don't think we can, as equity in house is possibly 35K but no one is sure with the market the way it is. Our mortgage has 25 years to run and can't afford a higher monthly payment so couldn't borrow more, and couldn't sell as houses aren't selling at the mo. (similar house down the road been on market for 4 years now, in excellent condition, reduced price by 35K over the four years, still can't sell).

Another worry is that my husband works on contract work, his current contract runs out at the end of December. There is no way of knowing if it will be renewed or how long it will take to find other work if the contract isn't renewed. What would happen to an IVA if we had no income and couldn't pay?

Also what is the cost of an IVA and how does it have to be paid?

And finally, how would we contact someone to arrange an IVA? (I will keep reading through the threads but could find little on IVAs here. I'll google it and see what comes up.

Thanks again.

[LooLoo]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

Hi

Someone will be able to guide you with IVA (as I said I have no info on that).

Meantime - send you letters for you own DMP (again) all by recorded or registered and then start making you payments in accordance with what you can afford.

then if you have to review once your know the outcome of your husband's contract then do so.

[kagey]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

Thanks sunny, we have been sending payments for lower amounts we offered every month, they bank the cheques but won't confirm accepting the lower payments and won't freeze interest and charges, they all write, saying banking cheques is automated and doesn't mean they accept the lower payment or to freeze interest/charges!

They are driving me mad!

[LooLoo]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

I really feel for you - and I guess i have been lucky that my payment plan was accepted

[kagey]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

It helps tho knowing we're not the only ones to get ourselves in this sort of mess and that there are people like you and the others here who are willing to help and pass on information. Can't stress how much I appreciate it.
Thanks.

[kagey]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

Been doing a fair bit of reading on the forum today and will carry on tonight, after I've replied to this week's lot of letters from creditors!

You seem a lovely lot. Sunny I've been reading your thread about your DMP, sounds like you're doing great. Good luck with the house etc.

I'm going to check out UE later, but it was mentioned that some of the smaller debts may be UE - not sure what makes them UE? My husband would like to continue with DMP for now, managed by ourselves, but it would be good if we could maybe get rid of some of the little ones somehow, so maybe we should see if they are UE?

We are still going to go to the CAB on Monday morning to see what they suggest and can offer.

Do you all recommend sending off an I&E sheet with letters to creditors? are they more likely to agree to lower payment, freeze interest etc. then?

Thanks. The forum seems quite new - great job! ;-y

[kagey]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

hi there, i was on a debt management plan, several creditors initially said that my payments were below the minimum they would accept. I still paid them anyway, and they couldnt really do anything as long as you treated all the creditors the same, ie. the fact that as a percentage you were paying the same to each of them. If a single creditor took you to court (not that it would be in their interest) I am sure all the judge would do is make sure your paying what you can afford and ask to see proof of this (via income and expenditure). try not to worry its just scare tactics they are using trying to make you pay more! One thing is to tell them on the phone that you will only deal with them in writing and hang up the phone, it worked for me or as a last resort change your phone number.
Sadly they dont have to halt interest charges but in the long term hopefully they will see that you will never pay it off if they dont lower them.
to start off with i sent a form showing all creditors plus amounts owed this also showed priority debts (ie secured loans, mortgage and possibly a car loan)
then income and expenditure sheet showing what money you have available to pay creditors.
then finally offer of payment.
P.S when i first started i used CCCS, they emailed me copies of all necessary forms in a pack that i could print off.
I hope this has helped and please dont worry,
Andy

Thanks Andy. Did you get any doorstep visits, bailiffs, get taken to court etc by any of your creditors? I have paid each of them every month since I started offering them lower payments (June\July). I've found the letters I've been sending as templates online and I filled in budget forms on the CCCS Debt Remedy website and later again on the CAB website.

How would it be seen if I paid off one of the creditors? I owe them about £450 and am making a pro rata payment of about£8, they are charging me interest and late charges so that they add about £15 to my account every month so my debt is going up instead of down which seems silly. However, I am worried if I pay that one off, others will complain that I should have given them more money. Or can't they find out? Or should we make them a F&F offer of a bit less than the actual sum and see if they accept or do we need to wait a lot longer for that?

Did you ask CCCS for the forms they sent you?

I haven't sent my I&E details to the creditors yet as I didn't think they needed to see that much information, especially as I had already given that info to CCCS. I have in the last week actually sent a brief I&E form to 2 creditors in the hope they will now accept my payment, but just total income, total expenditure, total debt, amount available to pay off, creditor's pro rata percentage and amount.

Thanks again for your help.

[kagey]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

Thanks Andy. We'll keep going, I think we'll have to send more extensive I&E details at some point soon if they don't accept the abbreviated one we've sent so far, talked to hubbie about that last night as he is reluctant to do so, says it's none of their business, I agree but just want it all sorted.

[MrsD]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

When we set up through CCCS, we sent all of the details to them, they then sent on an abbreviated budget and I&E to the creditors. I think because the creditors know that CCCS have all of the minutae, they accept their word that this is the amount of money you have spare. It is one of the way CCCS can work better in the beginning.

[Never-In-Doubt]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

Try reading this ---> http://www.insolvencyhelpline.co.uk/ind ... /index.php

Should help with all IVA related queries....

[Wishfull]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

hi i hope the following info will help the following is taken from the lending code
For reference this is section 167-172

"Common Financial Statement
167. If a customer works with a debt-counselling organisation to complete a Common Financial Statement (CFS), the
Subscriber should accept the CFS as the basis for negotiations with the customer to draw up a debt- management plan.
168. This provision is designed to help people in financial difficulties, and some subscribers may only apply it when
Accounts have gone into default. Other subscribers may choose to use the provision at an earlier stage if it benefits
Both them and the customer.
169. Money advisers will use the BBA/MAT/FLA Common Financial Statement format and principles when submitting
Information to subscribers8.
170. Subscribers should accept the CFS (and other similar statements such as that used by the Consumer Credit
Counselling Service (CCCS). The CFS - or equivalent details of the customer’s income, expenditure and assets - is
Necessary to enable the subscriber to gather information to assess if an ‘offer to pay’ will enable the customer to be
Accepted onto a formal debt management plan (DMP), or enable the subscriber to reduce or suppress interest and
Fees.
171. The third party money adviser should ensure that their authority to act on behalf of the customer is promptly sent to all
Creditors identified by the customer. It is also the responsibility of the adviser to ensure that a CFS or equivalent is sent
To the creditors shortly after the authority. In these circumstances, where a money adviser has been appointed and
There are debts with many creditors subscribers will not normally be able to work with the customer until a CFS or
Equivalent has been received.
172. In general, subscribers should then be prepared to accept an offer of repayment which is based on the principle of
Equitable distribution of available income (after priority payments), in line with the amount outstanding to each creditor.
Alternative means of calculating the distribution of available income by the customer or their adviser may be agreed on
A case-by-case basis. A subscriber may accept an offer of payment, even though the offer is not sufficient to enable the
Customer to be accepted onto a formal DMP"
here is a link to which banks subscribe to the code http://www.lendingstandardsboard.org.uk ... erlist.php
you could try putting the above in any letter of offers of payment enclose the i/e you have from cccs you never know they may accept it hope this helps

[kagey]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

Thank you for that.
We are in a difficult position at the moment as my husband is now unemployed, since christmas day. We have written to all our creditors to let them know and sent them our I&Es (used National Debtline's form). Have received a few DNs now, will see what happens next.

[Never-In-Doubt]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

You could consider UE...?

[kagey]

Re: Hi, new here, trying to sort out a DMP, would welcome ad

Sorry, I'm probably being dim, what is UE? Unemployed?