help needed

[Riz]

Re: help needed

I dont mean to sound dumb and have read some blogs, but how do i start the ball rolling? I assume i send a letter explaining my situation with an offer of reduced payments? should i pay more to the bigger debts?, where if any do i find these template letters?

I think there is some starting info on the main site here.

----> DIY DMP's

Some other useful here

Debt Management Plan: NED CAB

[Riz]

Re: help needed

My own house has about 20k equity, and the the rented place is two flats that me and my old business partner converted, strangely enough he couldnt get a mortgage for them so they are both in my name. Legally he has no right over them, but really it is half his. Maybe 15k equity across the two

OK. That would be awkward then. Just had to check, as property (i.e. family home) is not always a problem with IVA/BR.

[LooLoo]

Re: help needed

GC - I'm shooting off now and won't be on till tomorrow - but have a read at what Rizzle has posted.

and have a good think about everything and decide which way you want to go.

think carefully there is no rush and if you do decide to do a DMP I will be more than happy to share my experiences with you and help where i can - although the site has all the letters that you will need - but i can do moral support!!

good luck and the main thing - easy to say - but don't worry

LL

[GlobalC]

Re: help needed

[QUOTE=LooLoo;106269]GC - I'm shooting off now and won't be on till tomorrow - but have a read at what Rizzle has posted.

and have a good think about everything and decide which way you want to go.

think carefully there is no rush and if you do decide to do a DMP I will be more than happy to share my experiences with you and help where i can - although the site has all the letters that you will need - but i can do moral support!!

good luck and the main thing - easy to say - but don't worry





Many thanks for your help, just going through the link provided by rizzle hopefully will speak again soon

[Leixlip1]

Re: help needed

I've been doing my own DIY DMP as well so also happy to help & support.

[GlobalC]

Re: help needed

thanks very much for your replies guys, my head is a bit frazzled now, but i intend to start my journey tommorrow and sort out my I&E, i did just try it but the link to add another isnt working for me. Im sure with all your help i can finally start to make in roads into the mess im in. Thanks again

[GlobalC]

Re: help needed

evening all, Just a thought, would it be possible to enter into a dmp with just my 3 CCard debts and the larger overdraft, assuming i could clear the other overdraft, and just keep paying the loans, my reason being that it is unlikely that they will take off the interest as it has all been added already? The cards are really what are killing me with their interest.

Any thoughts pls

[caspar]

Re: help needed

Self managed DMP's are easy to set up most of the time. However, what a lot of people do quite successfully, and it saves you a lot of initial spadework, is get the DMP accepted by someone like CCCS who do not charge (don't pay for the service!). They stick with this for a few months to get things settled, then just take it over themselves. This may provide a good way forward for you.

Alternative, you need to do an IE sheet that fits within the restraints of the MAT CFS. Their allowances are fairly generous, but it's always best to make sure that any IE is within their figures. The other great benefit of doing the CFS is that all the creditor get is a general summary of your expenditure, not a detailed breakdown. If offered by a recognised association there is a lot of pressure for them to accept it, so have a think about this option to.

I've done literally hundreds of these for people. I'm not on here as much as I was, but if it's something you'd like to explore, let Niddy know and he'll be able to get in touch with me. I'm always happy to help like the others on here.

[LooLoo]

Re: help needed

evening all, Just a thought, would it be possible to enter into a dmp with just my 3 CCard debts and the larger overdraft, assuming i could clear the other overdraft, and just keep paying the loans, my reason being that it is unlikely that they will take off the interest as it has all been added already? The cards are really what are killing me with their interest.

Any thoughts pls

Hi GC

I'm not sure about keep paying the loans as it might be that you re favouring one creditor - Riz?? any ideas??

I never had any loans - mine were just 4 Credit cards and an overdraft.

the main thing is to get your SoA done and see what you have left to pay the debts and start from there.

A word of warning though (sure you will realise this after reading my thread) once you start this DMP you will get a few letters and calls and of course your credit rating will be shot to pieces.

Also all the creditors work in different ways - for example with Mint - they defaulted me immediately and stopped all interest. The Co-op still charged some interest and a card fee........

Some will happily accept your offer - others won't they will ask for a certain percentage of the balance paid each month - again you can negotiate on this until you come to something you both agree on.

I know the Halifax told me that they would only accept my DMP if I went through Payplan or CCCS - this was not an option for me as a) Payplan was very unhelpful (in my case) wouldn't allow me to include pet insurance down on my SoA! and the girl was very very unhelpful and b) CCCS at the time said I should consider BR.........

So before I had the help from this site - i contacted the National Debtline and got my letters and advice from them and did it myself.

I actually like the fact I was in control

some Creditors will ask for a review of your account say in 6 or 12 months - sometimes you will get the odd computer generated letter....

Also make sure all letters are sent recorded delivery so you have a record.

Good luck

[Riz]

Re: help needed

I'm not sure about keep paying the loans as it might be that you re favouring one creditor - Riz?? any ideas??

Unless you are thinking of insolvency (IVA/BR) then you can technically do as you please with your own DMP.

However if creditors are aware on an unfair distribution, or become aware of it, then they are obviously going to be far from happy. Could mean that they refuse to cooperate with the DMP, restart interest/charges, sell the debt on, or even take legal action. With property with equity in the mix here, I can't imagine some of them just lying back and accepting it.

[GlobalC]

Re: help needed

Hi Guys,

I understand what your saying, i was thinking that the credit cards are the main problem ( just cant afford them ) whereas the loans are already over 7-10 yrs and are manageable, so dont see the need to include more creditors and as their halifax could be a problem? I wonder if im better off just contacting the CC's and saying im out of work at the moment and am struggling to pay them and would they give me some breathing space with the interest, till i get back on my feet?? what do you think.

[LooLoo]

Re: help needed

Can i just check GC are you out of work or just going to say that?

[GlobalC]

Re: help needed

Can i just check GC are you out of work or just going to say that?

I am self employed and have a been doing 1-2 days a week the last few weeks, dont have any thing next week as yet

[garlok]

Re: help needed

Hi GC,

Take a look again at what rizzle is saying in post No 25. Like him I am sure that any unfair distribution or disproportionate payments on any DMP are not going to go down well with some creditors for sure. They probably won't take it on board and will pursue even harder or cause a chain reaction throughout your whole plan. Have you read the site resources for DMPs, the explanations and calculators etc.?

It might be worth your while.

regards
Garlok

[LooLoo]

Re: help needed

Ah ok so you are not lying then.

You may find they will temporarily put your accounts on hold - but don't hold your breath - mine were not very accommodating when I asked for some help, it wasn't until i did the DMP that they took notice.

Not sure what anyone elses experiences are??