Author Topic: dmp  (Read 2117 times)

zobunny

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dmp
« on: Apr 30, 2010, 01:58:06 PM »
im currently on dmp with cccs which is fine we pay £300 per month for a debt of £10,000 we really need to free up some money- as gonna be paying this for ages to eventually pay off debt. so i really need some advice on whats best to do? stick with dmp and remain not comfortable for years or move house and free up equity, we may have? or re morgage(which i would like to do but think very unlikely)?. i have 1 silly ccj for a sofa i did actually pay for but payed a month late and they put me onto there finance agreement so ended up with ccj for £ 2000 for a £1000 sofa that id already payed for, (i didnt go court to fight which i now know was silly and also got a charging order on house. we nearly payed off the ccj but is causing problems.) any advice would be a great help thanks

Sovereign

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Re: dmp
« Reply #1 on: May 04, 2010, 01:08:44 PM »
Hi Zobunny,


Remortgaging with any lending company while you are on a DMP will not be possible in the present climate unless you take out a loan at an enormous interest rate, which please dont! You could move house and free the equity to negotiate a reduced settlement with your creditors and lose the debt/s completely but where would you live. Do you really want to rent a property and come off the property ladder? How about asking CCCS to reduce the monthly payment to £200 per month and free yourself up a bit of cash. They might go for that if you increase your expenditure statement. Always worth a try. ;)


Steve
Sovereign Consulting

L-E-E

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Re: dmp
« Reply #2 on: May 04, 2010, 04:52:27 PM »
Hi Zobunny,
 
A key factor in your dmp being successful is communication between you and the company managing your debts. Your payment should be something that you can afford each month and you should feel comfortable to make the payment and to live your life to a reasonable standard.
 
Contact CCCS and go over your income and expenditure again and ensure that this is reflects your current situation. This may also highlight areas where you could reduce your outgoings and make some savings this way.
 
 
Lee

Sovereign

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Re: dmp
« Reply #3 on: May 04, 2010, 05:33:05 PM »
Thats sound advice from Lee, Zobunny. Talk to CCCS and see what they can do.
 
Steve
Sovereign Consulting

zobunny

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Re: dmp
« Reply #4 on: May 05, 2010, 11:55:15 AM »
thankyou really good advice and i ll definately look into advice given!  thanks again x

AshleyPark

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Re: dmp
« Reply #5 on: May 10, 2010, 10:44:16 AM »
Always nice to receive a thank you!
 
Feel free to update us with the outcome of your cccs visit and ask any questions no matter how small or large!
 
 
Lee
Ashley Park Debt Solutions Ltd
 http://www.ashleypa

Sovereign

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Re: dmp
« Reply #6 on: May 10, 2010, 04:23:46 PM »
Hi Zobunny,

Ignore the post by MMS and talk to the guys at CCCS as we have said!
Sovereign Consulting

Nickym

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Re: dmp
« Reply #7 on: May 30, 2010, 01:41:11 PM »
Hi Zobunny,

When you go back to talk yo the cccs (which is really the best idea) talk to them about the uncomfortable amount you are paying but also ask them about full and final settlements. Once your payments have been adjusted to an amount that you can more comfortably afford then you may be able to begin saving to help you clear your outstanding finance. With some savings behind you the cccs should be able to negotiate a full and final settlement for a percentage of the outstanding amount. This can help lower the amount of time you are on the Debt Management Plan and make it feel like less of an endless task.
Nicola Murray
Professional Debt Advisor www.debtma

Steven Jackson

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Re: dmp
« Reply #8 on: May 31, 2010, 01:44:20 PM »
Hi Zobunny
 
Did the CCCS help you reduce your monthly payments? Given that you owe £10,000 if you reduced these to £250, you should still be able to repay the full amount within 40 months (just over 3 years) which is not too bad.
 
In this mortgage environment, I would suggest that you do not consider remortgaging to pay off the debt. I do not think that this would be possible given your credit rating has now been affected by your DMP. However, even if it was, your interest rate would probably be increased making your mortgage payments much more expensive.
Debt Expert
ivainformation.com