Advice please...

[rivendale0506]

Hi not new to the forum, but have had my light bulb moment and need to tackle my debts.

 

I currently have unsecured debts of approx 42k.

 

I have had a good read round the forum and before I can start to tackle these debts via CCCS or Payplan I have a couple of questions:

 

I am self employed - does this bar me from using CCCS or Payplan and if so, where do self employed people go for help (I own a Ltd Co.)

 

The phone number all my credit cards/bank have is the one I use for my business (and home phone) and I don't want my business partner/staff to pick up the phone to any creditors!!! Any advice here? the number is highly advertised on all of our company paperwork etc so can't change it.

 

I am currently on a fixed term mortgage (all payments up to date and I intend to keep it that way - it is the credit card ad loan repayments that are crippling me). BUT this mortgage ends in Aug 2009 and as I took the mortgage out when I had a full time job with a 42k salary, I am not going to be able to re-mortgage with someone else as I don't earn that much anymore (I currently take home £2100 a month - mortgage repayment is £1096). Will the mortgage company just move me onto their SVR or offer me another deal without having to go through the process of proving my income again? and will they have to know if I am on a DMP and will this affect them giving me a new mortgage or moving me onto a SVR with them?

 

Has anyone had any luck (before approaching their credit card companies re financial difficulties) of writing to them and asking them only to deal by letter rather than phone or perhaps asking them to remove landline number from their database and only use a mobile? This would solve the problem of my business partner/staff picking up the phone to them.

 

I currently have a mortgage of £170k and have no idea what house is worth now but was worth £218k when I bought it 3 years ago.

 

Many thanks for any advice/views in advance...

[blipvert]

The phone bit. I'd phone them and give them your mobile number. Also if they were to ring the 'old' number they shouldn't disscus your accounts with any Tom Dick or Harry until ID/Security has been passed (although some may) and I guess eyebrows might get raised if calls keep coming in asking for you, I think mobile is your best bet. You may want to get a copy of your credit file DON'T use the free Experian trial offer (or equivalent). They're phishing trips marketed as a free credit report. Post a thread in the CRA section, I saw the best way a while back, someone has probably still got the link at their fingertips. I don't know what will happen when your fixed rate mortgage comes to an end, things have changed so much but wouldn't be surprised if you have to do a full financial striptease. So your payment record on your credit file will be visible to your mortgage provider I'd say keeping an impeccable payment record with them is wise. I'm on a DMP, some CC's defaulted me, others are more understanding and my record says 'paid on time' even though I havn't made the full contractual payment but part payment via the DMP. IIRC full blown defaults started to appear on my credit file after either 6 or 12 months, (depends on the lender).

[pinky1977]

Hiya

just to let you know payplan accepts self employed people , my husband is self employed,

they are very understanding and help you live within a budget you can afford

 

take care

Sarah

[rivendale0506]

Thank you both, I really appreciate you taking the time to reply.

 

Sarah - that is good news - I did request a call from payplan today, so will await their call.

 

Mozzat - I managed to get onto my details on 3 of my credit card accounts today and changed any phone numbers to my mobile number So just the Halifax to worry about as I don't have online access with them - might just write to them and tell them my only number now is mobile number.

 

Ok, so not sure what my next step should be, I migh actually just write to them all offering pro-rata payments and see what happens, and then cca the ones that are difficult.

 

Or should I cca first before there is a "problem" paying them? I will need to pay this month's minimum payments (god knows how!) as I don't have 12 working days before the next lot of payments is due (1st Jan), so am I right in thinking that I can't cancel all my dd's etc without writing to them first?

 

Thank you

[blipvert]

i believe what will happen is that if Payplan set you up on a DMP they will send to you, a letter to send to your creditors explaining the situation along with a token payment of £1. This covers the 'interim' period when things are being set up. I tried to 'go it alone' over a year ago before I was aware of this site and I run into various 'adminny' obstacles. It is possible and I beleive many caggers do. A halfway solution is to get PP to set it up, when its running smoothly, take over the running of it.

[pinky1977]

Hi Rivendale

 

pm me and i will let my hubby spk to you

its all scary i know so just chatting mite be able to answer some questions

for you

 

Sarah

[rivendale0506]

Hi Pinky - thank you! How do I pm you?? LOL

[fedup74]

Hi rivendale. When we were starting off our DMP with Payplan, I sent a letter to each of the creditors explaining we were having financial difficulties and were working through them with Payplan. I offered a token payment of £1pm until the DMP was up and running- it took 2 months to sort out- the cheapest 2 months of my life!! Payplan are really good and if any of the creditors do not accept your proposals you could CCA them although Payplan did not encourage this and it took a bit of persuading to get them to take off MBNA! Good luck in your venture:)

 

P.S. To send a pm click on the user name you want to send a message to and a box will come up at the top to send a message:)

[rivendale0506]

Thanks Fedup - I am going to send off CCA letters first, and see what comes back and then think about whether I want to go down the DMP route. From what I have read, if I enter into a DMP my credit file will be shot anyway, so I might as well go the CCA route and see who can provide enforceable agreements.

 

Can't believe how helpful people are on here! Thank you!