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dmp advice please-couple of questions


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:Dhi i am thinking of going down the dmp road-i have worked out my incomings/outgoings and with have spare cash at the end of the month to go towards paying off my DEBT:(

 

couple of questions thou if anyone can answer for me thanks

 

i have a couple of items on buy now pay later 12 months and need paying by august and 1 by september--what happens to these do i hand them back or do i include that in my debt and include them in my dmp

 

i also have a car which is on HP and have about 34 months payments left,i have worked this out on my outgoings as i work about 200 miles away from home and no way of getting to work without this--will the rest of my creditors accept me paying this or will they refuse -i pay about 220 a month on this

 

and lastly as i live with my partner would it be wise to NOT include her in my dmp--she is working and could afford her own payments very little compared to mine--we have a joint bank account with HSBC but as it is overdrawen all the time could we both move to set up both new separate accounts,,we would rather keep her out of this incase anything goes wrong eg boiler--but i also know if i include her income the debt gets paid quicker---Decisions Decisions

 

thanks all

 

thanks all think thats covered it all for now

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Hi Blu Ray

 

Your buy now pay later debts will be included in your DMP as a creditor and they will be paid each month.

In the DMP, you will be asked to provide a financial statement or income and expenditure. This will include your HP Payment. As the DMP is informal, it is unlikely that the creditors will ask you to stop paying to this HP, and if any creditors query the payment, as long as you justify why you need this, as above, you will be fine.

If your partner has debts of her own, it may be worth setting up a joint DMP plan for the both of you. This way your debts, including any joint debs will be included. If you go for the dmp, your partner will still be liable for any remaining debt on the joint debts. If your partner only has the joint overdraft as her debt, as long as she can either clear the rest of the joint debt or make payments to it, it would be best to get seperate accounts to keep all of your finances seperate.

I have been with Payplan DMP for over a year now, it didnt cost anything to set up. I dont know if you have arranged for a specific company to go with, but Payplan and CCCS are probably bst DMPs, as they are free.

 

I hope this helps:)

Best wishes

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