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Think my wife and i need to go into DMP the trouble is which one do you go for none-fee paying ones or fee-paying ones heard bad points about both,we have got substantial debts,we have very good equity in the bungalow just over £100k but cannot get a re-mortgage because of the ages of both of us [66] to release the equity,any help would be most appreciated.

Regards

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Hi colin

 

Welcome to CAG

 

The guys will advise as soon as they are available.

 

Have a read of number 1,2, 3 and 6 and 7 in my signature.

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Definitely go for one of the free ones - that way all your money goes towards your debt repayments rather than a chunk going in commission - CCCS and Payplan are the most common free DMP's.

 

You say you think you need to go into a DMP. This implies you are not sure. How much debt have you got, how old are they, who are they to and what are they for? The more you can tell us, the more we can help. I'd keep quiet about the equity in your house if you're taking the DMP route as if creditors get a sniff of this they may prefer to look at a second charge against your house.

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Hi Tingy. Thanks for reply,i used the word "think" because i have been activally trying to re-mortgage but it looks a no- goer, as got into this position with 4 c.cs. and a persoal loan to a total of £32k and the even darker side of this problem my wife as tried to over-dose twice, so we doo need help,i have tried the CAB and thet are as much use as a bucket on the titanic.

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Would you consider managing your own DMP with the help of those on here who have done it? I can contact a few very good people who'd be able to help. I ask this as I think that by doing that we would be able to make creditors more considerate as we would ensure they are aware of your wife's mental illness - it is perhaps not unsurprisingly very common on this site. It's not a case of using her illness, but ensuring creditors act with due diligence when talking to you both in order that they don't exacerbate your wife's illness.

 

In my opinion this may be a good way for you to go, but I'd wait a little while and see what others have to say as well. Meanwhile have a think about what I've suggested. Doing it yourself is not that hard and you stay firmly in charge of exactly what is happening which has a lot of advantages. You would have an enormous amount of help. I've helped a few people recently do exactly this.

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Hi Tingy, Thanks for that we would be very interested in doing our own DMP with yours and others help,as at the moment we would not hava clue how to do it,another fly in the ointment which i forgot to mention was the mortgage we have at the moment is a interest only one with Acenden and expires in September 2016 and they wont length the term.

 

colin

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OK - here we go. I'd leave the thread run for a day or two to see who contributes - I suspect many of those who do would be the ones I would contact. Meanwhile if you go to the library (link at top of page) you will find an Income and Expenditure sheet. Not surprisingly you put your income and expenditure into the relevant columns (do not leave yourself with no money - make sure you do not underestimate how much it costs to live, cars need petrol, MOT's, tax, repairs, insurance etc.... You need clothes, haircuts, food etc... factor in everything. You can then put in your priority debts which have to be paid and then your non priority debts and the form will work out pro rata payments automatically. This is what you would then offer them.

 

Before you make any offers though (and there are template letter for you on here for everything) how old are these debts? Have you been paying them, if not how long has it been since you made any payments? Did you have any ppi or have any of them applied charges so far? A lot of this can be reclaimed too reduce the debt and it may be, if the debts are oldish and depending who they're with you may need to send for a copy of your Consumer credit Agreement (again there's a template letter).

 

First step for the moment is to fill in the Income Expenditure form putting everything on it no matter how big or small, and then we'll take it from there. As I said I'd leave the thread a couple of days as I don't want to appear to be dominating things, see who contributes and then I can, if necessary, rally some troops to come in and help.

 

You have no need to worry re the debts as I'm pretty sure we can do something about those and arrange affordable repayment plans. The mortgage is a separate issue entirely - I'm assuming you have no endowment policy in place to cover any of it? That is not my area of expertise, but I can find out if there are people here who can help you with this.

 

Most importantly and I should have said this ages ago - well done. You've taken the first step and that is by far the hardest one. You are already starting to resolve your situation.

 

Good luck with the IE form - if you need any help, post up here or if you click my user name you can send me a private message and you will get a quick response. I'll try to shut up for a day or two now and let others have their say and voice opinions on what I've said. Have fun with the IE sheet and please tell your wife to try not to worry. I've sufferred two major nervous breakdowns myself, lost my job as a headteacher due to it, lost my house, had suicide attempts, been in and out of mental health hospitals and have an awful lot more debt than you - but, and it's a bit but, I'm very happy as I know things are under control. I do understand what she is going through and I understand the extra pressure that puts on you.

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I totally echo everything Tingy has said to you on this thread and i have to say his ADVICE is sound and very helpful in every case, The only thing i would add is that it might be worth using the cccs just to guide you through everything and to get the ball in motion and give you the options, You will chat to a fully trained consultant for a good half an hour, for me that half hour was priceless as it took a weight of my shoulders, And then once erverything has been sorted maybe after say 3 months take the DMP into you hands then and control it for yourselfs, But whatver you choose you have made a major step coming onto this site and asking for help, I wish i found this site earlier!!!!

 

All the best

 

Baz

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I know Tingy i think these two threads we can really give some great advice and i am 100% sure that ColinD with be feeling 100 times better within a short space of time

 

Baz

Edited by baz1986
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Hi Colin

 

I echo colleagues’’ comments.

 

There are two sides to this problem. First do the I&E (and the common financial statement does not include equity in your house) and see what you can realistically afford in the medium term and offer that pro-rata. (of course check the enforceability of alleged debts, PPI and charges etc first).

 

Second, as Tingy says, if they get a whiff of the equity they will much more difficult to deal with and tactics may have to be adapted.

 

Love

 

vic

 

PS Just read the bit about the mortgage. There was a court decision recently re mortgage companies not penalizing folk in difficulty, but this will need separate and careful thought.

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