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Millbrookblue

Big debts v house sale and loss of pension

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Any ideas as to how we can clear c£30k of debt without having to :-

 

a) sell our house as we have £35k positive equity but at 55 will never be able to buy again especially with our credit rating

 

b) both come out of good pension schemes which are now closed to new employees and which we were relying on lump sum to pay off rest of mortgage at 65 as have had to drop down to interest only mortgage ( and bank is not happy about that !) .

 

i've been told that creditors won't accept a DMP as long as we have money in the house and are both paying into a pension . I've tried to offer creditors 100 % payback over 10 years if we will freeze interest/charges but they don't want to know and just keep referring me to CCCS etc .

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I was paying into a pension and had a very large amount of equity in my house on the downside I had £93k worth of consumer debt. I contacted the CCCS and set up a DMP with them. All me creditors accepted it - took about a year to bed-in, and all bar two of them froze interest. You have nothing to lose by contacting Step Change (new name for CCCS) or Payplan or National Debtline. The reason your creditors refer you to the CCCS is that they are well accustomed to working with them - you've tried to do this on your own and have got nowhere - visit the websites and get in touch with them. You've been 'told wrong' - there are thousands like me who have sorted out their debts via a DMP with equity and whilst paying into a pension plan - when my plan started I was even paying school fees!

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i've been told that creditors won't accept a DMP as long as we have money in the house and are both paying into a pension . I've tried to offer creditors 100 % payback over 10 years if we will freeze interest/charges but they don't want to know and just keep referring me to CCCS etc .

 

What are the debts when was last payments any PPi to reclaim

 

without going near a court money in your house has nothing to do with them if they wont freeze interest pay them £1 per month for life

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If i have helped in any way hit my star.

any advice given is based on experience and learnt from this site :-)

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Thank you both for replies . I am going through old paperworks re PPI but my wife shreds most old stuff where I did take out insurance so all I have is co names and account no's on a few odd old bank statements that somehow missed shredding . It's a start but I guess they will prove difficult if that's all i've got . I also wonder if I should allow bank to force me back onto repayment mortgage in order to reduce my disposable income and therefore support a dmp ? I would rather pay for our home than interest to credit card co's etc who have already made a fortune out of me and continue to take over £500 per month which is still £250 less than min payments .

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Your mortgage is considered to be a priority debt - if you haven't already done so you might want to consider doing an income and expenditure sheet. Search in this forum and you will find a ready made spread sheet - the debt charities also have them. Tot up all your priority debts and subtract that from your income the balance left is what is available to pay your consumer credit debts. Your creditors will be well aware of this prioritisation. This balance is then pro-rated among your creditors so that each gets a % share that matches their % share of your total debts

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You may do better sending off a subject access request to each one plus the £10 fee sent to owner of debt/bank rather than DCA

 

they will supply all the data they hold on you statements and everything could there be penalty charges to reclaim

if you can list the debts eg credit card ,overdraugh ect and time of default

it will help others that know more to advise you better


If i have helped in any way hit my star.

any advice given is based on experience and learnt from this site :-)

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