DMP advice needed.

markn73 · **Joined:** Sat Jan 30, 2010 9:39 pm **Posts:** 11

royston wrote:

markn73 wrote:

Many thanks guys. The two biggies are in my partners name, my cards are slightly over but only by around £100 which i could reign in if the two biggies were reduced. My thinking is instead of dragging my nearly paids into the equation would it be better if she contacted pay plan about a dmp but just for herself, maybe she could reduce the littlewoods and blackhorse, freeing up some of my pay to reduce my own arrears. Any thoughts guys, the advice is very much appreciated.

If this is your situation, then yes, I would say that would be a very good idea. If those debts are in your partners name only then it would be fine. It's only if you have a joint debt that there would be a problem.

That's only my opinion and I'm sure others will give you further advice also.

Thanks, they are in her name only. I have a few in my name. MBNA & monument i contacted and they have frozen interest and agreed to monthly repayments, vanquis are being a little funny and that is the only one im over with, so if i can pay the arrears i will just pay the minimum a month. The others i have are nearly done so it looks as though a dmp in my partners name is the way to go. Thanks again for the help and advice guys.

royston · **Joined:** Wed Feb 13, 2008 12:37 pm **Posts:** 461

Good Luck. I hope everything works out well for you.

markn73 · **Joined:** Sat Jan 30, 2010 9:39 pm **Posts:** 11

Thanks. She contacted paypaln this morning and they took all the relavent details. We are just waiting to hear back from them reagading available options. Not sure what they mean by options. :?:

Even though im not going on the plan he still wanted my details, he said it may mean more options will be available for my partner. :?:

So we are just waiting to hear from them now. I just hope they can help. :cry:

Sarah · **Posted:** Mon Feb 01, 2010 7:58 pm

What is the best option for her circumstances - a debt management plan, an IVA as there is a joint budget to check and if she is not solvent, bankruptcy if there is no equity in the property. They need to check on who the creditors are, what are the likely responses etc and work out a sustainable budget based on Common Financial Statement guidelines which the creditors should accept.

:?:

As above - an IVA cannot even be considered by most companies as creditors ask to see a complete household budget. That does not mean one person has to pay for the other person's debt - creditors however want to be sure that one is not paying all their creditors in full whilst the other cannot. Again though this would not be an option if there was more equity than debt in your wife's share.

:?:

So do I but remember it is you and your wife's decision. The job of Payplan or CCCS is to put you into a position where you can make an informed decision.

Good luck! :lol:

markn73 · **Joined:** Sat Jan 30, 2010 9:39 pm **Posts:** 11

Thanks, they phoned at lunch and took all the details. They said they would be in touch shortly but we have not heard yet. I just hope they can help.

chandjay · **Joined:** Fri Jan 19, 2007 6:50 pm **Posts:** 744

They will certainly be able to help, if only by pointing out your options.

BUT ..... you've already started to help yourself(and your partner), by coming on this site, asking questions and your partner contacting Payplan.

I can still remember, vividly, the day that I made the decision to do something about my situation(debts), - and that was over three years ago.
And I've never regretted it.
The sense of relief was ..."better than sex" - @copyright, Mick Fitzgerald after winning the Grand National on Rough Quest in 1996.(It's also the title of his book)

markn73 · **Joined:** Sat Jan 30, 2010 9:39 pm **Posts:** 11

Do you have any idea how long they usually take to get back to you. They phoned at 12 but we havent heard back yet. When they said they would be in touch shortly we were hoping it would have been later today.

chandjay · **Joined:** Fri Jan 19, 2007 6:50 pm **Posts:** 744

Don't be in too much of a hurry....It will take time. After all, I bet it took you a fair while to get into your situation, so don't expect it to be sorted out quickly.

I'll give you a quick run down of my time scale :

December 2006 - looked at debt questions site
January 2007 - wrote to creditors saying I'm in the sh*t
February 2007 - paid £10 token payment to all creditors while I decide what to do.
March 2007 - Tell creditors that I'm going on a DMP and that I'll start paying them in ....
April 2007 - Pay first payment on my DMP
May - get hassle from creditors
June - more hassle
July ... and more
August ... creditor starts phoning work
September - things settle down a bit
October - creditors are now starting to sell the debts to DCA's
November - start getting hassle from DCA's
December - One creditor says that he will ring me all through Christmas and will make 2008 "very uncomfortable"

.... And that was only the first year.

Don't be frightened by what I've been through.
This WILL NOT happen to you.
Don't forget, I had 26 .... yes, 26 creditors, and debts totalling over £72k, so I had a lot of creditors to deal with.

You and your partner won't get the same hassle as me(I hope not), especially if you go through Payplan(as they deal with everything)...but I am just showing you that for me, it was(and still is) a slow process.

BUT AFTER ALL THAT, IT WAS STILL WORTH IT.
I have money in the bank, plenty of holidays, and no worries about money or creditors.
I just pay all my creditors on the same day every month, then forget about them until the same day next month.
I WISH I HAD DONE IT YEARS EARLIER. Still, better late than never.

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DMP advice needed.

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