Your views and questions.

Moderators: TalbotWoods, JaneClack

By skint4life
#293103 HI Guys.

I have been reading this forum for some time now, I must say what a great job you people do in providing information and inspiration to others who are suffering with debt.

I have had a look around to see if I could find the answer to my question but I have not found a suitable answer, so I thought I would ask.

I am currently 2 years into my DMP and things are going well so far, however I have just found out my house (from previous marriage) has just been repossessed. I was making payment for half of the mortgage to my ex-partner who obviously has been pocketing the cash and not paying the mortgage. This half mortgage payment was included in my dmp as part of my I&E.

I have now had a letter from the mortgage company stating that there is a £30k shortfall and how will I be paying this back. I know that I am joint liable and severally for this debt, and my ex wife seem's to of dissapeared of the face of the planet so I am left with this shortfall on my own(life is just not fair).

My question is do you think I will be able to add this shortfall to my current DMP I will obviously be able to add the money I was paying previously to the lender to my dmp, however my current creditors would get a smaller share of the pro rata payment. I really do not know what else to do as my current debt stands at £16k and I was paying £375 pcm, I could now pay £575 pcm to £46k. Do you think that the current creditors and the mortgage lender will except, am I missing another way to sort this mess out and has anybody been in a similar situation ?

Just when I thought I was getting my life back on track and this happens to me. I cannot see any light at the end of the tunnel and know I will be skint for life.

I live in a rented bedsit and have a £500 car

Any help would be greatly appreciated.


User avatar
By JaneClack
#293113 If you have no assets and your job is safe then you could go bankrupt and remove the lot in one fell swoop - or if you have things to protect it looks as if an IVA could reduce what you repay to five or six years - in this case I would advise you to seek advice from whoever is running your dmp if you are not doing it yourself or Payplan or CCCS who both do no upfront fee charging IVAs. But remember the bottom line - it is your choice what you do need is someone to check figures etc for you if you have things you need to protect. And, in answer to your actual question(!) - yes you can add debts to a debt management plan as in this situation it is clear it is not further credit you have taken out.
By skint4life
#293123 Hi Sarah.

Thank you for your reply, I cannot go Bankrupt as it is a stipulation on my contract of employment, so that is not an option. I do worry about the constraints of an IVA and in the current climate in terms of my employment security does worry me. Hence the reason I think sticking to a DMP would probably be the best way for me to go in my current situation. I have nothing to protect, as I mentioned, I live in a rented bedsit and my car is an old banger. I am just concerned that the current creditors will not accept getting a smaller piece of the pie so to speak and try and go for a ССJ OR BANKRUPTCY which terrifies me as I would lose my job.

I would be paying £575 pcm on a £46k debt, how does that compare to other people on a dmp are you paying more/less on a similar figure ?

Anв finally I really find it hard to swallow that the mortgage company go after just one person if in this instance the other person dissapears, surely they have method's to track a person down and make them pay, or is there attitude I found one they will do ?.

I hope to be in a position to increase my payments to my dmp over the coming years, but I just think its totally unjust that everything is pushed at my door, considering I have not even lived in the property for 6 years.

Sorry for ranting and thanks for listening

Skint 4 life
By chandjay
#293133 Your creditors will NOT make you bankrupt - why would they?
They would have to pay a lot of money to make you bankrupt, and they would get virtually nothing back, as you have no assets. So you can rest easy on that score.

A CCJ is a piece of p*ss.
A County Court Judge will only make a judgement on what you can afford to pay, and as long as you pay the agreed amount every month then NOTHING will happen to you.
Just make sure that your I/E sheet shows the Judge that you only have a very limited amount to pay towards the CCJ, and then just make sure you keep up the payments.
I can't think of a job you could be doing where a CCJ would result in your dismissal. - Bankruptcy, Yes ..... CCJ, ???
Your creditors don't get a choice as to whether they receive smaller payments.
You simply pay your creditors what you can afford.
You are in the driving seat, not your creditors. This is because you have NO ASSETS. If you had assets, then it would be the other way round.
As it stands, your creditors are at the bottom of the pile, when it comes to order of importance. - And with you having no assets, they will know it.
By chandjay
#293143 In answer to your other question.
I was paying over £400 a month on a debt of 72k when I started my DMP.
When I realised that I could pay anything because I knew the creditors could do jack sh*t, then I reduced it to around £200 a month. Then I was made redundant and reduced it to £16 a month, before thinking - "knackers to this, I can't be ars*d" ... and went BR.
I wish I'd done it years ago now. Wiped all my debts out, and paid NOTHING back.
User avatar
By JaneClack
#293183 As you have seen if you have nothing to protect then you can go on indefintely as creditors will not make you bankrupt - as then they get nothing.

Have recently had a client though who was being chased for a £48,000 shortfall from a mortgage and ex had disappeared and they were just chasing the client - anyway they would not accept an IVA anyway and so client decided bankruptcy was the only option for her (and fortunately her career has not been affected although only a few years ago it would have been).

She did know she could make token payments but she decided to go for broke and get started again.