thank you for your reply i have checked what i have and it is a debt management plan? what is this and do my creditors have to honor this for the term it takes to pay it off?? my morgage is with northen rock and the % is 5.79 we have 96,307 in a morgage 2 secured loans 8,600@ 6.89% and 21,500@ 6.89% and 11,000 @ 5.79% is this bad????? I feel a bit daft not knowing what im doing especially as i have entered a debt plan and dont know nothing about it?????? what do you sugesst????
Last edited by toniotay on Mon Sep 22, 2008 4:18 pm, edited 1 time in total.
A debt Management plan [DMP] will mean you pay the full amount owed over a longer period of time than an IVA. Some creditors may freeze interest and charges and some probably may not.
There is no legally binding contract between you and the creditors unlike an IVA and they can at any point continue to charge interest or take legal proceedings. This is just an informal agreement between you and the creditors.
ive had a look at the morgage calculator and it seems the payments may go to about £980 as they are £830 now if we have both a debt management plan in place this would be ok and im in a position where i will be getting a pay rise of about 5000 in 2012 so we will be able to afford the morgage i am concerned about the amount i pay not being fixed and still being charged does this mean that i could be paying this off for yaers and years or is debt management plan over a number of years im very confussed now???
WHAT HAVE I DONE!!!!
i have 2 secureed and 1 unsecured that we had to make up the price of the house i dont know why the link came from i dont know how to do links?? im having a dippy day!!!
im secared at what ive done and am unsure on how long it will take to repay at the rate i am paying some of my creditiors!!!! im going to contact the company i have my dmp with and see, im not sure to what to do as in my partners debts we carnt afford to pay them but th emain thing is we dont loose our house im not sure how we can do this???????
I've edited the link out! I was only because you used the '@' symbol with spaces between the words!
Good luck with finding a solution Toniotay - there will be a solution for you, it's just a case of working it out. Keep posting, you'll get good advice and support here x
