Following on from my chat with England, Jackman and Spacey yesterday evening I am pleased to report some good news on my independently arranged DMP with my 6 creditors.
Today I contacted Northern Rock (my largest creditor) to follow up and explain that I cannot afford to make my current payments as they exist. They were sympathetic to my situation and decided to waiver any charges/interest pending a review in 6 months time. They are going to confirm this in writing but as my largest creditor it should allow me some weight when negotiating with the others.
I have decided to put off bankruptcy for another year and accept my companies offer of a secondment to Manila for 12 months. To miss out on this opportunity in favour of organising BR would be foolish as my long term future job prospects will be greatly enhanced when my CV displays this info. Also I could argue that refusing the offer would shorten my employment in my job and they aint going to get any money back when I am unemployed.
I was wondering what some of the expert forum posters would suggest is a good course of action during my year away? I have already decided to put the rent in my name and re-write to my creditors lowering the payment they receive as I am now going to make both the rent and bill payments and pay them what I can. If they wish to come chasing me to Manila they are welcome.
Any advice on the next course of action would be greatly appreciated as long as it does not involve me changing my mind on Manila/Phillippines for a year.
I could I suppose reduce the balances on a couple of debts but I pay £300 a month to 2 credit cards and that is simply interest so not quite sure how I will ever clear them without BR.
DMP progress
Posted - 24 June 2008 : 16:29:20
