Just had DMC ringing me telling me NOT to go with CCCS.....

rayday2

RakarthIX wrote: »

As I said we aren't passing many on at the moment as there is no point in giving someone unrealistic false hope. The fact of the matter is that there are an awful lot of people out there at the moment, who;s only real option is bankruptcy but they don't want to do that for a variety of reasons. The situation is set to only get worse and at the moment there isn't a solution out there to accomodate a lot of people

There is a solution a DMP but your comission would be a lot less. I can understand lots of people wanting to pay there debt off its good old fashioned pride and if thats what they want let them do it but of course your 20% of not a lot is not worth it to you. That was the problem I had so the salesman decided I should spend less on this and that and talked about how much he was "saving" me. Course he wasn't "saving" me anything he stood to make a packet over the years out of me.

RakarthIX

Yeah but how long will it take before there are so many DMPs out there that the creditors are making little to no interest and they just decide sod it, we won't freeze interest for anyone. As previously said they aren't obliged to and if they stop doing it people will be paying to DMP plans and still getting into further debt

rayday2

You cannot advise someone on there current situation with words like "what would happen" you advise them on how they are there and then.

At the moment a DMP is OK for them and they can always take the bankrupcy up later.

You just are not interested in anything with little profit.

RakarthIX

rayday2 wrote: »

There is a solution a DMP but your comission would be a lot less. I can understand lots of people wanting to pay there debt off its good old fashioned pride and if thats what they want let them do it but of course your 20% of not a lot is not worth it to you. That was the problem I had so the salesman decided I should spend less on this and that and talked about how much he was "saving" me. Course he wasn't "saving" me anything he stood to make a packet over the years out of me.

We do very few mortgages/consolidation loans or IVAs which are the three higher commission based products. Most of our clients are DM clients as it is usually the best option. On the IVA front think we have only recommended about 30 IVAs this year of which 27 have been accepted by the creditors

rayday2

That has not answered anything in my post you avoid issues constantly.

RakarthIX

rayday2 wrote: »

That has not answered anything in my post you avoid issues constantly.

Sorry mistook what you said. It comes down to a matter of ethics. If a client has a negative disposable income we couldn't justify charging a monthly management fee on the statement of affairs to the creditors as they would take umbridge at seeing £1 going to each of 5 creds then £15 going to the DMC. Also people in this situation aren't realistically going to be getting debt free any time soon so we can't even do settlements at some point for them. Therefore we would recommend they speak to CAB as the only ethical solution available to them is a free DM plan (or bankruptcy if they dont own their home)

pania

when i was with churchwood i had... £55 going to largest creditor, £37 to them, then 15,11,10 and 8 to the others.. can you really not see something wrong there

tyllwyd

rayday2 wrote: »

At the moment a DMP is OK for them and they can always take the bankrupcy up later.

Haven't I seen posts on the boards from people saying that CCCS wouldn't accept them for a DMP because they had no disposable income to offer creditors, or have I got that wrong? If I'm right, it isn't fair to criticise a DMC for saying the same thing.

RakarthIX

tyllwyd wrote: »

Haven't I seen posts on the boards from people saying that CCCS wouldn't accept them for a DMP because they had no disposable income to offer creditors, or have I got that wrong? If I'm right, it isn't fair to criticise a DMC for saying the same thing.

Yes that is right, the only people who happily deal with it I believe are CAB and Payplan (don't quote me on payplan though). However some unscrupulous DMCs do it too.

RakarthIX

pania wrote: »

when i was with churchwood i had... £55 going to largest creditor, £37 to them, then 15,11,10 and 8 to the others.. can you really not see something wrong there

Those figures are horrendous, I wasn't aware any DMC had the audacity to charge nearly 30% as a management fee!