Debt Management Plan Experiences please?

jenevieve

No problem gnome, all this extra info is helpful to me too. I suppose the easiest way to find out stuff would be to ring the CCCS up but finding it out via here seems a lot less threatening.

keith_lard

By giving CCCS a ring wont harm you in anyway, they will tell you the truth and best option for you!
Interest will be frozen within months, but just ask CCCS these questions, bby ringing them you wont be placed on a record, you are only seeking advice.
If you do go for a DMP yes Defaults will be placed on your credit file (Big deal in my case!)
All I want to do is get shut of My debt, nothing more.

in future I would never do this again.

K.

ffs

gnome wrote:

Thank you - just to clarify, you said that your interest is frozen, so that means that from the day you start your DMP every penny you pay through CCCS is off the total debt and no more interest will be added? have I got this right?

No.

The American finance houses in particular are very aggressive (Cap One, MBNA, Amex etc) They will probably continue adding interest and charges for some months. In my case it added 10% to the total owed to one company. On the other hand UK based companies such as Barclarcard, and even the low risk lender Morgan Stanley, were quick to respond positively to offers, freezing interest and charges fairly quickly.

keith_lard

@ !!!!!!

I also have been told by various people to stay away from American Compaines like you said above, they aint as quick or nice about freezing interest as the UK compaines.

p00pieb0tt0m

Have found cccs very helpful over last 14 months. If any of you are robbing Peter to pay Paul, at all, even for one month, help is needed.

I never missed a payment but thankfully I realised with a little help from my other half that something had to be done.

I had an income of £1000 a month and repaying £720 a month on debts. My debts were increasing by £350 every month after I'd spent money on essentials(rent, etc) and none essentials(nights out, expensive lunches, etc).

Now I pay £455 to cccs and the rest is budgeted and a little saved for emergencies(God forbid). I get a much better nights sleep and my initial £21500 debt is down to approx £16500.

Some of the companies have frozen the interest and others find any excuse to put charges on, but the debts going down and I will be debt free in 2009.