Debt management plan

Deep_In_Debt

Thanks for that imindebttoo!

I was surprised when I read that Bear01 had been referred to a fee charging company by Payplan. There are also some unscrupulous (sp?) companies masquerading as CCCS on the internet too, people need to be careful when Googling both of these companies.

Forgetmenot68

Hello bear, I don't know how much you owe but I'm about to start a DMP with CCCS paying £207/month - eek, not a lot when you see the size of our debt in my signature but it's a start. I'm amazed that they told you you needed £1000. Can you change from this company? You shouldn't be having to pay - CCCS make their money partly by earning interest on your payment before it reaches your creditors, which I am more than happy for them to do.

FMN

CCCS_Sarah

Forgetmenot68 wrote: »

I'm amazed that they told you you needed £1000.
FMN

The monthly payment completely depends on the individual’s budget, so everyone’s monthly payment will be different.

RAS

bear01 wrote: »

Thank you for all your advice everyone. Unfortunately I already paid them my first month due to being referred through 'Payplan' I guess I trusted them.
I looked on the CCCS website, it was really helpful but when I put a plan together they wanted me to pay over £1000 per month to a DMP, which was way too high!!!

Bear

As long as this was not an IVA, you can get out of this.

What percentage fees are you paying to this debt company? !5-20%?

How much sooner would your debt be paid if all your money went to paying off your debt rather than their fees.

CCCS_Sarah

bear01 wrote: »

I looked on the CCCS website, it was really helpful but when I put a plan together they wanted me to pay over £1000 per month to a DMP, which was way too high!!!

Have you missed anything off your budget? Double check all you figures and see if it still comes out at £1000.

bear01_2

Again thank you everyone for your advice. Yes it was https://www.payplan.com that I used. I called 08009177823, I spoke to someone who took my details and arranged for someone to call me, that person called at the time arranged and said they had been given my details from payplan. I guess thats why I went with them, the company that I am now dealing with is debt advisory line.
They are charging me 17% per month for my DMP!!!

Im now really worried, if I look at staring a 2nd DMP, Im now in my second month of missed payments to my creditors and don't want them to wait any longer to received money from me.

bear01_2

Have just spoken to a very helpful lady at Payplan who are now investigating it for me.

bear01_2

Hi

Just wanted to give everyone an update on my situation, I had appointment last night to speak to an advisor from Payplan, who was amazing, she really made me feel comfortable and confident that I can finally get my problems sorted. They have given me 2 options a DMP or IVA, Im going to go for the IVA option as I feel it is best for me, im now not scared and really feel at last im dealing with it, I know I have a long bumpy road but hey the thought of being debt free in 5 years feels great!!
As for the 'Debt Advisory Line' when I called them to cancel my current DMP......well you can only imagine all the rubbish they came out with about how every company is the same and everyone will charge a minimum of 17% per month to manage my debt.....blah, blah, blah, blah!!!!!!!
Anyway my cancellation letter is already on the way to them.

As for the confusion of who I was dealing with in the first place, is a mystery, as all advice is correct and Payplan wouldn't pass anyone on to a fee paying company.

Thank you to everyone who gave advice, will keep you updated on how things are going.

Bear

Ames

Hmm sounds a bit dodgy with the other company, I hope Payplan are going to investigate? Maybe a dodgy employee was taking a cut to pass on details (yes I'm a paranoid suspicious person!). It's great that you've got a plan set up and you're feeling better about it all.

10past6

Hello bear, I'm pleased you've managed to sort out the confusion re Payplan, I'm with Payplan on a DMP and have been since November last year, I've experienced no difficulties with payplan.

Now re:

bear01 wrote: »

Im going to go for the IVA option as I feel it is best for me

If you feel an IVA REALLY IS BEST FOR YOU, OK, but I urge you to do as much research as possible, remember, an IVA is a legally binding contract, when the pressure is on re debts, creditors chasing you, it's easy to be blinkered and look for the easiest way out, we were in that position, several months ago, we were one step away from signing the agreement, but due to the current financial / employment climate, we decided not to go ahead with an IVA.

You really must do as much research as possible, ask as many questions as you need, remember, an IVA is only applicable to a very small % of people, make sure you're within that %.

Whatever you decide, good luck.