dmp (cccs) query

debtmuncher

they are asking for addresses and telephone nos of the creditors. is this the information that i will find on the statements or is it something else i am meant to be putting down

just in the middle of doing up the list for them so wanted to make sure i am not doing a wasted effort!

debtmuncher

sorry its ok....they want them on the statements anyway so we have highlighted the details.

Numpty_Monkey

Dpon't worry if there is anything CCCS will contact you , I had one of a wrong account number, all sorted with a couple of phone calls , good luck with your DMP:A

telboy99

Hi Debtmuncher,
I sent CCCS all my creditors latest monthly statements when i started my DMP.
They have got all the necessary phone numbers as they are dealing with all these creditors every day.
Good Luck

Jaycee2411

Hi, I've just been accepted on a debt management plan with the CCCS. I am still getting the odd phone call from other debt management companies who want me to sign up with them. Usually I totally ignore them but I have answered a few. As soon as I mention that I am with the CCCS they tell me that the CCCS is in league with the banks, etc and any plan I might have with them is more in favour of my creditors than myself. Also, they say that after 3 months with the CCCS, invariably my creditors will resume any interest thay may have initially frozen when I started with the CCCS while they (other DMP company) can have the interest frozen indefinitely.

I know these debt management companys will say almost anything to sway you to sign with them because they charge fees and will take your first months payment, but it did worry me a little and I wondered if I should try to negotiate with my creditors myself - one of my creditors told me my credit could be shot to pieces for as much as 16 years if I take on a debt management plan! Can any knowledgeable person here shed any light on this? It would be much appreciated.

And I also wondered if maybe I could be eligible for an IVA instead. My debts total around £40,000, but the CCCS didn't suggest I go for an IVA.

Thanks

GeorgeUK

There are a few creditors that don't stop interest, some stop it for a year, and other stop the interest indefinately. Quite often though the debts get passed on to DCA's so you don't need to worry about interest.

While you are not paying the correct amount, this will be noted on your credit file. Late payments etc fall off your credit file after 6 years, but have less effect on your credit rating with the more time that passes. If creditors see you are maintaining all your payments but have ahd late payments in the past, they tend to focus more on your current situation. Defaults and CCJ's will have more of an impact on your credit rating though.

CCCS is funded by the finance sector - that is why the banks would rather deal with them than some dodgy company out to make a profit for itself. They also know that CCCS do not charge for their service so all the money you can pay towards your debts will be going towards the debt and not lining someone elses pocket.

IVA's are not for everyone. As they are legally binding, if you are unable to make your payments you could be made bankrupt.

Have you posted up a statement of affairs in any of your threads? We may be able to spot some savings in your expenditure that may help you reduce the debt faster. I take it you weren't able to take advantage of any 0% offers if you were unable to meet your minimum payments.

Hope this helps a little

Jaycee2411

GeorgeUK wrote: »

...CCCS is funded by the finance sector - that is why the banks would rather deal with them than some dodgy company out to make a profit for itself. They also know that CCCS do not charge for their service so all the money you can pay towards your debts will be going towards the debt and not lining someone elses pocket.

Have you posted up a statement of affairs in any of your threads? We may be able to spot some savings in your expenditure that may help you reduce the debt faster. I take it you weren't able to take advantage of any 0% offers if you were unable to meet your minimum payments.

Hope this helps a little

GeorgeUK, thank you! This helps more than a little and has set my mind at ease some.

I'm not sure what you mean by 'statement of affairs' though. I haven't had final figures of what I'll be paying each creditor, yet. But I'll have around £500 a month to pay creditors. And no, I wasn't able to take advantage of any 0% offers, but thank you for your advice

GeorgeUK

Statement of affairs - list of all your income, expenditure and debts.

We can then look at your expenditure and see if there are any savings you can make like changing utility supplier or packages for phone, internet and satellite - that type of thing.
https://www.makesenseofcards.com/soacalc.html

If you were almost able to meet your minimum payments but not quite - like me, you may ahve been able to get some 0% cards so that you are paying less interest and some have a low minimum payment too.

CCCS_Alan

Hi Jaycee2411

It seems we have hijacked Debtmuncher’s question so I will be brief.

An IVA is only suitable in a small number of cases. From the information you have put onto about your case debt £40000 divided by repayment of £500 equals about 80 months to repay your debts, which is 6.67 years. So your repayment would be less than 7 years, so not suitable for an IVA as you would be able to repay your debts fully within a reasonable amount of time.

Hope this is useful

CCCS_Alan

Deep_In_Debt

The fee paying companies will say anything to get you to sign up. Think these fee paying sharks are panicking a bit as they now realise that more and more people are signing up for free dmps and they are not making money!

I have to say that a couple of my creditors recommended I use CCCS as they would more likely freeze interest. True to their words, they did. Some creditors don't no matter how hard you try. But it would still be the same with a fee paying company as it's up to the creditor to decide to accept it or not.

pepe2008

If you need to know who the best people to go for for a dmp, then just take a look at the back of a CC statement as they normally carry details of the free services.