Debt Management Plans?

tigerfeet2006

The other thing with CCCS, if your creditors are getting on your back then you give them your CCCS number and that will generally calm them down a bit and give you time to sort things out.

Also sign up to freecycle. It's a bit like Ebay but you express an interest in an item and if you are chosen then you pick it up for free

www.freecycle.org and click on browse groups.

MissKJ

poorandindenial wrote: »

The reason the charities are free is because they are funded by the credit industry (but don't operate in their interest, it isn't sinister), this means that the credit industry seems to look favourably on them when they are helping people through DMPs because they act responsibly. The company may offer you a DMP but if your creditors don't accept it it is worthless. If they think that you having £750 left is too much then your creditors will not go for the offer which means you will have more delay in the system as they will have to be renegotiated with.

Actually, I was looking for the answer to this question of "free" myself. And it is in theory, but you pay them on 1st of the month,and they pay your creditors on the 25th of the month. Non negotiable. They must be holding a lot of peoples cash all of the time, no sooner have they paid out creditors, they hold the next months in their accounts.:rolleyes:

JES_F1

MissKJ wrote: »

poorandindenial wrote: »

The reason the charities are free is because they are funded by the credit industry (but don't operate in their interest, it isn't sinister), this means that the credit industry seems to look favourably on them when they are helping people through DMPs because they act responsibly. The company may offer you a DMP but if your creditors don't accept it it is worthless. If they think that you having £750 left is too much then your creditors will not go for the offer which means you will have more delay in the system as they will have to be renegotiated with.

Actually, I was looking for the answer to this question of "free" myself. And it is in theory, but you pay them on 1st of the month,and they pay your creditors on the 25th of the month. Non negotiable. They must be holding a lot of peoples cash all of the time, no sooner have they paid out creditors, they hold the next months in their accounts.:rolleyes:

I've no objection to the CCCS getting interest on my monthly payments between when I pay them on the first and they pay creditors on the 25th. The important thing for me is that ALL my payment goes to my creditors - the CCCS doesn't take a percentage of it.

Many creditors will recommend the CCCS or Payplan to those in financial difficulties - they're already used to dealing with both organisations. I remember a couple of my creditors told me to AVOID any company that charges for running a DMP. This advice is obviously in my creditors' interest (as they'll get more money each month) as well as mine (as my debt gets cleared quicker).

HHH_2

Oh goodness me you really MUST listen to what people are telling you as they are the experts. I have a DMP run by CCCS they do not go chasing people with phone calls because they dont need to. They and payplan are well respected in the finance industry and your dmp is MUCH more likely to be accepted through them. Also it may be possible to get the interest stopped.which ever company you go with your credit rating will be shotto bits for a time but you'd be MAD to consider doing it with a fee paying company and what they're telling you about getting more credit is downwright wrong as your other creditors would likely kick up a fuss and not allow you to continue on a dmp with them. you'd be back to square one in fact you be in a worse situation! you said you didnt mind blunt.

MrsTinks

Oh joy - another "but this company is PROMISING me that all my worries will go away if I go through them"
Dear rsjg - ofcourse that is what they will promise you Same as the emails you get promising your an extension of your pride and joy will promise you at LEAST 2 extra inches... guess what? THEY'RE LYING!
They might make it sound like the creditors will DEFINITELY agree to their proposed plan - but in reality none of them have to and should anything go wrong the company will wash their hands and walk away. Why? Because you have paid them and they now have no interest in you CCCS CAP and so on are non-profit organisations - yeah so they hold the money for half a month or so but even if this is to make a couple of pennies of each client from interest then I think this is by far preferable to being left high and dry by these cowboys - which is exactly what they are.
Post an SOA - you must have one as the DMP cowboys felt they could give you an accurate amount you can afford for a DMP - this can only be done once you have ALL the facts...
Anyway - we need those numbers to see what can be done and if in fact you NEED to be on a DMP at all or if just sorting your finances can help you repay your debts without the need for a DMP and maybe preventing defaults etc on your various accounts.

TotallyBrassic

See all above advice...and think about it carefully, these guys know they're stuff!!!

oh and another little bit of advice, YOU have to want to take control of your finances, being in the frame of mind 'oh, lets just pay someone to take the hassle away' isn't being in control. You have to look outside of what these companies are doing...which is in effect discreet marketing for THEIR services, they bamboozle you with facts (which are generally fiction) and make it sound like they have your best interests at heart...they don't!

So have a think but basically the ball is in your court here, either you want to be serious and take meaningful advice from people who know! or you can do it the 'easy' way and potentially cause yourself a lot more harm in future.

Good Luck with it all mate, and I hope you go with the advice you have had from here,

xx

Deep_In_Debt

Hi
Just to re-iterate what others have said. I have a dmp with CCCS. Two of my larger creditors suggested I contact CCCS when I first got into difficulty as they said they would more likely accept proposals by CCCS. True to their words, they did.

CCCS have a lot of respect in the credit industry and are not out to line their pockets out of your debt problems as they have your best interests at heart.

Why pay when you can get the same or better service for free?

Miss_Piggy_2

I'm just going to compound what the other, very sensible, posters have said. PLEASE contact the CCCS. Setting up a DMP with them is very simple and it takes a huge weight off your mind. Also, you can be sure that EVERY PENNY you pay the CCCS goes to pay your creditors. You may consider this other company easy but you will probably have trouble getting your creditors to accept a DMP through them.

Miss P
xx

debtfree1_2

Just need some good advice really, I have posted comments on other boards but dont seem to get much response. What it is i have a large debt load and until recently like everyone else was in control. I am managing most but i have 2 loans with egg one in my name and one in my poor husbands ( who new nothing about it) Do I approach egg and explain that for about 6 monthe need to reduce payments on that or do I do a dmp and involve all my other creditors, the loans cost 1010.00 a month . I did call them to say i could not make this months payment and was told to call back when it showing in arrears as there is nothing they can do, also have spoken to debtline who are calling me back and gave me a refernce numb which i quoted to egg who then had a change of attitude and not willing to help not sure what i should do for the best can any help ?