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purple-pear

Just wandering what IVA company cccs use? Many people on here seem to use pay plan but would like a recommendation already spoke to various debt managment companies and IVA has been recommended but unsure who to go with?

Also another question if I did apply for IVA and it was turned down what are the chances of me then being forced in to bankruptcy?

Also when I spoke to advisor from cccs she told me that an IVA is not registered on your credit file? I dont beleive this can be correct form looking on the forum and was wandering if u have any idea why she told me this?

Thankyou.

craigp_2

CCCS_Matthew wrote: »

If a DMP is still a possibility once you've built in all your running costs for the car then making token payments to your creditors for 3 months is a reasonable short term solution. Are you looking at buying a car outright, or are you looking to take on finance to pay the car?

CCCS

I will be buying a cheap second hand car cash for which payplan have budgeted £280 for the next 3 months which will then be my DMP payment (£279 to be exact!)

nitnurse-not2

Can you explain what a financial management programme means. Just been offered one to clear 12k+ of credit card and overdraft debt. The company assure me I will be debt free in 58 months.
Is this the same as an IVA?
My OH is an accountant. Will this affect his job?
Please help.

aodhansmum

Hi

I've recently started a dmp with Payplan. We are paying £300 per month on a debt of £10,000. Do dmps really work? Reading some of the info on here has made me a bit panicky as I've had no indication from any of my creditors that they've accepted the plan and I'm still receiving calls and demanding, threatening letters

From what I've been reading here Payplan don't seem to be doing a great job for a number of people! Is it possible to switch dmps to another company? I'm scared that when it gets to the end of our agreement in less than 3 years time that we'll be left with a bucketload of interest to pay (and we also need to remortgage in 3 years time)

One of my biggest debts is an overdraft with my old bank. In the last 3 months I have been charged approx £300 - £400 for DDs and SOs returned unpaid etc (these charges were applied pre-dmp). Can I still go about trying to reclaim these charges?

Drummyj_2

Think this got lost in the thread - please reply!

Hi
I am on the verge of phoning CCCS for an interview, having been through their website where they have recommended bankruptcy.
I am really scared but after reading your advice on this forum, I think I am doing the right thing.
I would appreciate you checking out my SOA


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 550
Partners monthly income after tax....... 0
Benefits................................ 376 working tax & child benefit
Other income............................ 859
Total monthly income.................... 1785

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 60.5
Gas..................................... 0
Oil..................................... 55 based on 100L a month
Water rates............................. 14.65
Telephone (land line)................... 30
Mobile phone............................ 15.29
TV Licence.............................. 11.61
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 25
Petrol/diesel........................... 270 2 cars
Road tax................................ 18
Car Insurance........................... 38 2 cars
Car maintenance (including MOT)......... 40 2 cars
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 22
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 48
Buildings insurance..................... 0
Contents insurance...................... 17.72
Life assurance ......................... 37.28
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 32
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 50
professional fees....................... 5
Total monthly expenses.................. 1720.05

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2200
Other assets............................ 0
Total Assets............................ 2200

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
lloyds tsb ccard...............9800......200.......16.2
marks and spencer cca..........4100......100.......17.52
mbna ccard.....................3280......25........4.8
capital one ccard..............8100......250.......14.4
halifax ccard..................6320......70........9.12
Total unsecured debts..........31600.....645.......-

Monthly Budget Summary
Total monthly income.................... 1,785
Expenses (including secured debts)....... 1,720.05
Available for debt repayments........... 64.95
Monthly UNsecured debt repayments....... 645
Surplus(deficit if negative)............ -580.05

Personal Balance Sheet Summary
Total assets (things you own)........... 2,200
Total Secured debt...................... -0
Total Unsecured debt.................... -31,600
Net Assets.............................. -29,400

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Please let me know everything I've missed
thanks

Micky_d

Hi, I have read several questions on this site regarding CCCS and I hope that I can put some people's minds at rest.

I turned to CCCS two and a half years ago when my now X wife decided that she had fully spent all of the loans and credit cards that I could get (all in my name of course). I was left with £44,000 in debt spread across 7 different companies in the form of loans, credit cards and an overdraft.

The CCCS were fantastic. After completing the budget planner (which really does make you realise how much you are spending without realising) they asked me to write to all of the loan companies asking them to stop interest charges. All of them did to my amazement but some took longer than others. The most was Capital One who took 2 months to finally stop the interest.

The CCCS then worked out an affordable payment schedule for me and contacted each company to set up the monthly plan. Instead of 7 different payments from my bank account, I had just one to CCCS per month at a third of my initial payments.

The plan will take 7 years to pay off but I don't have any IVAs or bankruptcy on my credit file and I can sleep at night.

Sorry to go on but please note: never miss a payment, even if you only pay what you can afford until the plan is set up, always pay items such as mortgage, rent & council tax first (credit cards, loans and overdrafts are not secured on your home and they can wait) and check your credit file at least once per year usually free of charge

hope this helps

nitnurse-not2

Another query is how does a financial management programme show on your credit reference report with experian etc?
Will this show as arrangement with creditors or an arrangement with Ideal Debt Solutions?
Are they a reputable company?
Have any of the DFWB's used these?
Please let me know.
Thanks.

starlite82

Hi CCCS guys,

First of all I just want to say I think its a great idea that you are coming on here to offer advice to people condsidering a DMP.

I myself am seriously considering using CCCS, I did the debt remedy online and it says my debt of around £9500 would be cleared in 2yrs 1 month with payment of £374. Which I think is great.

However it is probably possible that I could scrape by and pay off a few things without a dmp, however I dont think that I can cope much longer as i struggle to put petrol in my car to get to work..

My main worry is the harrassment from creditors, as i live with my parents and im hardly ever in, so they generally end up fielding all the phone calls. I dont see that its fair that they have to suffer too. the below are my debts and im wondering if you could advise me which creditors are (generally) harder to negotiate with, as I might just call them up soon to advise them whats going to happen.

In the meantime, while im waiting on a pack to arrive, should i cancel any due payments and just send a token along with info advising that im seeking advice? am I right in thinking they have to hold action for 30 days?

1 Debitas Credit Card £460
2 GMAC Other £480
3 Halifax Credit Card £1,800
4 Ikea Store Card £250
5 Littlewoods Catalogue £336
6 Lloyds TSB Personal Loan £2,379
7 RBS Overdraft £720
8 The Loan store Personal Loan £500
9 Welcome Finance Personal Loan £2,500
TOTAL£9,425

(the way i see it, if everyone gave me a break for a few months i could go round each one under £500 and clear them one by one.. however life's just not that kind!) :rolleyes:


Thanks Muchly.

CCCS_Alan

purple-pear wrote: »

Just wandering what IVA company cccs use? Many people on here seem to use pay plan but would like a recommendation already spoke to various debt managment companies and IVA has been recommended but unsure who to go with?

Also another question if I did apply for IVA and it was turned down what are the chances of me then being forced in to bankruptcy?

Also when I spoke to advisor from cccs she told me that an IVA is not registered on your credit file? I dont beleive this can be correct form looking on the forum and was wandering if u have any idea why she told me this?

Thankyou.

Hi Purple-Pear

We have our own wholly owned subsidiary of CCCS called CCCSVA that we refer our IVA to.

If an IVA is not agreed it does not mean you will be forced into bankruptcy but you may have to pay your creditors back over a lot longer period of time.

Details of how an IVA will affect your credit file can be found on the attached link.
http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf

An IVA is a matter of public record though. The Individual Insolvency Register contains details of an IVA, and will remain until completion or termination.

Regards

CCCS_Alan

yellowpoodle

Hi,

I am new to the site, and new to trying to sort out my finances - tears etc have been frequent in the past couple of days!

So I have a couple of questions:

I have been recommended the DMP and need to understand the implications on 3 things:

1. I have a company credit card, which is paid off in full every month, and need for my expenses, I couldn't be without this as work expenses are approx £500 per month. In addition I don't want my HR division to know of my financial circumstances. Would this be acceptable to maintain - basically I submit the expenses then Corporate Card money is then debited to my account 1 day before the payment is taken.

2. I pay a loan which I took out with my ex. This money comes from my bank, but is in his name. If I take the DMP, I need this to be included - would this be possible - again I don't want him to know what is happening with my finances.

3. I have not missed any payments, but have been going over my overdraft which means that for 2 weeks every month I have no money and can't continue like this. Are creditors likely to accept if as far as they can see they are getting payments in full everytime?

Many thanks for your help with this.