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Sheri_P

CCCS_Matthew wrote: »

Hello Sheri.

If Tesco withdrew from the agreement, they would still be paid the amount you can afford via the DMP regardless. If they did withdraw it's likely that they may decide no longer to suspend the interest on the account.

Having said that, there is nothing to say that they will withdraw from the agreement just because you've tried to reclaim the PPI. If they are admitting the PPI was mis-sold, they should not hold the fact you have a DMP against you.

How much is the PPI in relation to the outstanding balance?

CCCS

Thanks Matthew, the outstanding balance is £14,662 and the PPI was £3,672. Could I ask them to deduct the PPI charge from the balance perhaps??

CCCS_Matthew

nitnurse-not2 wrote: »

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.

Hi there.

It sounds like a Debt Management Plan to me, so it it wouldn't be legally binding like an IVA. Are you being charged by the company to administer the programme?

Normally, a DMP would not have an adverse affect on employment, but with the line of work he's in he would certainly need to check with his employer.

Regards,
CCCS

CCCS_Matthew

aodhansmum wrote: »

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?

Hi there.

If a DMP is right for you, then they do certainly work. We’ve been administering DMP’s for over 15 years which have helped a lot of people to become debt free. Not all creditors will necessarily announce that they are going to agree to the plan, but this doesn’t always mean they won’t stop the interest.

You normally tend to find that the first couple of months is a bit hectic when you’re on a DMP. You tend to still get the off phonecall and letter, but it normally dies down once they started receiving regular payments.

I can of course only give you this information based on how things tend to work at CCCS, I’m not sure what the general protocol is at Payplan. Your not tied into any contract with a DMP, so if you did choose to switch then you could do.

Lastly, you can still go down the process of reclaiming charges back whilst on a DMP. If they agree the charges are unlawful, they cannot hold the fact your on a DMP against you.

Hope this helps,
CCCS

margaretkb

Hi
can you advise - if I take out a DMP do I have to close down my bank account or can i keep this open?
thanks
M

Althea

nitnurse-not2 wrote: »

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.

Not wishing to butt in here, but seriously, I have to recommend you do NOT need to go with a debt management company that is going to charge you a fee for the pleasure of doing what CCCS (and Payplan) do for free! Talk to CCCS, they're very helpful and will help you get debt-free without charging you for doing so! After all, do you really want part of your tight budget going to paying a debt management agency, or would you rather that money was more usefully used to pay of your debt???

CCCS_Matthew

starlite82 wrote: »

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.

Hi there.

I'm not really in the position to say which creditors are harder to deal with on a DMP as it can really differ depending on the relationship you've had with them prior to the DMP, as well how they percieve the DMP proposal.

Whilst your waiting for the pack to arrive, cancel all DD's for the creditors and make token payments. Once the pack arrives there will be a letter you can send to them called "Notification of a Debt Management Plan" which acknowledges when the DMP is to be set up.

Regards,
CCCS

starlite82

thanks for that!

i cancelled some payments due out today, and ill await the pack coming, im sure the phone calls will arrive before that though!

however ill be sure to send a letter advising they should only correspond via mail, or even email.

I think i will call up welcome first though as i know that they will be on my case pronto for not sending DD today!

thanks again. :T

CCCS_Matthew

Sheri_P wrote: »

Thanks Matthew, the outstanding balance is £14,662 and the PPI was £3,672. Could I ask them to deduct the PPI charge from the balance perhaps??

Hi Sheri,

If they agree the PPI was mis sold, your best bet is to ask them to take it off the balance to take a sizeable chunk off your debt.

Matthew

CCCS_Matthew

margaretkb wrote: »

Hi
can you advise - if I take out a DMP do I have to close down my bank account or can i keep this open?
thanks
M

With a DMP with ourselves, we ask you to open a new bank account if you have any oustanding debt with the current bank you already have. This is to ensure that the bank don't offset the money in your account to service the debts at the contractual amount.

If you have no debt with your bank, then your'e fine to continue using the account you have.

Hope this helps,
CCCS

aodhansmum

CCCS_Matthew wrote: »

Hi there.

If a DMP is right for you, then they do certainly work. We’ve been administering DMP’s for over 15 years which have helped a lot of people to become debt free. Not all creditors will necessarily announce that they are going to agree to the plan, but this doesn’t always mean they won’t stop the interest.

You normally tend to find that the first couple of months is a bit hectic when you’re on a DMP. You tend to still get the off phonecall and letter, but it normally dies down once they started receiving regular payments.

I can of course only give you this information based on how things tend to work at CCCS, I’m not sure what the general protocol is at Payplan. Your not tied into any contract with a DMP, so if you did choose to switch then you could do.

Lastly, you can still go down the process of reclaiming charges back whilst on a DMP. If they agree the charges are unlawful, they cannot hold the fact your on a DMP against you.

Hope this helps,
CCCS

Thanks for getting back to me! Another thing, if I do claim back the charges and I'm successful then does the amount be taken off my outstnding balance with the bank?