CCCS Appointment

apples101

Well had my appointment yesterday afternoon and was offered to solutions................

Go Bankrupt or DMP with tweleve years to pay........

Well we opted for DMP but does anyone know how to pay this of sooner, can you make one off payments every year?

total debt is approx £56k will add to signature soon.

BTW living without vredit now for 4 weeks!!!! :j

Broken_hearted

Well done on facing it. Don't know if you can pay it off sooner can you not get another appointment to discuss it.
Living without credit is hard but not as hard as living with it.

trying_hard

Well done for facing up to it all, like you we owed £54,000 :eek: this time last year. We went to the CCCS and went for the DMP too. A year later we owe £46,000 :cool: as some of the creditors have waived some interest and the PPI has come off everything.

You can pay more in over the years - we have a car repayment and will hand that back as soon as we can (we can hand it back when we have paid a certain amount, then we don't owe them anything) then the money spent on that will go towards the plan and knock a good 4 years off it. They advised us that if you can get any more money or just pay off more during the summer months it can bring the repayment time down considerably. When you get all the paperwork etc you can also log on to their website where you can see by altering your repayments how the payment time goes down.

Good Luck

freeclimber

Hi apples101

I too have taken the DMP route for various reasons. My initial projection was also twelve years, although the aim is to keep increasing payments year on year as pay rises and promotions etc kick in, thus reducing the term of the DMP. Also, the DMP is usually reviewed every twelve months as a matter of course to take into account your ability to increase payments.

I also get bonuses, plus irregular income from other sources, and it is my intention to build these up into a pot from which I can increase the monthly payments - ie, at the end of the year say I have £6,000 spare, which means I can guarantee covering a £250 per month increase in payments for two years - during which time I should have built up further lumps that can further increase my monthly payment.

Through this, I aim to clear my debts in six years or less instead of the twelve years intially calculated.

It might be possible to pay a lump in once a year to be spread pro rata to creditors, but I'd prefer to keep regular and steadily increasing monthly payments rather than erratic lumps as it gives creditors less reason to start creating hassle over how much I can afford to pay each month.

It also means I have some leeway and an emergency fund if something dire happens.

adjoce

Hi I,m in a similar positon to you with £25,500 debts, I have only just faced up to it and phoned CCCS last night who said I will have a phone appointment with a counsellor to discuss my situation. I have been looking on this site for the best possible solution and I think that DMP would be best for me as I don't want to loose my family home. I was just worried that the CCCS might say a DMP would not be the right think if I could not pay say 1% of the debt each month (i.e£255).Also a lot of my debt is with HSBC whom I've had debt problems with before, I found them very unhelpful and they are the reason I've been putting off dealing with this, has anyone had debts problems with them and had a positive and helpful out come.
Any advise would be greatly received.

ozzyfan_2

Hi adjoce

well done for ringing the CCCS & don't worry about speaking to them as I am starting a DMP with them & they have worked out my debts with interest are £37,000 & I am paying £85 at the moment which I am able to increase now. But that was what I started on.
They gave me a choice of bankruptcy or a DMP, they may suggest an IVA to you if you own your own home.
I haven't dealt with HSBC but I sure someone will be along who has
When is your appointment? Let you know how you get on & if you need any more help

sweet_chicken

i think also u can offer to make full and final payments once you have saved up a lump sum of money. this is where u offer to pay off say half of yr debt in one go and they'll write off the remainder.

but does anyone know roughly what kind of a percentage the banks would be willing to accept as full and final payments?

i was thinking of saving up to a fifth or a quarter of my debt and then writing to the companies to offer full and finals.

does anyone have any experience in this?

adjoce

Thanks for your advice, was told my appoinment would be in approx 4weeks as they are very busy at the moment. Sorry I,m not very informed on these things but why would an IVA better and would the cccs still speak to bank, credit card ect or would I have to do this myself.thanks

sweet_chicken

i think u need to contact yr banks and credit card companies to let them know u are in contct with the cccs and waiting to hear from them. that way the banks etc puts a note on yr file and stops sending u nasty letters whilst u are waiting to hear from the cccs....i think.

sanfrancisco

sweet_chicken wrote:

i think also u can offer to make full and final payments once you have saved up a lump sum of money. this is where u offer to pay off say half of yr debt in one go and they'll write off the remainder.

but does anyone know roughly what kind of a percentage the banks would be willing to accept as full and final payments?

i was thinking of saving up to a fifth or a quarter of my debt and then writing to the companies to offer full and finals.

does anyone have any experience in this?

Do a search on these forums for full and final settlements. There have been many threads on it.

ozzyfan_2

adjoce wrote:

Thanks for your advice, was told my appoinment would be in approx 4weeks as they are very busy at the moment. Sorry I,m not very informed on these things but why would an IVA better and would the cccs still speak to bank, credit card ect or would I have to do this myself.thanks

An IVA may not necessarily be the best option for you but something that the CCCS may suggest along with the other options.

I've put links here for you from the National Debtline website which hope might help you but CCCS will advise what is best for you (link at the top of the page, lots more info available there)

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=29_debt_management_plan

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=26_individual_voluntary_arrangements

good luck