Some advice on dmp please

robbies_gal

hi all

same old story i suppose got carried away with living off credit cards and now owe around 15k and cant make the monthly payments

would a call to cccs be the best bet ive heard of other companies that offer dmp's but not sure if theyre legit or how much they charge

also does it just depend on your own budget but how much would we roughly have to pay back each month we could only afford about 25 to each company right now


thanks

cleomolly

CCCS have an online budget checker, you type in all your outgoings ect and it will give you some advice based on that at the end. I only know of CCCS and one other who are free(I forget the name), the others do charge which I wouldn't reccomend. Someone will be a long shortly with better advice I'm sure.

robbies_gal

thankyou cleomolly i'll start checking that out

blackbug

Payplan is the other, I think. CCCS online tool is good, and gives you a tailored document to download describing your options. Payplan require a phone interview, but that takes about 30 minutes. Or in my case where I had everything written out in advance about 15.

Worth checking with both to compare advice.

Have you considered getting another card with a 0% period to allow you some catch up time?

robbies_gal

i dont think getting another card is an option right now

thanks i'l check out payplan aswell

Tixy

hi Gabby

Here is a list of not for profit advisors
http://www.moneysavingexpert.com/loans/debt-help-plan#help
CCCS are very well recommended on here. Certainly don't use any company that do not appear on this list.

The amount they set you to repay will be based on your individual circumstances and DMPs can either be done individually or jointly if you are a couple (they will recommend what is best for you based on who own what debts etc).

Effectively they look at your income and you prioirty and essential outgoings before coming up with a monthly figure available for debt repayments. This figure is what you pay them each month, and they distibute it to your creditors in proportion to the balance on the account.

Providing you can afford at least £100 per month and have at lest 3 creditors CCCS will be happy to help.

After you have had an inital call with them it may take a couple of weeks to get an appointment with them - in the meantime its useful to complete either this statement of affairs calculator http://www.makesenseofcards.com/soacalc.html or the CCCS online debt remedy tool.
If you use the former you could could post it on here (choose format for MSE) and see if people can offer you advice on saving money and cutting costs. (This will mean that once your DMP starts any cost savings you can make will give you a buffer or money for an occasional treat)