Pay plan or CCCS

jeddy5

Hi Everyone!
This is my first post to this amazing site!

I am seriously thinking of taking the plunge and starting a DMP. I'm not sure which option I should take though, should I go with CCCS or Pay plan?

My debt situation is that I have a loan with an outstanding balance of £5000, also I have 3 credit cards, one with a balance of £6000 (HSBC), another with £4.600 (MBNA) and one other with 1.400 (Halifax). I also have an overdraft with my bank which I go right up to it's near limit of £1300 every month.

I have never missed a payment on these cards and now can only afford the min payments. Also my loan is paid by monthly DD and i have also never missed a payment on that either

My total debt = £17,000 (3 Cards, Loan and overdraft)

Just writing this post makes me realize I have to do something about it and not procrastinate about it any further.

I am desperate to be debt free in a few years as it's taking it's toll on me now and causing a lot of stress

Reading through the various posts, it does look to me that many are doing well with a DMP and I would like to be in that group of people who feel that they have that horrible weight lifted off their shoulders by doing something about it.

Most people here seem to have used CCCS so is that a better option than using pay plan?

Thanks in advance for reading this and any advice would be fantastic :beer:
Best wishes to everyone :T

Just_me_5

I spoke to a very unsupportive & un sympathetic man at cccs today he was no help what so ever & I now feel 100 times worse than I did before I rung & that was bad enough, I thought tonight I would see light at the end of the tunnel.
I am now waiting for a call back from payplan.

jeddy5

I filled in the online form on the pay plan site at around 7:30pm earlier this evening. It states that they would possibly contact me within 2 hours or if it is busy within 24 hours. I'm hoping for a phone call tomorrow, but knowing my luck it will be when I am in a meeting :mad:

Just_me_5

Let me know how you go... I am hoping for a call tomorrow too.

jeddy5

Will do - best of luck !

jeddy5

They phoned me at 8:30 this morning - unfortunately I was driving to work at the time. I phoned back as soon as i reached the office and explained briefly, as I was due with a client for a meeting they are happy to call me back this evening!

sunnydais

I can't really compare as I went to CCCS and so far so good. Have been lucky to speak to nice folks every time I've called

~Moonshine~

Hiya,

This is my first post. I've been a lurker for ages. I'm now facing up to my debt and I'm determined to be free of it. You've inspired me to make my first post jeddy5 as I'm kind of in the same boat as you (a loan and three credit cards... no overdraft thankfully). Good luck and I look forward to reading about your progress.

lozzam

I have been with CCCS for 4 years, and have always found them very helpful - I guess their staff can have bad days too!

I'm just wondering if you really need a DMP, or whether you just need help with your SOA and ways to cut down. I'm prepared to be shot down in flames by others on this site who are more experienced than me.... but I thought a DMP is the approach to take when you *can't* meet minimum payments. If you put together a budget (with CCCS or Payplan) that is above the minimum payment then surely your creditors are not going to be willing to drop interest etc.

If this is the approach you feel is best for you, then I am fully supportive, but if what you need is advice on how to manage your income / save money / manage debts etc, then how about posting your SOA and get some help from the others on the forum?

~Moonshine~

On starting to tackle my debts, I briefly looked into a DMP but I got the impression also that it was for people who cannot make the minimum repayment which does not apply to me. I have never not been able to make the minimum payment on any of my cards or on my loan. Would be really grateful for any advice on this as maybe I've misunderstood.

jeddy5

Pay Plan just phoned me back as promised and bang on time too! I have a telephone appointment on sunday at 3 o'clock where I will have to give all my creditors details etc so we can discuss what the best plan of action is. I guess from there they will write to all my creditors to see what they say. Fingers crossed I will (hopefully) get things rolling!

@Moonshine - The hardest part so far has been to pick up the phone but believe me you will feel a lot more positive once you have done so. They seem very nice people to talk to, very pleasant and not all in any way condescending.

If accepted I will feel 100% better and more important in control of my life again. I'm lucky to have a job that I love (I'm a web designer) so that takes it off my mind everyday and to have that weight taken off my shoulders outside of work will be a relief.

All I can say is just go for it! :j