[B] Help - DMP Which Company is best?

mikon

Could anyone advise me on which company provides the best service for DMP. I am about to embark on one and have spoken with the National Debt Helpline and read alot of positive comments on this forum about CCCS. Thank you to all who contributed to my last post.

My concern is which of these companies work the hardest to freeze interest charges.

I have read that CCCS to not work that hard at freezing interest payments as they are paid by the creditors to secure as much money as possible is this true.

"One individuals experience of CCCS is that they didn't work very hard at freezing interest. They have seen their debt increase even though the DMP has been in place for over 3 years!."

This individuals debts increased rather than decreasing see comments below

I have also learnt that CCCS get paid by the creditors based on what they collect for them. This explains why they did not point out to me that my larger debts did not have interest frozen because they were receiving a nice income every month."

I understand that the DMP company cannot guarantee freezing the interest/charges etc but surely I should not end up worse off. I want to pay my debts off but need to do so on a reduced payment.

Can anyone answers thes questions and which providers is the best

National Debt Helpline or
CCCS
CAB


My creditors are :

Barclays
Barclays Visa
Co-op Finance
Northern Rock
CITI
Marks & Spencers Finance
HBC
Argos Store Card
Next Store Card

Has anyone had a DMP which include these creditors and how did they respond and react to the DMP.

1. Did they freeze interest/charges?

2. Did they harass you for payment or deal with the DMP company? (This is what I am dreading as I want to pay my debts and I will but I need the payments reduced)

3. How long before the creditors stop harassing you and deal with the DMP Company or do they pester you for the life of the DMP?

4. Has anyone ended up in court as a result of their DMP?


Finally I know I need to address this problem and a DMP is the best option I have not defaulted yet but the thought of embarking on a DMP just worries me and I am constantly feeling sick, but I need to do something.

If you have any other advice I have missed please post. Any help is appreciated.

dancingfairy

Is National Debt Helpline one of the free ones? I thought it was National Debtline that was the free recommended ones? Please make sure you check before you sign up to anything.
df

mikon

Your right its National Debtline

insideinfo

NDL refer clients to CCCS for DMP's, they do not run DMPs at NDL !!

mikon

Insideinfo

Thank you for the help.

char_student

CAB is free. I work there! I work hard to get interest frozen

mikon

char_student wrote: »

CAB is free. I work there! I work hard to get interest frozen

Char Student thank you for replying.

Have you successfully frozen any interest or charges with any of the creditors i have mentioned. Is it true financial institutions a reluctant to freeze interest charges because so many people are opting for DMP? Is there any point in going down the DMP route?

Thank you.

earthmother

Having used both CCCS and the CAB in the last 12 months, for me I would say the CAB have been more successful.

I had DIYed before handing over to the CCCS, and had all interest frozen, although a couple were still adding late fees (said they would only stop if someone like CCCS were involved). I took my creditors back from CCCS a few months later, because other than distributing payments (sometimes late or incorrectly), they were doing nothing else - I was still getting all the phone calls etc, the late fees were still being added, and some had actually restarted interest. I also found that in just having a monthly DD to CCCS, rather than making payments direct to my creditors, I had lost touch with the debt.

I wasn't in a position to deal with the creditors myself, so spoke to the local CAB, who took them on - they got all but one refrozen and all charges stopped within the first month, and are working hard to get the last on board. They deal with all the communications, and I send out payments via online banking to each of the creditors once a month - none of the stress while still retaining some contact with the 'reality' of the debt.


PS - one of my creditors is the Next storecard - and they have been consistently one of the most helpful so far both while DIYing and with the CAB.

Bunnie1982

I'm with CCCS - all my interest rates have been frozen, only had problems with Capital One but that's because they are stubborn rather than because of CCCS.

Next were one of the first to confirm the payment plan, I presume your Argos card is through GE Money (now Santander) as they were the second ones to freeze interest on mine.

Not had any harassing calls - mainly because we asked for the telephone number to be removed from the dialler for all of our creditors, not had harassing letters either. We still receive statements so we can see what has been paid off with regard to the debt and still have some control over it.

mikon

Bunnie1982

Have you had your DMP very long. I am getting mixed messages regarding CCCSs ability to handle,negotiate and retain frozen interest charges.

Thank you for your advice, my mind is just swimming around.

Best wishes

rugbymum

My experience with CCCS was a bit hit & miss to say the least. While they helped me set up a plan and distributed funds, they didn't try terribly hard to get interest & charges frozen. I still had to deal with calls & one person told me there wasn't much I could do about that.
In the end they told me they couldn't help me any longer because I wasn't able to pay their "minimum", unless I changed my budget, leaving us without enough to live on.
I am now with CAP - Christians Against Poverty. They have worked incredibly hard. No interest, no charges, sensible budget, no phone calls!