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Cash plus credit builder?
mummytofour
Posts: 2,636 Forumite
Hi,
I am trying slowly to re-pay all my horrid debts and I am on a DMP with CCCS. I have a cash plus pre-pay card which I have had over a year now. I see that cash plus do a credit builder option, would I be able to apply for this? Or would the CCCS be unhappy with this as I am aware I am not permitted to take any additional credit while on the DMP.
Thanks in advance
I am trying slowly to re-pay all my horrid debts and I am on a DMP with CCCS. I have a cash plus pre-pay card which I have had over a year now. I see that cash plus do a credit builder option, would I be able to apply for this? Or would the CCCS be unhappy with this as I am aware I am not permitted to take any additional credit while on the DMP.
Thanks in advance
Debt free and plan on staying that way!!!!
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Comments
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Good question, I think you're only going to get the right answer by asking the CCCS. When you do can you let us know?I refuse to be afraid of the big bad wolf, spiders, or debt collection agencies; one of them's not real and the other two are powerless without my fear.
(Ok, one of them is powerless, spiders can be nasty.)
As of the last count I have cleared [STRIKE]23.16%[/STRIKE] 22.49% of my debt.
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Like you, I'm on a DMP with the CCCS and have a Cashplus card.
Rather than paying a fee per purchase, I'm on Cashplus' pricing plan that costs the £4.95 monthly subscription (which works out cheaper for me because of the way I use the card). It's this monthly subscription that is used by Cashplus' credit builder.
If you sign up for the credit builder, Cashplus 'loans' you this subscription for a year (interest free) and then charges it to your account each month. It's not available to spend on anything else.
I've considered signing up for it but decided it that while I'm on my DMP, it probably wasn't worth trying to improve my credit rating (even though it wouldn't cost me anything to sign up for it). Once I've completed my DMP, I shall consider it then.
It would be interesting to know CCCS' view of it though!Debt Jan 2008: £45,566. *** June 2013: DEBT FREE! ***
Paid back just under £50,000 due to some interest added.
Dealt with my debt through a Step Change (CCCS) DMP.
DMP Mutual Support Thread Member #240.0 -
Like you, I'm on a DMP with the CCCS and have a Cashplus card.
Rather than paying a fee per purchase, I'm on Cashplus' pricing plan that costs the £4.95 monthly subscription (which works out cheaper for me because of the way I use the card). It's this monthly subscription that is used by Cashplus' credit builder.
If you sign up for the credit builder, Cashplus 'loans' you this subscription for a year (interest free) and then charges it to your account each month. It's not available to spend on anything else.
I've considered signing up for it but decided it that while I'm on my DMP, it probably wasn't worth trying to improve my credit rating (even though it wouldn't cost me anything to sign up for it). Once I've completed my DMP, I shall consider it then.
It would be interesting to know CCCS' view of it though!
But if you take the loan, and repay it - wouldn't that mean you won't have to pay the monthly fee from your pocket? and in effect a fee-free card?0
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