cccs - TOO GOOD TO BE TRUE?

ironmonkeystrike

SOA =

This is my SOA - Not sure if I filled it out right - I left the APR for each credit card as 0.0 as I dont know exact amount...

My problem is, I am constantly paying minimum credit card repayments... and I want to get rid of the debts completely.

I read somewhere, that I can send letters to my creditors in order to pause/freeze payments? I have seen sample letters of this on the national debt line site

I spend approx £500 per month on repayments. All miminum repayments.

Basically, my logic is telling me (I have £700 odd on my barclaycard for example) that if i pause my repayments to the creditors for e.g. 3 months, I can then save up to WIPE out the barclay card debt.... Is my logic correct? Thanks for your time... am really wanting to get rid of these credit card debts best way possible...


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1425
Partners monthly income after tax....... 0
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1505

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 60
Gas..................................... 80
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 35
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1193


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
halifax........................6400......130...... .0
smile..........................4177......85....... .0
mint...........................3991......90....... .0
Virgin.........................6000......110...... .0
egg............................1908......55....... .0
barclays.......................714.......20....... .0
Total unsecured debts..........23190.....490.......-


Monthly Budget Summary
Total monthly income.................... 1,505
Expenses (including HP & secured debts). 1,193
Available for debt repayments........... 312
Monthly UNsecured debt repayments....... 490
Amount short for making debt repayments. -178

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -23,190
Net Assets.............................. -23,190

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.

ironmonkeystrike

Now... determined to sort this out ... I went to CCCS and did thier online questionnaire which they say takes upto 20mins. At the end I spoke to someone in an online chat window, asked me a few questions like how much petrol I spend, etc and adjusted my balance sheet.

What I see as too good to be true - as you can see in my SOA I pay £490 per month which are all minimum credit card monthly payments. After CCCS did thier calculations - they proposed either:

1. Bankruptcy
2. DMP (£137 as my surplus)

Now... does a drop from £490 to £137 seem a little too good to be true? Initially i thought "releif" some breathing space while I can save up... but then I thought hang on - thats way too small...

Has anyone used CCCS? What was thier surplus like?

Thanks for listening

dunstonh

Remember that both of those options will effectively prevent you getting credit in future for a good many years. Not just loans or credit cards but mortgages and possibly mobile phone contracts and monthly paid insurance.

cyclura

You are better off reposting this on the Debit free wannabe part of the board as there are loads of members currently using CCCS to help them clear debts so they can give you a better opinion.

Also I just wanted to say your SOA could be shaved in parts such as your groceries, I have a family of three and spend £180 a month on groceries so it might be worth you popping over to the old style board and getting some hints and tips to reduce this gradually

nu_nu

The CCCS have been my saviours and although it is true that I probably will never be able to access credit again due to my DMP, I guessed that the poor credit rating I was building up through missed credit card payments etc was going to have the same effect anyway. In my experience, the CCCS give unbiased and measured advice. Please do what I didn't do. Move now rather than grease the palms of the credit card companies with way more than you ever borrowed from them. Good Luck!

ironmonkeystrike

ok thanks all for your opinion...

I will move this post over...

I tend to agree with nu nu... I hope your not working for the CCCS

bettyboo333

I've used CCCS and they have been good but just be aware It's not all final the debt companies can still not accept your offer of reduced payments and take things further. This happened to me and caused much stress however I now feel much more in control and have learned a lot on the way people on the debt free wanabee forum are great and provided me with sometimes more specified advice at times. As for not getting any credit, to be honest I feel better that I cannot get any as Credit just gets you deeper and deeper into debt!!!! Good luck things will get better xxxx