DMPs: Capital One and Amex

ffs

Can anyone who has any experience of either company and Debt Management Plans post details. Please mention whether you were DIY DMP or Fee Free or Paying Fees.

Many thanks

getting_there_6

HI there,

We are just about to make our second payment with the cccs DMP, capital one is one of our creditors and have accepted the plan and have frooze all interest and charges, no problems so far with them.

JD

Debt_Free_Chick

!!!!!!

I don't think there's much difference, in general, in the power of DIY versus fee paying DMP.

It does seem that CCCS and Payplan have some "pull" with many creditors and perhaps National Debtline. I guess you have these details?

https://www.payplan.co.uk
https://www.cccs.co.uk
https://www.nationaldebtline.co.uk

fazer6

if an amex balance is with a debt collection agency chances are it'll be with RMA (Risk Management Associates). One of their department's is called Resolve which provides a completely free service to help you with all your debts. They go through income and expenditure, all your debts and the current interest rates you're paying and advise you on the order to pay things off and how much to pay off. So it's a sort of aided DIY service.

The benefit to them is that people will large multiple debts are helped to make regular payments (and chances are some of your other debts could have been referred to them anyway) and so RMA gets regular commission from AMEX for each payment you make. AMEX are happy because the customer is helped to make the payments and so the debts hopefully don't ever have to be written off. I'm pretty sure that if you explain the full situation of all your debts to the collector at RMA they can refer you to resolve who'll help the whole picture.

I worked there a few years back so things might have changed but that's the general idea. Hope that helps.

ffs

fazer6 wrote:

I worked there a few years back so things might have changed but that's the general idea. Hope that helps.

Many thanks. I did indeed recieve a letter from Amex saying my debt would be passed to Resolve, then shortly after I received letters from two debt collection agencies, both requesting payment for the Amex debt (including a £670 collection fee). I called both, and one of them said the account was closed because they were aware that I was a client of CCCS. The other, Eversheds LLP simply asked for my client number and that the CCCS contact them with the DMP proposal.

Debt_Free_Chick

Excellent, !!!!!!.

Good to see that involving CCCS has paid some benefits. You should find that all you have to do now is to mention the involvement of CCCS and your client number to any creditor that calls ... that should get them off your back.

It might be helpful to others if you can continue to let us know how you get on - hope you can find a little time to post some updates now and then. We can then use this thread as inspiration for others.

regards

mattp_3

as far as using a Debt Managment Company goes there are a few things to consider:

1. NEVER use a fee-charging company - there are genuine companies out there who provide the service for FREE and creditors hate fee-charging companies as they are making a profit from customers who have very little money anyway.

2. Free DMC's have the relevant experience to know whether a certain creditor will accept satellite tv as a monthly expense or whether they will accept a Full & Final Settlement??

3. Free DMC's have the best chance of getting interest and charges frozen for you, many creditors are now refusing to deal with fee-chargers and definitely will not freeze interest for them.

As mentioned before the best people to speak to about free DMP's are:

www.payplan.com
www.nationaldebtline.co.uk
www.cccs.co.uk

All the best
Matt