Warning about CCCS has confused us!?

S_N_C_Need_Help

We have received info from CCCS, we have since been contaced by several Debt Plan Agencies.

One DPA warned us from CCCS saying they "work for the craditors" and not for us and the creditors do not always freeze the interest and therefore after the 6yrs 1 month (they state it will take this long, based on their workings- they also say ASSUMING the creditors freeze the interest) we will be debt free. - They say the "ASSUMING" part is their get out clause and that it is likely they wont freeze the interest and we will be billed for it at the end of the period.

She said they are not government funded, they are funded by the creditors!

Eek!! Confused now!! Anyone completed tgeir payment period and charged interest?


Thanks xx

CLAPTON

S_N_C_Need_Help wrote: »

We have received info from CCCS, we have since been contaced by several Debt Plan Agencies.

One DPA warned us from CCCS saying they "work for the craditors" and not for us and the creditors do not always freeze the interest and therefore after the 6yrs 1 month (they state it will take this long, based on their workings- they also say ASSUMING the creditors freeze the interest) we will be debt free. - They say the "ASSUMING" part is their get out clause and that it is likely they wont freeze the interest and we will be billed for it at the end of the period.

She said they are not government funded, they are funded by the creditors!

Eek!! Confused now!! Anyone completed tgeir payment period and charged interest?


Thanks xx

post on the debt free wannabe board

EssexHebridean

CLAPTON wrote: »

post on the debt free wannabe board

This is the DFW board!

SNC - no advice I can offer you I'm afraid but there are people on here who are tremendously knowledgable on the subject, and they WILL be able to offer you some feedback for sure.

Tixy

Hi

Its true that CCCS do receive contributions from the credit industry. Despite that they are still your best option if you are going to do a DMP.
They will act impartially to help you decide on the best option for you and won't charge you a monthly fee so you'll pay off your debts quicker.

Creditors cannot be forced to freeze interest and that is true whatever company you do a DMP with. Many will once they are seeing you are paying all you can afford.
There is at least circumstantial evidence that creditors are usually more willing to freeze interest if you use a free DMP organisation rather than a commercial one charging fees (as in the latter it could be argued you are not paying all you can afford as you are spending unnecessary money on their fees).

Have a read of this for official MSE guidance IMPORTANT - Where to seek professional impartial advice about your debts.

DVardysShadow

Well, they would say that wouldn't they?

The grain of truth, as I understand it, is that CCCS are funded by the industry, but never has there been a shred of evidence here that I can recall that CCCS actually 'work for the creditors'.

The DPA in question should be avoided, they can no more guarantee that interest will be frozen than CCCS can. And in contrast to CCCS, they will charge you a fee. If they slag off CCCS with porkies like this, will they deal with your case with integrity?

Drop them, you know it makes sense.

Tixy

You had a few answers on your thread from yesterday -
link here in case you couldn't find it https://forums.moneysavingexpert.com/discussion/comment/41065156#Comment_41065156

S_N_C_Need_Help

Sorry - new to this!! I thought i had posted to Debt Free Wana Be?? Then tried again and its on here agai?? I will have a look around the site to get used to it.

B17c

CCCS dont promise that the creditors will stop charges/interest if you use their services, in fact they tell you that in the first instance that they may not accept the offer of reduced payments... and people have had very mixed experiences eg MBNA accepted my DMP no problem, but i know of others who have had their DMP offer rejected by MBNA... all very hit and miss!

S_N_C_Need_Help

Thanks all. Thats what we thought. They were making out that, on, say £5k the interest that we may have to pay is £18k etc etc . We are just worried about thinking we would be debt free, in, say 7 years then getting a bill for the interest at the end - which is how she made it out to be.

This would obv defeat the object of doing this surely!??


Thanks for all advise. Think we will see the CAB on mon and speak face to face to see if they can guide us in the right direction

eyeopener2

I think you can safely that the person you were speaking to is a salesperson and therefore speaking in her interest (commission) and not yours.

You will be fine with CCCS, some creditors may stop interest, most of mine have one hasn't (Barclaycard, i'm talking about you).

Deep_In_Debt

I'm with CCCS and have been with them for 3 years now and my creditors have still kept the interest frozen. Yes, I've had to re-negotiate but it was fairly easy.

If you are with a non-fee charging company then creditors will know that ALL your money is going to them and not lining the pockets of the sharks so for that reason, you will be debt free a lot sooner. Fee paying companies also have no guarantee of getting creditors to freeze interest either - depends on the creditor. They are just out for your money.

Payplan also offer fee free dmps so if you are worried about CCCS then PP could be another option for you.