Debtline v CCCS.

bcfc1710

Currently on DMP with CCCS, paying £150 a month, keep getting texts/emails from debtline claiming the can reduce my monthly payment? Are they any good? Do they charge? Have nothing against CCCS but would be nice to lower payment

Culex

If they were any good, do you suppose they'd have to advertise their "service"?

mandyl

debtline charge

fermi

Humour is great, but can you from this point keep the thread on topic with help for the OP.

Thanks.

bcfc1710

mandyl wrote: »

debtline charge

Thanks will stick with CCCS.

GeorgieFTB

Culex wrote: »

So do rhinoceroses.

Are Debtline as clever?

Brilliant, I knew you were a bloke!!!

Anyway back to the topic... sorry fermi

CCCS - well respected, free service that are widely spoken well of, £150 a month is regular and I'm assuming you know when all you debt will be paid off

Debtline - not really heard of this so can't speak of specifics but IF...

lower monthly payment, longer in debt, not all the money your paying going to your creditors, so in debt even longer, and costing you more.

If you are struggling with the £150 a month payment speak to CCCS to see if it can be lowered, if you are struggling with you budget post an SOA on here and it can get picked a part which might help you to focus on a better balance.

Gx

davetrousers

bcfc1710 wrote: »

keep getting texts/emails from debtline claiming the can reduce my monthly payment?

But you'll probably end up paying more over a longer period.

Culex

fermi wrote: »

Humour is great, but can you from this point keep the thread on topic with help for the OP.

I thought I was doing - shouldn't we all learn to laugh at such adverts?

One should point out that the risible "service" is not that offered by National Debtline, who make no reference to "little known Government legislation" and other such patent nonsense.

insideinfo

Hi, have a think about this.

Is the CCCS DMP working, is the debt going down? Has interest stopped?
If you go with debtline review it in 3 months is the debt going down?
What are the monthly fees like? Say £35 a month over the life of the plan!
So at CCCS £10k is paid off at £150 a month in 5 years 6 months
£10k at £115 a month (£35 a month in fees) takes 7 years 3 months - this calculation is based on like for like @ £150 a month.
If the fee charger drops your payment to say £100 a month including a modest but long term fee of £25 a month (£75 for debts) rest is fees!
This is what you will pay out
£100 a month
£75 to debts it will take 11 years 11 months to repay
£25 a month in fees over 11 years 11 months, £3500 in fees

Figures are almost accurate and based on creditors stopping interest and charges.
But there are 86 months to get through and you'll pay over £3000 in fees. Over the life of the plan. If you are unsure, £35 a month is just a little over a £1 a day, try economising further and try payplan, not a fee charger !
Unashamedly a debt counsellor in the not for profit sector. I'd think about having money for a holiday rather than a quid or so more a day to live on in the shorter term. Good luck with your debts and take care!

Deep_In_Debt

OP, as others have said, why pay less and pay a fee? If you can afford the £150pm why not keep paying it and be debt free sooner?