DMP & Mutual Support Thread - Part 8

Hopelessly_Hopeful

Morning Pavan

Can you confirm whether CCCS negotiate with creditors to ask for interest to be stopped?

Also may I ask whether it is usual for creditors to reapply interest once the plan progresses and the debtor is able to make the minimum payment?

HHx

fermi

Hopelessly_Hopeful wrote: »

Thank you for the clarification Pavan

I am assuming a Mod merged the thread. Does anyone know how we approach MSE to deal with this unmerging?

HHX

Sorry. My fault. Meant to merge the original so CCCS could answer the OP, but forgot. Came back to it a day to 2 later and didn't check to see all the intervening off topic stuff.

OP's original thread should be there, and the more general discussion here.

StepChange_Pavan

Hopelessly_Hopeful wrote: »

Morning Pavan

Can you confirm whether CCCS negotiate with creditors to ask for interest to be stopped?

Also may I ask whether it is usual for creditors to reapply interest once the plan progresses and the debtor is able to make the minimum payment?

HHx

Hi HH,

Yes, we do ask creditors to stop interest and charges when we are helping a client with a free DMP.

There’s no guarantee that creditors will agree to this as the charges are stated up front in the terms and conditions that you sign when you agree to take out the credit. I can’t say how likely it is that they will stop and how long for, as it can vary from one person to the next.

No debt management provider can guarantee that they will stop interest and charges. The only way you can be 100% assured that you won’t get further charged is if you opt for a legally binding debt solution – such as an IVA or DRO.

We have a dedicated team that works with creditors to understand our process and why stopping charges is beneficial for everyone.

Many debt management companies will claim that they are better at stopping interest and charges but this is not true. It’s against the Office of Fair Trading’s guidance to imply this, so if you’ve been wrongly advised it’s important that you report the company involved.

I hope this answers your question.

Kind regards,
Pavan

ben80

gizmo111 wrote: »

If you still have the facility then use online banking and pay it through this - save the PO and stamp costs.

!!!!!!. Wish I'd seen this, I've sent it of now. Oh well. Thanks anyway.


On another note, I asked for a CCCS review today and my DMP will officially finish in March next year! (Full payment Feb, then partial payment March to tie up loose ends) Woo hoo! I'm planning on going wild with the eBay and hassling o2 about my mobile/b-band to see if I can't make up the difference to make my final payment February!

Hopelessly_Hopeful

ben80 wrote: »

!!!!!!. Wish I'd seen this, I've sent it of now. Oh well. Thanks anyway.


On another note, I asked for a CCCS review today and my DMP will officially finish in March next year! (Full payment Feb, then partial payment March to tie up loose ends) Woo hoo! I'm planning on going wild with the eBay and hassling o2 about my mobile/b-band to see if I can't make up the difference to make my final payment February!

Brilliant news Ben

Hope for us all

HHx

sickasachip13

Hi all,

On the % questions - we started wit h19 creditors around 20 months ago. All but two have frozen %, the other two are charging nominal only and won't budge on that. We're now down to 17 creditors. 15 on 0% still and still the two stubborn b uggers charging nominal % (although having read above, I might complain to the ombudsman about this).

We can't fault CCCS's service and I don't really care whether the 'industry' is making a contribution to support their services. Plenty of donations to made to all manner of charitable and voluntary organisations, it doesn't necessarily call into doubt their integrity or commitment. CCCS have been fabulous with us and, I would say, given absolutely impartial and helpful advice.

The main thing is for people not to go with a fee-chargiing company for a DMP. It was great reading back on this thread that someone came along who had been tempted by the blurb of a fee-charging company, but has now jumped ships to a free provider.

I would also say that many of us, myself included, have buried their heads in the sand regarding debt. This is easy to do and totally understandable. But, part of the debt 'rehab' for me and mr SAAC has been to really understand our debt - who, how much and some of the why's too. This goes on with how you work with your DMP - I would say don't be tempted just to hand it all over to someone else and opt out. I remember seeing someone on here ages ago who said they'd been on a DMP for years and had no idea how much they owed, who was charging them % etc. I find this odd and fear that some of the 'learning' is taken out of the process. I check my statements monthly against the CCCS online system and the paper statement I get. Those who don't send me statements, I ring and ask for a current figure and note it all down. My debt, my responsibility, but the DMP system and CCCS have been a godsend in providing that structure and process for us.

Power to the people :T

SAAC

antk4

Totally agree with sickasachip13, we have nothing but praise for cccs too. I have been having some trouble with halifax (surprise surprise) who reinstated interest for no good reason. CCCS managed to sort it out for me and I'm now back on 0%. When we started our DMP it was reassuring to know they were there if we needed them.They helped make a very difficult time an awful lot easier. Of course you also need to be proactive yourself. I check my statements and update balances every month. If a creditor rings I always answer, but it's good to know I can quote my CCCs ref no if required.

Time_to_face_the_music

CCCS_Pavan wrote: »

Hi HH,

Yes, we do ask creditors to stop interest and charges when we are helping a client with a free DMP.

There’s no guarantee that creditors will agree to this as the charges are stated up front in the terms and conditions that you sign when you agree to take out the credit. I can’t say how likely it is that they will stop and how long for, as it can vary from one person to the next.

No debt management provider can guarantee that they will stop interest and charges. The only way you can be 100% assured that you won’t get further charged is if you opt for a legally binding debt solution – such as an IVA or DRO.

We have a dedicated team that works with creditors to understand our process and why stopping charges is beneficial for everyone.

Many debt management companies will claim that they are better at stopping interest and charges but this is not true. It’s against the Office of Fair Trading’s guidance to imply this, so if you’ve been wrongly advised it’s important that you report the company involved.

I hope this answers your question.

Kind regards,
Pavan

Hi Pavan

To continue on from HH's question. Why could I get interest stopped on some of our debts but CCCS couldn't? Or did I just try harder? :think:

TTFTM

iwilldoitthistime

Hi

Ive had a statement for my current account with Lloyds today - usually I get about £35 in charges, but this month theyve only charged me £3.75. Im overdrawn by just under £2600. I havent had any communication from lloyds but am guessing they have reduced the rate on my account?? Is this safe to assume, or should I ring them?

My first payment has gone off to CCCS for this month and I really feel in control. Im questioning every purchase and living in Aldi, but its amazing how far I feel Ive come on from my free spending days with my MBNA card !

Time_to_face_the_music

iwilldoitthistime wrote: »

Hi

Ive had a statement for my current account with Lloyds today - usually I get about £35 in charges, but this month theyve only charged me £3.75. Im overdrawn by just under £2600. I havent had any communication from lloyds but am guessing they have reduced the rate on my account?? Is this safe to assume, or should I ring them?

My first payment has gone off to CCCS for this month and I really feel in control. Im questioning every purchase and living in Aldi, but its amazing how far I feel Ive come on from my free spending days with my MBNA card !

Lloyds TSB are the bank that love not to communicate, so don't you waste your time communicating with them. Just take the drop in the interest rate and treasure it

The feeling of control is wonderful, I know almost to the penny now how much money we have and I use cash wherever possible so there are no nasty shocks because the Co-Op bank is brilliant but a teeny bit slow on updating the online banking. Well done on that first payment :T