Newbie-about to embark on the CCCS route-advice please?

Mort

Jak65 wrote: »

3) Occasionally I receive the odd gift of money from my mother (part of my father's estate since he passed away). I would obviously want to throw this towards my debt- how would I go about this when/if on a DMP?

I was with Payplan (similar to CCCS) and their preferred method for dealing with a lump sum was to share it out pro rata between the creditors.

Jak65 wrote: »

If I could push a button and start with a clean slate I would never EVER have credit again - but I suppose everyone here feels like that!

Thank you.

Jak.

If you find that button be sure to let the rest of us know where it is;)

Gimpsdad

As long as you are all happy to take double figure years to pay it all back then CCCS are indeed wonderful.

Getting a second opinion from someone who doesn't depend on creditor funding might be a very good idea.

Jak65

Hi all,

Just wanted to thank you for your responses and the warm welcome. Still going through the debt remedy form - want to make sure I've crossed all the Ts and dotted all the Is, then it's just a matter of plucking up the courage to press the 'submit' button!

I have taken your advice and will not be pre-informing my creditors - thanks for that.

Gimpsdad, I've read some of your other posts and that you're not in favour of DMPs? Would the alternative be an IVA then? This option seems more 'set in stone' but I wonder why more people don't go down this route? I'm worried an IVA may impact on my job - I am not a professional but recent new rules and regulations means all staff, from the cleaner upwards, now have to be credit checked. I had some sleepless nights over that I can tell you!

Mort, excuse me if I'm wrong, but it seems you managed to pay off all your debt in about five years - i.e. LBM 2006, debt free 2011? I could cope with that, even longer if need be! Do you mind me asking how you did it and any tips you can give me? That's a fantastic achievement.

Thank you all again for your support, it does make you feel you're not on your own. x

Time_to_face_the_music

Gimpsdad wrote: »

As long as you are all happy to take double figure years to pay it all back then CCCS are indeed wonderful.

Getting a second opinion from someone who doesn't depend on creditor funding might be a very good idea.

Where does Jak state it will "take double figure years to pay it all back"? Or is that your assumption? Or just another chance for you to have a dig at CCCS?

You and I have discussed your opinion of CCCS on another thread and I can see some of your arguments and even agree with a few. But please remember these posts are usually a request for help and you getting on your anti-CCCS soapbox is not offering help. So why not offer real and valuable advice rather than a dismissal and vague hint at other solutions?

Time_to_face_the_music

Jak65 wrote: »

Still going through the debt remedy form - want to make sure I've crossed all the Ts and dotted all the Is, then it's just a matter of plucking up the courage to press the 'submit' button!

Hi again Jak

Just a quick word of advice on the debt remedy form that we wish we had known when we completed ours. People here have told me we should have been a little more "imaginative" when putting down expenses so as to leave a little extra money available for emergencies

thatsean

Geminimum wrote: »

Hi Jak, I have literally just posted off my paperwork to Cccs on Thursday with just over £24k in debts. I'm planning to make extra payments were I can and I've been dithering over doing a dmp for the past 2 months as I suffer with depression.

Good luck with the dmp!

I know what that's like, I've been dithering a fair bit myself for the same reason! I'm waiting for my forms to land this week and I'll be set up!

numpty2012

Hi Jak

I'm in pretty much the same boat as you, always delaying thinking that that golden nest egg will emerge.

I have spoken to Payplan who althgough they say they cannot recommend a route their tone and advice seem to push me towards an IVA but something inside tells me thats not the way to go. Daft really but I think in my mind a DMP doesn't feel so bad?

I am going to talk to CCCS to get another viewpoint then I can make a decision.

I guess one of the keys to a successful DMP is all down to whether creditors freeze interest?

Has anyone got any experience as to which creditors are adverse to this and which ones are more accepting or is is it pot luck?

Thanks and good luck Jak :T

Jak65

Time_to_face_the_music wrote: »

Hi again Jak

Just a quick word of advice on the debt remedy form that we wish we had known when we completed ours. People here have told me we should have been a little more "imaginative" when putting down expenses so as to leave a little extra money available for emergencies

This is where I'm struggling a bit. Mr. Jak pays the rent, and we 'sort of' pay the rest of the outgoings half and half, although he usually ends up contributing far more than me, for obvious reasons. My debt is baggage from my first marriage, nothing to do with the current Mr. Jak, and he has no idea of the mess I'm in, although he must wonder why he married such an anxious, grumpy cow who never seems to have any money! I would rather eat my own feet than tell him We have been married for ten years (I know, it's shocking I've never been able to confide in him) and I've always made sure we have nothing in joint names to try and protect him from any potential fallout! So, do I put that I pay half the rent as well as half towards everything else? That would give me extra money, but would also mean less to pay towards a DMP? I am trying to be as honest as I can, but may be that's not in my best interests?!

paulmapp8306

Re CCCS v IVAs.

CCCS is flexible. If you income drops you can re-assess what you pay. IVAs dont offer that. For me being forces, and moving every 3 years with different rents/mileage to work etc, and also having no children at the time but wanting to start a family, that made CCCS a FAR better option.

also, further down the line IVAs go heavily against things like mortgage apps. 6 years after starting a DMP, all your debts drop off your credit file - AND you have never had a CCJ or IVA against your name. That means you can start building your credit score back up whilst still being in the DMP - in preparation for when you are fully paid up.

Ultimately, on a DMP you pay off our whole debt (unless you make full and final offers towards the end) - where as on an IVA you only pay a proportion.

Kind of depends where your priorities lie. If you want to honour your debts, have versatility, and have decent credit scores after the plan DMPS are FAR FAR better than IVAs.

if you prefer a quicker end, but being prepared to sacrifice future credit for a longer period (you always have to admit being ion an IVA - for ever) and not paying all your debts back - then IVAs can be a way forward.

Jak65

Thanks paul, I definitely do want to honour ALL my debts, no question, and am totally committed to doing so. I am not concerned about my credit rating as far as any further borrowing is concerned (NEVER AGAIN!) but it also affects so many other areas of your life doesn't it? I certainly don't want to 'cop out' of my obligations, even if it takes me to retirement and beyond to be debt free - my conscience wouldn't allow it. So, it seems that a DMP is definitely the way forward - if it takes years, then I've only got myself to blame, but it will be worth it to get some sleep again! Thanks for your continued advice, really appreciate it. Jak. x