? moving to self managed

Hopelessly_Hopeful

Hi

I am currently with CCCS on a DMP. Whilst recognising it was a huge relief to start with I don't find them helpful at negotiating with the creditors, particularly with ones that still charge me interest and often think their bias is with the banks and just try to get every penny off me.

Has anyone experince of moving from a managed to a self managed DMP please?

Am considering self managing the ones that have stopped interest and challenging UE on the ones that are charging interest.

Any advice folks?

HHx

925pws

Hi HH

Sorry I don't have any experience but I do think that CCCS just write the initial letter to the creditors, take payment and distribute it. I have never known them to negotiate (from reading the many posts on here!)

I do know that a number of people are writing to the FOS to complain about companies who don't stop interest and charges while they are on a DMP. Maybe that might be a route to go down?

freshstart11

I agree, with above poster if interest is not being stopped that is something to take to FOS, as far as I am aware they do not dispute this for you.

I am on a plan myself, I have worked out minimum I can afford and have an excel spreadsheet along side my budget very simple but with all info I need.

If you want to discuss this I am happy to talk to you but it does take a lot of confidence to do it. x

Hopelessly_Hopeful

Hi

I did take the case to the FOS. Managed to get three of them to reduce, for now!!! M&S rewarded by saying a big fat no and applied 25.9% interest to another account they had previously set at 0%.!!! As I have now reached minimum payment they do not consider me to be in financial difficulty!!!!

I am hoping to gather some information about if I leave some out of the DMP whether a self managed can be called that. What worries me if that if I give up the DMP the ones on 0% will start reapplying interest.

Any thoughts anyone?

HHx

925pws

I've no experience of this HH but I can't see the logic of them starting to reapply interest just because you are self managing your DMP but then again I wouldn't put it past them :mad:

That really stinks of M&S to be charging you now you can afford to pay the minimum. What would happen if you decided on a self managing DMP that you couldn't afford the minimum? Do you think they would reduce the interest then?

Just thinking out loud.

Hopelessly_Hopeful

925pws wrote: »

I've no experience of this HH but I can't see the logic of them starting to reapply interest just because you are self managing your DMP but then again I wouldn't put it past them :mad:

That really stinks of M&S to be charging you now you can afford to pay the minimum. What would happen if you decided on a self managing DMP that you couldn't afford the minimum? Do you think they would reduce the interest then?

Just thinking out loud.

Thanks 925.

One of my creditors insisted I sign a CCA in return for agreeing a low interest charge. I'm happy with that as I show comitment to pay back and they dont renage on the interest rate etc. Personally I think that should be a way forward for them all.

I think the living expenses you are allowed on DMP can be miserable the least they can do is honour the interest rate.

Had I know what I know know I'd had gone UE at the start then done DMP afterwards.

HHX

freshstart11

I think I may be lucky - all companies have accepted everything, stopped interest everything x

925pws

Perhaps self managed is the way to go then especially if you want to rework your budget. Is there no room for negotiation with CCCS to make changes to your budget? Do you have anything spare to make an overpayment to the highest interest one?

I know some of the other DMPers try and overpay but do it directly to the companies who won't reduce the interest.

freshstart11

Hopelessly_Hopeful wrote: »

I think the living expenses you are allowed on DMP can be miserable the least they can do is honour the interest rate.

I found that CCCS were very reasonable, said they wouldnt give me advice unless I increased my food budget from £70 to £180MIN and budgeted towards clothes....I don't find them too bad but Payplan were good when I spoke to them before as well with this x

Hopelessly_Hopeful

freshstart11 wrote: »

I think I may be lucky - all companies have accepted everything, stopped interest everything x

Very very lucky. But pleased for you! :beer::j

HHx

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

Hi

I am currently with CCCS on a DMP. Whilst recognising it was a huge relief to start with I don't find them helpful at negotiating with the creditors, particularly with ones that still charge me interest and often think their bias is with the banks and just try to get every penny off me.

Has anyone experince of moving from a managed to a self managed DMP please?

Am considering self managing the ones that have stopped interest and challenging UE on the ones that are charging interest.

Any advice folks?

HHx

Hi HH

Did you make a decision or give this any more thought? It's something I have been thinking about for a few weeks, I am keen to go it alone, OH likes the security of CCCS and doesn't want to rock the boat.

When we started our DMP, I was a little naive in believing that all of CCCS's income came from the interest on our payments between the 1st and the 25th of the month and had no idea that they actually received "cashback" from the banks on payments made. I don't really have an issue with the banks paying them, though I do wish they were a bit more upfront about this.

Like you, I am concerned that their bias is towards the banks, not us. How can I get interest stopped on some of our debts and they can't? It does make one think, have they really tried. My second issue is around the payment dates, if our money actually went to our creditors on the 1st of the month instead of sitting in the CCCS account for 25 days accruing interest, we would be 25 days ahead with our payments. In our particular case, we could actually be a whole month ahead as OH gets paid on the 23rd of the month so we would pay all creditors on that date.

I would really like to hear from people who have gone it alone having been with CCCS or Paypal. I did start a related thread on it once https://forums.moneysavingexpert.com/discussion/3931179=
but didn't get much response except someone telling me we would be better off on a IVA

Please let me know how you decide to proceed.

TTFTM