Full and Final/ Partial Whatever!?

Glasgowboy

I have payed all my cards £900 odd a month for last three years.

now have paid back more in interest than borrowed.

I have 34k worth in cards and loan and can muster around 10k for a settlement.....I do not feel any need to protect my Credit score. I am self employed,(very precarious profession) have a flat worth 82k with a mortgage of 85k that i paid 90k for 6 years ago! now going to claim unemployment for first time in 8 years too

Its time now to say to my cc owners and bank (of 20 years). Party is over i'm afraid. Used up all savings and investments to meet these payments. I am done.

no more....you can take the 10k and split it amongst yourselves. Or indeed bankrupt me and have the flat and 7 year old passat with 100k miles on it.

I am awaiting my appointment with CCCS and wondered this...i am now going to stop paying. Is it best to offer a small amount per month until i run up default?
will they not entertain an offer until i miss payments?
Rather not use a IP as it will dilute my lump sum quite a bit.

Any advice.
Cheers

Gimpsdad

An IP will not dilute your lump sum, who told you that?

Glasgowboy

I was told...if I gave a IP 14k upfront at least 4k would go to fees for themselves.
WHy would they do it for nothing?

FoggyBrain_2

erm .... whatever the rights and wrongs of fees -- if you don't want the creditors to lose out, why are you talking to CCCS ? They aren't free either !

Gimpsdad

Offer a lump sum through an IP and as long as it is accepted then it makes no difference what the IP takes, as the offer has been accepted, and the creditors have agreed as well. All will be detailed in advance and transparent and you will be debt free.

You could also go to CCCS who will not take a fee from you. They will, however, be paid a very fat commission upon acceptance, as they are paid by creditors. You will never get to see how much they have been paid as they do not disclose those details.

Transparency or smoke and mirrors, it's a tricky one.

eyeopener2

Why does it matter if the creditors pay CCCS? I've always wondered that.....

I don't care if my creditors re-pay CCCS 100% of my payments as long as my balance goes down.

It is posts like these that do a great dis-service to this forum and to the people trying to seek help. I've noticed these anti CCCS posts appearing more and more in the past few months, especially from those touting IVA's.

CCCS are a great organisation who help a lot of people, including me. Maybe we should support them instead of continually moaning. It's no wonder people are confused.

E2

sickasachip13

I'm also a bit baffled as to why these anti-CCCS posts are so prevalent at the moment. Does it matter that, as a charity, they get some contributions from the creditors? Really? No matter how they are funded they provide free and impartial advice to people in debt problems and crises. I do worry that these negative posts will push more people into the hands of the unscrupulous fee-charging companies.

To GlasgowBoy, I'd definitely recommend talking to CCCS and see what their advice is. They've been a godsend to us and set out all the options and pros and cons from the start.

SAAC

nottoolate

it matters to people like pimpsdad, as cccs and similar greatly reduce the profits of himself, his mates, and their scummy little rip off industry. every person paying off what they owe on a dmp is £1,000's lost to some self serving money grabbing ip. so you can see why they come here and troll.

eyeopener2

nottoolate wrote: »

it matters to people like pimpsdad, as cccs and similar greatly reduce the profits of himself, his mates, and their scummy little rip off industry. every person paying off what they owe on a dmp is £1,000's lost to some self serving money grabbing ip. so you can see why they come here and troll.

Made my day this.

sickasachip13

nottoolate wrote: »

it matters to people like pimpsdad, as cccs and similar greatly reduce the profits of himself, his mates, and their scummy little rip off industry. every person paying off what they owe on a dmp is £1,000's lost to some self serving money grabbing ip. so you can see why they come here and troll.

^^ what they said

Gimpsdad

All good.

Believe what you like. When I buy something, I do rather prefer to know what it actually costs.

The OP made the point that he didn't want fees charged by an IP as he felt it would dilute his lump sum. Fair enough, not his fault he didn't know any different. When faced with the truth, which is FULL DISCLOSURE of fees, some of you have decided that NON DISCLOSURE is better.

You may also have noticed that he has paid £900 (odd) per month for 3 years, which is, by definition, at least £32,400. He has paid back more than he owes and yet still owes £34k.

In the land of the blind, the one eyed man is king, and you do people no favours by pretending that CCCS can guarantee him a better deal than he has now.

CCCS have an IP, just 1 mind, for 10's of 1000s of creditor generated enquiries per month. Perhaps he is a money grabber as well.

No? Must be, as he is an IP?

What rubbish, and not one of you has given any indication as to why the original poster should not speak to who he likes, CCCS will NOT be able to negotiate £34k down to £10k on a DMP. End of.

Assuming the poster lives in Scotland, then CCCS would like as not actually refer him to an IP for a PTD. Like they refer to GT for self employed in England. For a fat referral fee? No, surely not, as they are a charity. Anyway, all IP's are scumbags. Apparently.

Except the ones who pay CCCS perhaps.

Time some of you started thinking for yourselves.