Reducing credit card debt ?

PJCLEIC

I have almost a 6 figure sum outstanding on credit cards and have been this way for 5 years. I have a debt management program with the CCCS who have been a God send in dealing with my creditors and do not charge. I am paying almost the minimum payment and the interest is frozen. Some time ago I was contacted by a company offering to possibly wipe out my debts if the credit card companies had done 'irregular' things when the account was live. After reading a lot of disappointed reports on this forum and the company concerned wanting some payment up front I dismissed it. However I have been contacted by Claims Credit Services who are offering a similar thing. They do not require payment up front but must take over my debt management plan in order to act for me. I gave them a brief synopsis of my debts and they (He) was certain he could reduce them. They will take 100% of my first monthly payment and 90% of the second and then £35 a month (or 17.825% of the monthly payment whichever is the greater). My situation short to med term isn't likely to generate more than £35 a month for them. I did have a good experience a while ago when one of my creditors accepted 10% in full payment of a debt of £9000 and my brother loaned me £900 so I have some hope for things like this. Their statement reads that they cannot put me further in debt and would refund the first two payments if they were unable to reduce my debt.
I am reticent to leave the CCCS as they have been helpful and things are at least stable. I would hate to miss out on an opportunity like this if it it had some validity.
I would genuinely appreciate anybody's input or experience particularly with regard to the company mentioned above.
Could those who just wish to offer moral diatribe please not.

[Deleted User]

They can't do anything that a free DMP company can do for you, except take even more of your money. There are no secret laws that only they know about that get you out of your debts.

Run a mile.

arcon5

If they are unlikely to take more than £35 that means you are paying around the £200 per month mark... for a 6 figure debt, perhaps bankruptcy would be an option..? (Unless of course part of this debt is your mortgage).

jo-bo

If it was possible everyone would do it. If it sounds too good to be true......

Bravehearted_2

You dont have to be the sharpest tool in the shed to see how dumb this is. Funny how the thought of escaping debt seems to reduce some people's brain power.

SCO

They will no dought take your money and not pay anything to your creditors.

Of course they say they can reduce your debts, it is a sales job, prob on commision, that the guy on the phone has and you are a sale for him.

If its to good to be true .........

The only thing you can claim back is PPI or unfair charges which you can do yourself.

RobertoMoir

PJCLEIC wrote: »

They will take 100% of my first monthly payment and 90% of the second and then £35 a month (or 17.825% of the monthly payment whichever is the greater).

This is why they are trying to get your "business". Because they can make money off your ill fortune, not because they're wonderful helpful people who will actually follow through on all their promises come what may. Most certainly not in your interest to do this.