Consumer Credit Counselling Service

nicolekitchener

Hi

So I have some debt that I want to consolidate. I found this website and after filling in all my details of income and expenditure (took around 20 minutes) it then electronically put together a report for me. The report stated that CCCS would "take on" my debt so to speak and I would pay them £150 per month which they would then pay onto my creditors. At the moment I am paying slightly more than this. The point of this they say is because they have the power to talk to creditors on my behalf and decrease interest etc. They did state though that I will still be legally bound to these creditors.

It all seems too good to be true to me, has anyone come across this company before? Any advice as to how genuine it is?

Thanks
Nicole

immoral_angeluk

This sounds like a DMP or an IVA..
http://www.payplan.com/debt-management-plans.php
http://www.payplan.com/individual-voluntary-arrangements.php

Edit should note than neither of these are consolidation.. consolidation is where you take out more credit to pay your existing credit off. Generally not recommended.

hypno06

As far as CCCS goes - it is one of the ones that is actively recommended by this site. Lots of people have plans with them and they are a charity so they don't charge for their advice or the work that they do for you.

If you look at the thread for "DMP mutual supporters" on this particular board
http://forums.moneysavingexpert.com/showthread.html?t=454457 , you will find lots of people who have plans with CCCS who will be very happy to answer any questions you may have!

Good luck, whatever you choose to do.

CLAPTON

Its difficult to give good advice without knowing your full circumstances. Best to post up a SOA so we can see you income, spending and debt details.

However, if you have not yet defaulted on your debts but are struggling, bare in mind that a DMP (probably what CCCS are suggesting) means defaulting on your debts and having your credit rating trashed for 6 years.
But without knowing your full circumstances its impossible to give that sort of advice.

trying-very-trying

Are you sure that you are with http://www.cccs.co.uk[SIZE=-1] [/SIZE]which is a free charitable site? Or are you with http://www.c-c-c-s.com/ ?

the first is the consumer credit counselling service, which is a free service, the second is the consumer credit consolidation service, that I strongly suspect will be charging for their services although they do claim to give free advice.

You really don't need to pay anything for debt counselling or arranging a debt management plan.

trying-very-trying

One other tip, I think you will be hard pushed to find anyone on this site who would recommend consolidation, it is rarely the solution that you expect it to be. I am speaking from personal experience on this score.

Why don't you post up a soa, and I'm sure that all the wise and wonderful on this site will give loads of moral and practical advice on how to cut back, and your options to debtfreeness.