sorry i am so worried need help again

carlos700

Thinking about contacting CCCS tomorrow hopefully they will help me but still unsure if i want to go down that route .I have just been on cccs website and put all my details in where it gives me an idea what i would pay them to pay my creditors .

The problem i have is where it says your morgage amount for my morgage i am only paying the interest i swapped to interest only 1 year ago .I know this is silly as i have no endowment or anything in place i thought i would pay interest only for a few years untill i have payed a few debts off .If i enter into a payment plan with cccs they have estimated that it will take me 8 years to pay off my debts fully but in 8 years i will be in my 40 s so should i mention all this to cccs .If i swapped back to repayment morgage now my morgage would be about £200 per month extra .

If i did deceide to let cccs help me what is the process i will have to go through do you have to fill out loads of forms etc and send bank statements .What happens next do i hear from my creditors ?

Broken_hearted

Sorry don't know the answer, just wanted to wish you luck.

TakeittotheLimit.

Calm down dear.
CCCS will review your payments every 12 months so I don`t see a problem with leaving your interest only mortgage running,get a few bills paid off and your debts lowered and then maybe switching to a repayment later on.

The only time they will ask for your bank statements is if you included an overdraft in your debt plan,as you`ve done the debt thing on the website theres not really anymore forms to fill out,CCCS will send you a letter and a Debt Management Plan Notification Sheet which you have to photocopy and send off to your creditors,then just sit back and wait for the letters to come back off them either saying yes we will accept the plan and stop interest or not.

silvercar

Far, far better to stay on interest only than to not meet your mortgage repayments.

Far better to stay on interest only and not be at risk of incuring other debts.

Better to be on interest only, keep to your repayments and be debt free in 8 years.

With an improved credit rating you can get a good mortgage deal from a main stream lender and make capital repayments when you are in a better position.

You are not commiting to staying interest only for the next 8 years, just at the moment. When things improve you may wish to repay some capital.

If you are seriously considering a DMP/ IVA now, you are not in a position to promise your lender an extra £200 a month.

poorandindenial

Tell CCCS absolutely everything, they won't force you to do anything so you can talk to them and then come away and digest the advice they have given you. If you do go down the DMP route my understanding is that you can vary it (with the consent of your creditors) as your circumstances change, so if you start to earn more you can pay more off and it will finish earlier.

I am not sure what the process is but I believe you and they put together an estimate of what you can afford and then they contact your creditors and offer it in proportion to the size of the debt. People on here have been very positive about the support they have received. They may be able to get the interest frozen too which will help no end.

Try not to worry about it until you have spoken to them, just get as much information together as you can about your debts and it might be an idea to write a list of any questions you want answered so that when they are on the phone you don't forget anything.

Good luck getting sorted.