Starting DMP through CCCS

Krasnoludek

Hi there

Thanks so much for pointing me in the direction of CCCS :j They are great

We have decided to go onto interest only mortgage for a while to leave us with a bit of cash to pay off our debts, I spoke to CCCS yesterday and they advised us that even living quite basically within the government guidelines we were in a deficit, this leaves us approx 190 to offer our creditors each month not much I know but at least we are starting somewhere and hope to be able to increase this amount soon and also get back on track with our mortgage - we owe 19K by the way unsecured on cards/bills/catalogue and are only one payment behind so far with our debts.

The CCCS advisor said that it would be highly unlikely that any of our creditors or possibly DCA would go for CCJs if we stick to our agreement and also because our budget is sensible and has been worked out by CCCS. I am relieved at this and he says the debts will be paid off in a max of 8 years, although hopefully before.

What is everyone elses experience with DMPs and creditors agreeing to them ?

I cant believe I nearly went for an IVA with Baines & Ernst :eek: The CCCS advisor says that usually it requires 20k of debt and ends up usually with a remortgage in the last year that would no doubt be from a subprime lender and end up costing more in the end, not to mention that if for some reason we didnt stick to it we could go bankrupt and lose our home :eek: :eek: :eek:

We have an overdraft that we are going to pay from the DMP so we have switched to a non related bank with an electron card and cheque book. Can I apply for a different bank account before I start my DMP minus an overdraft so I have a Visa Debit card or is this not allowed ? Our credit file isnt too bad at the moment but the CCCS said that creditors may mark agreements as defaulted because the payments wont be what was originally agreed.

Thanks for all your help this site is a lifesaver by the way your all fab :T

Amanda x

rayday2

You can open a bank account with anyone you like its just that most people when they go to the CCCS they already have a damaged credit history so can only have a basic account. I got a new account before ours was bad with Cahoot it came with an overdraft which I didn't want but it was free and I don't use it.

What you need to ensure is that the bank account you open is not related to any of the creditors you owe money too, check this link if you are not sure and it may help you decide who to open account with.

http://www.payplan.com/debt-library/miscellaneous.php

coolmum

hiya


ive just had my 2nd yearly review with cccs and theyre great

i wish id done it years ago before my debts got so bad but hey in on the right road now and its great watching the balances going down now

CCCS_Sarah

Krasnoludek wrote: »

Hi there

Thanks so much for pointing me in the direction of CCCS :j They are great

We have decided to go onto interest only mortgage for a while to leave us with a bit of cash to pay off our debts, I spoke to CCCS yesterday and they advised us that even living quite basically within the government guidelines we were in a deficit, this leaves us approx 190 to offer our creditors each month not much I know but at least we are starting somewhere and hope to be able to increase this amount soon and also get back on track with our mortgage - we owe 19K by the way unsecured on cards/bills/catalogue and are only one payment behind so far with our debts.

The CCCS advisor said that it would be highly unlikely that any of our creditors or possibly DCA would go for CCJs if we stick to our agreement and also because our budget is sensible and has been worked out by CCCS. I am relieved at this and he says the debts will be paid off in a max of 8 years, although hopefully before.

What is everyone elses experience with DMPs and creditors agreeing to them ?

I cant believe I nearly went for an IVA with Baines & Ernst :eek: The CCCS advisor says that usually it requires 20k of debt and ends up usually with a remortgage in the last year that would no doubt be from a subprime lender and end up costing more in the end, not to mention that if for some reason we didnt stick to it we could go bankrupt and lose our home :eek: :eek: :eek:

We have an overdraft that we are going to pay from the DMP so we have switched to a non related bank with an electron card and cheque book. Can I apply for a different bank account before I start my DMP minus an overdraft so I have a Visa Debit card or is this not allowed ? Our credit file isnt too bad at the moment but the CCCS said that creditors may mark agreements as defaulted because the payments wont be what was originally agreed.

Thanks for all your help this site is a lifesaver by the way your all fab :T

Amanda x

Good luck with your DMP

If you have any general questions feel free to give me a shout!

Sarah