Newbie - Advice Re CCCS Please

MoodyNic

Hi All,

I am not in a massive financial mess as I've realised now that I have taken on too much credit (£8,700 including my overdraft) and as I've recently had to cut a day at work every week due to a few health issues, I need to sort out my outgoings so that I don't end up in the usual 'robbing Peter to pay Paul' situation in a few months time.

First of all I spoke to Churchwood, who are sending me a load of stuff to fill in... don't worry, I won't be doing this as I Googled them and saw that they are probably not the best people to go to through some of the threads I've read on this site. I did read though that CCCS/Payplan seem to be the way to go.

So, I've gone through the online stuff on the CCCS website and it concluded that I have £162 disposable income every month to pay to creditors. I now have a few questions if anyone can help: -

1. Does £162 per month split over seven creditors with a total debt of £8,700 seem reasonable?

2. Will I pay the £162 per month to CCCS and they'll pay my creditors?

3. How long does it usually take to set-up? I am not in arrears with any of my creditors so I will be making a payment to all of them next month in-lieu of my DMP being finalised with CCCS - is this the best thing to do?

Any other advice would be great.

Ex-Spendaholic

Hi and welcome

I'm on a DMP with CCCS too. I would say your figures are very reasonable. I'm paying £102 per month on £26K debt. :eek:


Yes you make your payment to CCCS on the 1st of each month. They then pay all the creditors on the 25th of the month.


Once you return your paperwork to CCCS they will contact your creditors straight away so you will be up and running in a few weeks time. CCCS will send you template letters to send to your creditors. Get these away ASAP with a token payment. Most people send £1 as the token payment.

Do be aware that creditors may claim not to have heard from CCCS and all that nonsense but you will get there in the end.

Good luck.

ikkle87

I think everything has been covered by the above poster.

I did the Debt Remedy on the site on Friday, the paperwork came today and because I knew what was needed after speaking to an advisor on the phone it is already to post back tomorrow.

Your figures seem very realistic I will be paying £108 a month on a debt just a little higher than yours. I think I was told the first payment you make to the CCCS is by a giro? and then direct debits on the 1st of each month after that and they pay your creditors on the 25th approx.

In the first written correspondence from CCCS you will get a template letter to photocopy and fill in and send to your creditors advising them of your DMP with CCCS, most people I have spoken to tend to not pay their creditors in the month between setting up their DMP and the date their first payment is taken and just send a token payment of a £ this way you can keep the money you would normally use to pay the creditors and use it to pay your first installment. It also means that you won't have to rob Peter to pay Paul



NB> I really should read threads properly

CLAPTON

I'm a little unclear here... what are your current minimum monthly payments ?