Anyone on a Debt management plan with CCCS?

Question

I have recently sent away for a info pack on the debt managment plan that the charity CCCS offer. I was wondering what everyones experiences were with this and what they thought? I have heard a few good things about it but just wanted to get a few more opinon's. Also, does anyone know if you can spread it over a few more years if you want to lower the monthly payment you have to send CCCS to pay the creditors?
Thanks

Answer 1

I always say you get what you pay for.

You won't pay anything directly for the CCCS DMP - it is paid for by the creditors. Now I wonder who is getting the most of of the deal...do banks and other lenders usually act charitably? Look on some of the history pages in Wikipedia for the truth about the CCCS.



...Nuff said.

Answer 2

Pretty sure that you might find all financial solution at: financial-care.info-

RE Anyone on a Debt management plan with CCCS?

I have recently sent away for a info pack on the debt managment plan that the charity CCCS offer. I was wondering what everyones experiences were with this and what they thought? I have heard a few good things about it but just wanted to get a few more opinon's. Also, does anyone know if you can spread it over a few more years if you want to lower the monthly payment you have to send CCCS to pay the creditors?
Thanks

Answer 3

Hi Karen
A lot depends on your situationa nd the amount of debt that you have. There are other options. A dmp will give you no creditor protection , they do not have to accept , they do not have to freeze interest so you can end up paying for years and years and get no where. With a dmp you have to pay the full amount of the debt none is written off and it will affect your credit rating. Look at all your options and would speak to a couple of insolvency practioners to get advice on the best way forward. The choices really are dmp, iva or bankrupcy again depends on the level of debt , if you own your own home, if you have disposable income. The latter two will write off a certain amount of the debt protect you from creditors and with the iva five years is the end of it, bankrupcy you can be discharged after a year and may make payments from your disposable income for up to three years but this is usually only 70% of it . CCCS wll give this sort of advice but are supported by the banks so I would get advice from an iP rather than them. First advice will be free and you are under no obligation. Check reviews for theses firms on iva .com . Doont go with the iva factories on the telly you need more personal service.
I am not saying that a dmp is no good , fine if you can pay the debt in 5 to 8 years.

Answer 4

A DMP with anyone merely extends the length of time you have to pay your debts off in full. Other companies charge for helping you with this, but generally the fees are taken from the amount you are deemed to be able to afford each month so it doesn't cost you any more. Obv if the service is free, more £ goes to your creditors.

IVA and bankruptcy limit the amount you will have to pay off to how much your assets are at the time they are put in place, or what you receive during their duration. Generally this means that you only pay part of what you owe.

IVAs are probably more expensive on fees, but it will be your creditors that effectively pay because the fees are taken out of what you can pay, although you will have to find some money upfront to implement it. Same with bankruptcy, if you choose to do it yourself.

Any option will base your payment on your ability to pay, rather than what you want to pay, but they should all take into account your reasonable living expenses.

Bankruptcy generally lasts a maximum of 1 year, whereas a contributions based IVA will be over 5. They both stay on your credit rating history for 6 years after they have finished.

DMP offers you protection only for as long as each creditor continues to support it. An IVA can be agreed by a 75% (in value) majority of your creditors, which binds all others (regardless of whether they agree to it or not). In bankruptcy they don't get a choice - you are bankrupt and that is that.

Your creditors will want to know whether you have any assets, such as a house that could be turned into cash to pay off your debts, but it is only your interest, not that of any joint owner that can be claimed.

Whatever you decide, it would be wise to take advice from an Insolvency Practitioner, or CAB who might refer you to an Insolvency Practitioner anyway. Most firms won't charge for an initial consultation and Insolvency Practitioners are licensed by one of 3 regulatory bodies. IVAs have been in the financial news a lot recently because a buch of creditors (banks and credit cards) are seeking to implement strict guidelines under which they will approve them.

I can put you in touch with an Insolvency Practitioner.

Answer 5

Citizens Advice Bureau are much more specialised at doing the same job

Most debtors start with CCCS but soon leave for the CAB instead. CCCS have no legal knowledge, they just get you to tell them who and what you owe and then they share out the surplus

CAB check the legailty of agreements...get u out of the ones they can. Check you are receiving everything that you should income wise and any top ups they think you should.They represent in the court and they ensure you have money to live a life before sharing out whats left. They do all the leg work for you

Answer 6

Hi I was with CCCS for over a year (until I lost my job!) I thought they were fantastic, the budget plan thet came up with was realistic, managing to include things like hairdressers, childs pocket money etc. As they are a charity and do not receive any fees as such they are not going to negotiate lowering the monthly fees so you get longer to pay it off, it is all worked out on your excess money after your realistic living expenses. My advice to you is to get creative with your budget before you go through it with them, but don't go to far as they may ask you to review whilst you on the phone with them. Seriously though they are very good at what they do and I was very pleased with them and there was a real satisfaction in receiving my monthly statement showing my debts going downwards! Good luck

Answer 7

that is particularly ordinary. I too recieved a examine for over one thousand funds at present. I called that # all of us is speaking approximately and it does look valid yet having pronounced that, i'm perplexed approximately the place the money got here from. I too replaced into in a debt administration software approximately 2 or 3 years in the past!! I DID have a Amex account. and that i did at last repay the cardboard without the help of the Debt administration software that replaced into being provided via 1800debtcounseler or some thing of that form. i desperate I didnt like their debt administration and cancelled it, and made my card funds on my very own. So now that is been some years and that i'm getting this wierd examine from American convey CDMP. WIERD... i'm so wierded out via the reality that i choose to throw the examine away ahah. one factor i do no longer propose is to deposit this examine into your account. i've got faith that the suited thank you to handle a examine like that is to take it to the issuing monetary corporation (US monetary corporation) and ask them to funds the examine for you. you do no longer choose an account and that could be a speedy and undemanding thank you to get your funds. i'm fortunate the examine's monetary corporation is a great chain. If it replaced right into a small monetary corporation, i does not have the capability to apply their centers and that i may be compelled to deposit the examine at my very own monetary corporation and danger the examine bouncing incase it does finally end up being fishy. So we will see. sturdy success to all of us who have been given those wierd exams. It does look that all of us DID have AMEX and a "Debt administration" service of a few form... hmmm...

Answer 8

You must always be careful with credit cards, car loans, mortgages and debt consolidation. Persoanlly, I was in debt of over $100,000 at one point in time, roughly 4 years ago. I am proud to say I am now DEBT FREE. It is very confusing on what to pay first how to chop down your debt, but there is a lot of good content out there to help. I have also started my own blog to help people out by talking about what I think is important. Check it out sometime!

http://credit-and-loans.blogspot.com/

Answer 9

spoke to a lawyer about these debt places and he said they are a ripoff. sorry . he said they just take your money and their cut of your money and it takes forever to pay it off. and you end up paying way more than you owed in the first place.

Answer 10

I have only heard bad things about this company, hope you do your homework before you decide to do anything with this company.