Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Its still sore but I havn't taken any painkillers today. Also I have been out on site most of the day so not sat at my desk so much. I am thinking that slouching at my desk might not be helping. So instead I come home and slouch over the desk here.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I thought that all of the money went to creditors (in a CCCS case) and that creditors then pay a contribution back to CCCS by way of a collection charge. So technically don't creditors get paid back in full?
Well yes and no. Since they have to refund to CCCS 13% as a collection fee so they only ever receive against their debt 87%
Last edited by David Mond on Sat May 23, 2009 6:51 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Whatever the payment arrangements for collection are between CCCS and the banks is irrelevant as far as the client is concerned, and outdside the credit contract.
CCCS clients get a full credit of 100% of their payments against the account and not 87% so far as I am aware - ie there is no write off recorded.
Last edited by MelanieGiles on Sat May 23, 2009 2:18 pm, edited 1 time in total.
The point I am making is the fact that doing a Debt Management Plan with a commercial sector firm will yield net to the bank 100% whilst through CCCS only 87%.
So from that perspective the bank is better off after all costs are taken into consideration.
Remember CCCS do not reconcile what is owed and what is paid with the debtor and leaves it to the debtor to check and reconcile with the creditor. So the service with a commercial sector DMP provider is probably better.
Last edited by David Mond on Sat May 23, 2009 6:27 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Other Debt businesses will try to get any debtor on their books for othet debt services if they can't market you an IVA. Its just business, and DFD is the biggest around with SHARE HOLDERS.
There is nothing wrong with having shareholders, unless you only want the CAB offering debt solutions.
I agree but the CAB cannot cope and most of it is self help anyway!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
