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I've been looking at the Consumer Credit Counselling Service website, specifically the bit about a DMP (http://www.cccs.co.uk/faqs/debt_management_plan.aspx) (which I had not previously heard of). This sounds like it might be a good idea for me - but being cynical and seeing so many 'helpful' websites out there that are just aimed at getting me to sign some kind of contract with them I thought I would ask you lot.

If they really can help to organise a DMP (and for free) then I could leave my personal loan to one side, as well as the unsecured part of my mortgage, cut my outgoings by around £200 and still pay off all my debts within 5 years (even less, once my loan is finished).

I've already arranged telephone meetings with a couple of IPs but haven't contacted CCCS as yet.

CCCS are a reputable company and have been used by posters on here.

Payplan are another good one who don't charge you either.

However, the creditors will get back roughly the same as if you were paying fees. Although you will be paying back 100%, the creditors then pay a percentage across to CCCS and Payplan as their fees.

Hi
The CCCS are a charity that is funded from creditor contributions.
They are 100% safe and above board.
All your contribution will go to the creditors, although you will only ever repay around 87% of your debt. If you use a fee paying debt management company you will repay the full debt but over a slightly longer period.
You can't leave a loan out of a plan, as you will be favouring one creditor over another. However I will be interested to hear what they advise with regards to your unsecured loan attached to your mortgage.
Regards

The unsecured mortgage must be included in any scheme of arrangement you come to with your creditors.

Hi
Do you think that CCCS/ or any DMP company always include Northern Rock Together loans in DMPs ?
I have my doubts
Regards

Andy,

In theory they should as it is unsecured so not to do so would be preferential, however I am aware that some organisations don't do it, or try to avoid it if possible may be a more accurate reflection.

Regards.

Hi
Yes I have come across this myself.
The trouble is that if the unsecured part is kept out then why would NR accept an IVA knowing that they will not be part of a DMP if they reject.
Regards

Hi We used CCCS atfer our bank recommended them to us as we were having difficulty paying off our debts. They were brilliant. Really helpful and always there when we needed advise and it didn't cost us a penny. After being on a DMP for nearly 3 years they suggested that we would be more suited to an IVA and recommened a Company to us (as my husband is self employed).
I would have no hesitation whatseover in recommending them.

Good luck.

Hi
That is good to hear
Regards

Hey Scorpious - which company did they recommend to you for an IVA?

Also what year?

thoroughlyfedup wrote:

I've been looking at the Consumer Credit Counselling Service website, specifically the bit about a DMP (http://www.cccs.co.uk/faqs/debt_management_plan.aspx) (which I had not previously heard of). This sounds like it might be a good idea for me - but being cynical and seeing so many 'helpful' websites out there that are just aimed at getting me to sign some kind of contract with them I thought I would ask you lot.

If they really can help to organise a DMP (and for free) then I could leave my personal loan to one side, as well as the unsecured part of my mortgage, cut my outgoings by around £200 and still pay off all my debts within 5 years (even less, once my loan is finished).

I've already arranged telephone meetings with a couple of IPs but haven't contacted CCCS as yet.

You can do what you propose through a DMP but not with an IVA. Also you need to establish if in a DMP will interest be frozen.

You need specialist advice so speak to one or two IP's. Visit www.iva.com and see reviews on many and select therefrom - let us know how you get on.