I've been with CCCS for a coupe of years and its been hassle free. Recently a number of my creditors have started charging interest. Not a hugh amount given the outstanding credit but when you add it up its close to £200 a month out of the £860 I pay. Just noticed today that the Coop have charged £82 interest - I pay them through CCCS £98 a month!
When I've called CCCS in the past about the interest they've told me its for me to discuss with the creditors. I've called the creditors and funnily enough no joy - they explain that the small amount of % charged on the outstanding balance is a reflection of the lower payments. On the whole I get that but the Coop are well and truly putting the knife in.
Anybody else experiencing the same CCCS response and did you have anyjoy with your creditors - if so what did you say?
I have no personal experience of DMPs, but this is a good example of why they don't work long term. With interest being charges you are never going to clear the balnace. Indeed, with co-op you are merely paying interest only and will never be clear of the debt!
As for CCCS claiming it's for you to be negotiating with your creditors ..... What are you paying CCCS for ??!!
Might I suggest you pop over to www.iva.com and speak to a couple of the firms represented there, to explore all options. The advice is free and without obligartion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sorry I have not had any dealing with a DMP, but I would advise you to consider what other options you have - would an IVA be more feasible considering what you are paying out each month - in five years time you would be debt free, whereas your DMP is likely to be ongoing beyond that ! Use www.iva.com as a comparison site and discuss your options with some of the IP's on there.
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There is a solution for everyone .... Just need to stay positive !
Hi skint of leek - its a never ending battle when the interest starts racking up.
You are paying a high monthly payment - depending on how much overall debt you have an IVA may be a better way to resolve your debts however if you are due to finish in less than 5 years time it won't be.
I would go over your circumstances with a couple other companies just to make sure you are on the right track - and unfortunately if a DMP is the only viable option for you I'm afraid you will have to stick with it. You could always approach another DMP company who will charge a monthly fee yes, but they may have a much better track record of getting interest frozen and handling the creditors for you - you shouldn't have to get involved at all apart from making your payment.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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i did think about an iva first but when i spoke to one of the firms they said i would have to pay approx £1300 a month - no chance! Also wife didn't want a formal/legal thing which would be registered somewhere or other!
COOP said there was an error and this will be rectified
at least the DMP allows me to live worry free to a degree
I would still contact another couple of firms from www.iva.com if I were you - you may find that the IVA is more affordable and at leat you know you are protected from interest being loaded, creditors changing their minds about the dmp etc.
I did my DMP through a fee paying company and interest and charges were frozen from day one and I had no problems with creditors at all.
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 have watched your case with more than a little passing interest over the last couple of years SOL, and it is really good of you to keep us informed of your progress. Hope the Co-Op do indeed come up trumps for you.
23+ years in debt advice
I do not post for anyone other than myself
£860 going via CCCS to creditors, less the £200 interest still charged. A commercial DMP company would probably charge a maximum of £100 per month but would be working with your creditors to get all interest frozen and this may mean that £100 more is coming off your debt each month.
However at least you are reducing your debts by £660 a month, a good result
One of the most important aspects of a DMP is not what it is costing but what is happening to interest and charges.