CCCS - indifference ?

Get expert opinion. This is the place for new questions to be posted.
11 posts Page 1 of 1
 
 

skint of leek

User avatar
Posts: 84
Joined: Wed Jan 21, 2009 6:44 pm
Location: United Kingdom

Post by skint of leek » Mon Oct 24, 2011 2:09 pm
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?

cheers
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Oct 24, 2011 2:35 pm
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
 
 

oscar

User avatar
Posts: 907
Joined: Thu Nov 27, 2008 10:24 am
Location: United Kingdom

Post by oscar » Mon Oct 24, 2011 3:08 pm
Hi skint I echo what Foggy's said. Go on check it out. Best wishes
Oscar
http://rollercoaster.blogs.iva.co.uk/

need to smile today? go on check out my blogs - I'll add to them regularly
Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
 
 

luluj

User avatar
Forum Expert
Posts: 11333
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Mon Oct 24, 2011 5:50 pm
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.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
 
 

Tina Shortland

User avatar
Posts: 2950
Joined: Tue Jan 05, 2010 11:30 am
Location:

Post by Tina Shortland » Mon Oct 24, 2011 5:57 pm
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,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
 
 

skint of leek

User avatar
Posts: 84
Joined: Wed Jan 21, 2009 6:44 pm
Location: United Kingdom

Post by skint of leek » Tue Oct 25, 2011 8:53 pm
cheers all

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
 
 

kazzafunk

User avatar
Posts: 4749
Joined: Sat Mar 19, 2011 6:47 pm
Location: United Kingdom

Post by kazzafunk » Tue Oct 25, 2011 10:40 pm
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.
Kazza

Please visit my blog:
http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
 
 

kallis3

User avatar
Forum Expert
Posts: 77166
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Oct 25, 2011 10:44 pm
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
 
 

size5

User avatar
Industry Expert
Posts: 3104
Joined: Fri Nov 23, 2007 7:22 pm

Post by size5 » Wed Oct 26, 2011 9:50 am
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.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Wed Oct 26, 2011 10:06 am
Hi

Your case is interesting

£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.

Regards
Andam Davies
 
 

skint of leek

User avatar
Posts: 84
Joined: Wed Jan 21, 2009 6:44 pm
Location: United Kingdom

Post by skint of leek » Sun Oct 30, 2011 7:04 pm
yes at least its going down, when I look at my statements from them it shows that I have paid approx £25,000 back

if only i could have truned back the clock, I'm a product of Thatchers Britain!! lol
11 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”