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DJ83
Starting Member
10 Posts |
 Posted - 28 October 2009 : 21:55:14
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| A company who charge two months installments have suggested that i take out a debt management plan with them. They criticised the CCCS saying that they aren't actually a charity, that they work for creditors, and that they keep the first few months of installations. Two of my friends have Debt Management Plans with the CCCS and speak very highly of them. Does anyone have expereince with the, or recommendations as to who I should use? I am still unsure whether this is the best route or bankruptcy. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 October 2009 : 22:05:32
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It's who you feel comfortable with.
The CCCS are funded by creditors. All of your monthly payment will go to the creditors, but they then pay the CCCS.
If you go with a fee paying DMP company they will deduct their fees from your monthly payment. You may end up making more payments, but your debts will be repaid in full.
Have you taken advice from an IP yet? A DMP is probably the best way forward for you at the moment as you don't seem sure of what you are doing.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
28 IPA payments made, 8 to go - in single figures! |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 29 October 2009 : 00:04:57
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the cccs are very good! all of what you pay them is divided and payed among your creditors from the first payment....i was with them for a year before i went br.
MAC |
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DJ83
Starting Member
10 Posts |
Posted - 29 October 2009 : 12:20:26
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| I spoke to the bank manager who advised contacting the citizen's advice bureau. I have spoken briefly to the CCCS, but it seems like my repayments would go on for years and years. The private DMP also suggested the same. The Bankruptcy papers arrived yesterday, so I also want to look at them to see if i am eligible, and whether my £510 will be refunded if I am not apprioved for BR. It seems that way I can pay off my debts in 3 years ratehr than about 12? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 October 2009 : 12:38:14
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If you are insolvent you would not be refused BR providing you have taken advice.
From what you've said it appears that you will have disposable income once you have made some cutbacks, so have you taken advice from an IP about your circumstances? If not I would suggest looking at www.iva.com and contacting 2 or 3 companies.
Regarding the payment, if for any reason you are refused BR I don't know if you would get the money back.
If you don't mind me asking, how much do you actually owe, and how much disposable income do you have once you take out all of your debt repayments and make some realistic cutbacks?
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
28 IPA payments made, 8 to go - in single figures! |
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CCCS vs Debt Management companies
