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Hi all,

 

I have started a dmp with cccs which has been running for two months now. All bar MBNA have agreed to participate, so they are chasing me for more money, which I dont have. I am thinking that an IVA might be a better option as all of the debt will be squared away in 5 years.

 

In terms of credit rating, that will be screwed now anyway so what do you think??

 

I would say that an IVA is the right option for VERY few people.

 

Are you a homeowner? How much is the debt level? How much can you afford a month to pay?

 

Yup, it's very likely that your credit file has already taken a bit of a hit.

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Hi Sequenci,

 

Yes I am a homeowner and the debt is about 30k. I can afford about £500-£600 per month.

 

A DMP is bar far the better option as an IVA is likely to have an equity clause which could expect you to refinance the house. Technically, I wouldn't class you as insolvent as yo ucan clear your debt in a reasonable period.

 

A DMP is a lot less risky and has the added benefit of being way more flexible. Providing the creditors freeze the interest and charges you should be able to clear the debts within 5 years. An IVA is usually a 5 year arrangement.

 

I would suggest, however, getting some sold debt advice from one the debt charities just incase there are any mitigating issues that haven't been considered.

 

Hope this helps.

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Hi Sequenci,

 

Yes I am a homeowner and the debt is about 30k. I can afford about £500-£600 per month.

 

I am helping someone with over 80k's worth of debt and he's in a dmp paying £125 pmth over 37 yrs...£500 should sort it!:p

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I am helping someone with over 80k's worth of debt and he's in a dmp paying £125 pmth over 37 yrs...£500 should sort it!:p

That poor soul is in for a lot of phone calls in the years to come.

HALIFAX: 13/01/07 Sent S.A.R - (Subject Access Request) letter (marked as rec'd 16/01)

Paid in full in March 07

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Do his creditors know this. Maybe all the more reason for them to try and squeeze as much out of him as possible.

HALIFAX: 13/01/07 Sent S.A.R - (Subject Access Request) letter (marked as rec'd 16/01)

Paid in full in March 07

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Can't believe some of this, i was told yesterday that we need at least £200 surplus a month before they will take us on a dmp, we owe £24K

 

Who told you that?

 

How much surplus do you have?

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Hi people,

 

I have been with Payplan for over 2 years, initially paying £117.00 monthly. I had to alter this to £47.00 (they still took the monthly payments), I'm now paying £72.00.

 

I believe that once you get on the plan they have no choice but to take the reduced payments (even over a prolonged period) and would rather have you on board than not.

 

maybe fiddle your figures for a couple of months then offer a reduced amount (you can amend your budget online) due to your 'new' circumstances!!

 

SHERLOCK

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  • 3 weeks later...

hi all still thinking of doing dmp plan just 1 question do you have to send proof of payments eg elec and gas bills monthly bank statments every so often or do they just take your word of what you have to payout thanks

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hi all still thinking of doing dmp plan just 1 question do you have to send proof of payments eg elec and gas bills monthly bank statments every so often or do they just take your word of what you have to payout thanks

 

I don't think they will need that much detail, so long as your outgoings are within their guidelines figures. They may need bank statements and proof of income.

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  • 2 weeks later...

Hi all - can I ask, if I do go for a DMP (with CCCS, one of the options on the table at present) does this preclude ongoing disputes with some of the creditors? We are not talking statute barrred here, more fee, charges, (a couple that appear unenforceable)? I am tempted to go the DMP route as lucky enough (at present) to have disposable income that would mean they can accept me but do not want to loose the right to go after some of them for their failings? (after all I am going to be paying for mine!!) :(

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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  • 4 weeks later...

I had a excellent service from CCCS, and a not so pleasant experience with Payplan.

 

Paypal refused to help as I had less then £100 left a month. CCCS asked I had £5 per a creditor as a minimum.

 

CCCS were great, set up easy and we set up a direct debit. However my income changed and I was unable to honor my £5 per a creditor rule. CCCS cancelled my DMP and they told me to speak to CCCS's bankruptcy and Debt Relief Order team. I spoke with these guys who sent me through all the documents and processed my application, after 3 phone calls and 2 hours, my debt relief order was processed and approved. I cannot thank them enough for their help, I can finally answer my calls and say Sorry, you can't take action as I am on a DRO and I can open the post without fear of a court date or balliffs. CCCS we love you! :p

August 2010 - Debt Relief Order Ends! :)

Complaint with FOS re: Bank Charges - Financial Hardship

 

Email me for advice on DRO/DMP

 

If I have been of any help, Please tickle my scales

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  • 5 weeks later...

Hi Everybody, i have been with Pay Plan for 6 months and have found them to be fine, i was paying 100.00 but this has dropped to 25.00 due to financial reasons, the only problem i have is that the tsb are refusing to freeze interest on my 2 overdrafts and the payments to Pay plan are no where enough to cover these charges.

 

By the way has anybody tried to get charges back from Tradpro

 

Kind Regards

 

Mike

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  • 2 weeks later...

hi, I have been over on the bank forum for a few years and cca all my credit cards, I think this has in a way got me in more financial trouble as my banks then called in their overdraft facilitys and all the credit cards i had remaining cut my facility to 500 and no balance transfers anymore at 0% this was all due to mbna and bcard putting negative entries on my credit file whilst the dispute over my cca went on.

I had no choice but to go for A dmp, initially I was set on an Iva but i have a property with my husband which had equity in and this route looked very dodgy. I initially rang payplan but did not find them particularly good, I had a rushed telephone appt with someone who seemed irritated by all my questions. he also gave me wrong information and i had done my home work. He told me I woiuld be debt free in 5 years, but I said to him what about the interest they freeze, can they then ask for it back, it said they could, which didnt leave me debt free necessarily after all. there was also problems with possible charging orders he didnt tell me about. I was asked to pay a very high amount of 367 which would leave me around 50 quid a month spare, I was in turmoil. I rang him back and he seemd a bit more human and we agreed a figure of 300. I then rang CCCS and found them to be far more professional and understanding going over all my options, they did ask for copies of all my bank statements and wage slips etc but thats ok. they told me i would have to pay around 267 for 7 years which is more affordable. I am just sending the paperwork back and although i am just starting out, i hope it will settle down. My biggest nut to crack is nationwide who unfortunately i have 2 cards with debt cards and one credit card they wont freeze interest and are horrible can anyone tell me if they are likely to freeze interest.

muffintop

Won Nationwide £900 and £1908 Bank Charges

Lloyds personal account 1,861

Lloyds Bus Account 2k

Abbey bank acc. Stayed 2008

 

CCA requested Barclaycard Nov 08 - n1 issued - GAVE UP

CCA Mbna Nov 08- n1 issued - GAVE UP

Marks and Spencer Money Nov 08 -lost found 2b enforceable.

Tomson Holiday - WON

 

if I help you tip my little scales it gives me a thrill. MT

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  • 1 month later...

When I first got into trouble with my card repayments I contacted payplan as I was advised by a family member that they would sort all my problems out for me and get the creditors off my back. I was bitterly disapointed when they told me that they couldn't do a thing because my income was at a deficit before I even got to paying creditors. This was a year ago and the first one is taking me to court next week. I guess payplan can work for some people, but only if you actually have a surplus income. I can't imagine ever having a surplus income again!

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Hello Muffintop,

 

I have said this before on CAG but will mention again......

 

These are my findings with CCCS ....

 

Be very careful with CCCS ....... I have been with them for some years now and although they have / are helping me I must stress that some of the information they give is not correct regarding DCA's etc.

 

The most important thing to watch for is when a creditor sells or gives your debt to a DCA to collect then CCCS are informed electronically by the creditor / new DCA and then CCCS automatically change your monthly payment to the new DCA. This is in my opinion totally wrong and I have now got a red marker on my account saying that payments must not be changed over without my authority. (Which incidentally has been completely ignored twice so far by CCCS and I have had to contact them and have the payments put back to original creditor). Also be warned that when you check your account online with CCCS it shows who you are paying each month ........ one of mine says I am paying the original creditor BUT I know for a fact that the payment is going to a DCA (I have the statements from them) ...... but in this instance I am happy with that arrangement.

 

Take note also that when you sign with CCCS you give them permission to liase with your creditors ..... It might be complete coincidence but stupidly I gave CCCS a telephone number to contact me that I would not and did not give to creditors ....... two DCA's have so far called that number after they had their payments stopped (by me) from the CCCS!!!

 

Also I found that the CCCS operatives are not very interested or indeed knowledgeable when I start talking about CCA requests and creditors or DCA's in default of such requests. I have stopped payments to several creditors because of disputes but CCCS were very very reluctant to actually stop paying them. I am not certain but I believe that the banks fund CCCS which could possibly explain my grievances.

 

So ..... in my case .... it was good and easy to have CCCS start a DMP for me and keep creditors off my back (most of them) and the CCCS staff were very obliging ......... BUT since finding CAG and fighting for my rights I now have to keep a very very close eye on who CCCS are actually paying each month and I find they are not now so interested to talk to me!

 

Hope this post helps.

 

Onwards and Upwards

 

Chalkitup

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Also I found that the CCCS operatives are not very interested or indeed knowledgeable when I start talking about CCA requests and creditors or DCA's in default of such requests. I have stopped payments to several creditors because of disputes but CCCS were very very reluctant to actually stop paying them. I am not certain but I believe that the banks fund CCCS which could possibly explain my grievances.

 

This is a good point. The likes of CCCS and Payplan are not very well trained in the areas mentioned, their service is really designed for those who are keen to enter into a repayment arrangement with their creditors and not challenge anything. Although they get funding from the banks and government etc. they should be independent although I know that they are very DMP/IVA centric compared to the likes of National Debtline who do not have their own in-house DMP/IVA services.

 

i think the key here is to use a DMP to pay debts which you feel you owe and use the CCA route yourselves if you have any that you wish to challenge.

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  • 2 weeks later...

I went with PayPlan over a year ago, initially paying £200 amonth on a £24K debt, partner lost his business in october last year and we could only afford £50 a month to payplan. I found them very distant when trying to explain our predicament, my "handler" was hardly available to talk to, I was told that I had to wait 2 weeks for a telephone appointment as there were others that were worse off than I ! Yeah accepted there probably are others worse than I, but my problems are my problems and may seem little to others but are big to me and though they agreed to £50 a month, I was agast to discover that after a few months on this, we were actually more in debt than when we first started, due to the interest and charges that were applied. even though I had asked payplan about this they said they had written, when quite clearly they had not.

 

So we had to borrow money and set up an IVA with another company, and so far they have done what they said they would, and to be hones though it's £100 a month more (£150 amonth) I am a lot happier, as they deal with all the threatening letters from the creditors and are always happy to talk toyou on the phone, as well as all being in this country and not outscourced to India as most of Payplan employees are.

 

To top it all, I have (rightly or wrongly) not been intouch with Payplan to tell them about the new company and the IVA and they have not even written or tried to contact me to say they have not received payment for the creditors..... So all in all not a good experience with PayPlan

:lol: GASS
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To top it all, I have (rightly or wrongly) not been intouch with Payplan to tell them about the new company and the IVA and they have not even written or tried to contact me to say they have not received payment for the creditors..... So all in all not a good experience with PayPlan

 

Who is your IVA through?

 

Are you a home owner?

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  • 5 months later...

I've had quite a few experiences with CCCS and payplan and my other companies that do the same thing.

 

I have had a DMP with CCCS and found them extremely helpful only when i was able to pay each of the creditors.

 

I have sine taken all the details and taken up dealing with each of my creditors myself.

 

The company and department i work for is for the debt collection so i know how it works from both sides. CCCS actually charge the creditors for the service and their main purpose it to counsel people and set up payments. In this experiene most of our clients have a better experience from CCCS s its a free service. There are companies charging £150 a month in debt management fees.

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  • 2 weeks later...

NEVER pay for this service!!!!!

 

CCCS, National Debtline and Citizens Advice Bureaux make no charge along with others.

 

Payplan and Grant Thornton make no charge for IVA - the creditors pay them!! They can also, if circumstances are right, save your home so their FREE service is worth following up.

 

Bankruptcy at present is a viable option for those who are desperate - there is no guarantee - but more often than not there is negative equity and the Official Receiver is often letting people keep their homes for 3 years until there is possibility of at least £15k equity, or after 3 years the home is saved it would appear.

 

Payplan and Grant Thornton may have different criteria! Payplan require at least £200 disposable income per month. Try Grant Thornton if that is not your case BUT for an IVA you must have SOME disposable income for the next 5 years.

 

DMP are becoming more of a 'short term solution' and at the end of a term (maybe 12 months) renegotiation is becoming more difficult as time goes by. I am receiving many letters from creditors now saying the term has ended and they 'want their money' (not a quote)

 

It seems to be more unscrupulous by the day -but that is only my 'feeling'.

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Both Payplan and Grant Thornton make money from IVA's, they would take a percentage of the debtor's payments. There may also be an equity clause if there is a mortgaged property.

 

I would also go on to say that an IVA is the right option for less than 5% of debtors.

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No one stated they did not make money - true

 

IMPORTANTLY - they do NOT charge!!!!!!!!!

 

Believe it or not - the creditor pays them. They take a percentage of the agreed payment and this is agreed with the creditors.

 

So, your income has your expenditure deducted leaving you with what is called 'disposable income'

 

Disposable income is shared between your creditors.

 

PayPlan and Grant Thornton offer this to your creditors.

 

They have to have a 75% agreement by value of what you owe.

 

THERE IS NO CHARGE to you.

 

Payplan and GT take their fee AFTER this is sorted.

 

What does it matter if it only applies to 5% of people - not contested as I don't have exact figures.

 

What matters for the 5% is - do not pay anyone to do this.

 

Some companies do this and have around £150 pcm charge. Don;t pay - it is free!!!!

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