DMP co vs CCCS

[Lee.tr]

Or if you didn't want an IVA, contact each lender with a letter explaining your circumstances and ask them to freeze interest for 12 months as it would be in there best interest...? They might so no but you don't get if you don't ask! Worth a try, if not then look into an IVA but one thing to be careful of is you have to stick to rules and budgets, any extra earnings i.e overtime at work, you have to pay 50% and that goes for any type of bonus

[Foggy]

We can all recommend great IP's, Boomer, but really you need to speak to a few to see who your are comfortable with. After all it will be a five or six year relationship.

Mine is RSM Tenon, who have been really great, went through all my options with me, before I decided IVA was the one I wanted to follow. Then were a great help with the figures and putting the peoposal together, very efficient and friendly. I have been with them 14 months now, and have no real comlaints.

I would recommend a chat with Melanie Gile's team and also McCambridge Duffy.

You don't have to do an IVA, but it's good to have all the gen.

[kallis3]

It is not guaranteed though - personally I would look at an IVA. Boomer needs to look at all the options available.

I have done a DMP and an IVA and would recommend the IVA every time.

Sticking to a budget is good - it's not being able to stick to a budget that got most of us into trouble in the first place.

We all want to pay back as much as we can to our creditors and if it means paying back extra through overtime/bonus then brilliant!!!

You will always owe 100% to your creditors regardless and that is what we all intended when we signed up to loans in the first place.

[Ryan]

Boomer,

It seems like you have the knowledge and sense to do our own DMP.
You can write the letters and enclosed your income and expend, request they stop all interest and changes and see what the response is.
If you have no luck or uncomfortable with this, then go with a DMP company or get in contact with me and i can help.

[size5]

My own personal experience, for what it is worth, is that if there is ever a straight choice between IVA and DMP then IVA wins hands down almost every time. I would also say that it is definitely worth taking the time to speak to a professional, again www.iva.com is a good place to start, to go through your budget. I don't doubt your own maths as far as your budget is concerned, but I do find that in around 80% to 90% of cases people generally over estimate their ability to repay via their disposable income, and therefore any payment expected may be lower than you think. If not, then still worthwhile as you will have had a trained eye just confirm your own calculations.

Regards.

[Michael Peoples]

I can understand your cynicism about the CCCS but they do state that they are impartial and act for the clients while only being funded by the banks. I agree with Ryan that a self administered DMP might be the best option. If creditors do not agree to the payments then just do not pay. Eventually they will send the debt to a collector who will freeze interest and be happy to accept what is on offer. An IVA may also be an option depending on your income and expenditure but a DMP may be best if you can clear everyone in full within five years.

There is a danger that some creditors can reinstate interest and your DMP may not be over in five years but that is a risk you need to consider.

[Foggy]

There is a DIY DMP guide over on the beatmydebt website, which might be worth having a shufty at.

[kallis3]

There is also this site as well:

http://www.debthelpcharity.com/

[Tina Shortland]

Hi Boomer - although this forum is on the iva.co.uk website it is for anyone needing debt help and looks at all options. Even when you speak to any of the experts they should all discuss the various options with you and you may find that you still end up doing a DMP or you may find after learning more about the process and implications than you steer towards an IVA.

One thing is for sure, no matter who you speak to you must only proceed with a solution that you feel best suits your circumstances and with a company that you feel will be there for you throughout the term. A lot can happen along the way so you need to feel comfortable and well informed from the start. Companies can vary greatly in their approach, results and methods of working so this is why everyone recommends speaking to more than one.

[Rosepetal]

hi,it is a big step. our IVA was the best thing we did. a IVA gives you protection.

we went with Melanie Giles - our first call was with Tina (Mel's team),she was brilliant to talk too. we didn't feel judged/rushed.

we also spoke to McCambridge Duffy who also have very good feedback.

a couple of calls will cost you nothing. it would be up to you if you go ahead.

many people who post about DMP's do later go into a IVA saying they wish they've done the IVA sooner. take your time.
good luck.

[dapplewillow]

I have a DMP with CCCS. I chose them after being recommended by someone who'd been with them. All of my creditors have frozen interest and charges and about half have sold to debt collectors but I've actually found the debt collector companies easier and more understanding than the creditors. Hope this helps xx

[Imhotep]

I have an IVA with CCCSVA and I can confirm that they are impartial.

Correct me if I'm wrong but on a DMP do you get defaults recorded monthly on your credit record? So that would mean that your credit rating would take another six years to improve after your DMP concludes?

As I understand it defaults stop when an IVA is approved?

I hope so as our car will be like a Flintstones car in 5 years time!

[kallis3]

When I did a DMP then some of my creditors defaulted and some put it down as a 'Special Arrangement'. Once a DMP is finished then everything should be marked as settled as you will have paid back in full.

Defaults will appear on your record when you are in your IVA and the creditors are quite within their rights to do it, however, once you have completed they have to remove any that were added after the date of IVA approval.

[Imhotep]

That is something you would not get with a DMP if I understand it correctly.

Defaults (or 'special arrangements') are added every time you default for the duration of your DMP then it takes six years after the last one recorded for them to 'fall off' your credit rating.

Personally, I couldn't sleep with the uncertainty of a DMP hanging over me. But it all depends on amount outstanding / time taken to pay it off etc.

[housewife12]

Hi Boomer we also had a dmp with Cccs we had this for four years all our interest was frozen and almost all have been sold on to other companies,i agree Cccs are inpartial and in my experience couldnt have been more helpful as it would have taken 15 years to pay our dmp off, we were offered an Iva and are now in our last year.