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Advice please-should I do take out a DMP-are credit card companies lowering interest

Last post Mon, Jul 13 2009, 6:26 PM by Pixie09. 3 replies.
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  •  Mon, Jul 13 2009, 6:26 PM

    Re: Advice please-should I do take out a DMP-are credit card companies lowering interest

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    You make one payment to CCCS and they split that payment between your creditors, they will give you a run down of who gets what usually the one you owe most to will get largest chunk.

    good luck

    • Post Points: 5

  •  Sun, Jul 12 2009, 9:46 PM

    Re: Advice please-should I do take out a DMP-are credit card companies lowering interest

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    Thank you very much for your reply-it has helped a lot. Is it ok to just pay off one creditor or will cccs make you divide it between them all? It is a scarey step but I think it has to be done. Thanks again for helping.
    • Post Points: 20

  •  Sun, Jul 12 2009, 4:45 PM

    Re: Advice please-should I do take out a DMP-are credit card companies lowering interest

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    Hi, I'm also going through with a DMP with CCCS, my view is that CCCS as a charity are quite good at negotiating with companies to reduce/freeze interest, i would also contact the companies yourself to request freezing interest- explain its in there interest to do so otherwise you wont be able to repay the debt etc etc.(i did this with Egg who stopped all charges and interest, Mint also will reduce your interest, HSBC and Natwest didnt in my case but i think its worth asking and fighting for it).

    I looked at other companies before CCCS and researched on the web etc CCCS do seem to be one of the best as they are free and have good links with companies, stick with them, if you have more than £300 spare one month why not start saving separately and then you could offer a lump sum to one of your creditors? Dont forget you can always change your payment to CCCS.

    I feel for me its a good option and it will also stop me being contacted by letter and phone regarding debts, i was drowning in debt repayment and late charges so i can live a little and i know that all my creditors will get something each month- better than nothing!!

    Good luck and i hope i helped a bit x

    • Post Points: 20

  •  Fri, Jul 10 2009, 1:28 PM

    Advice please-should I do take out a DMP-are credit card companies lowering interest

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    Hi there,

    Please can anyone advise me. We are in a lot of debt and I have had a phone interview with CCCS who say we can start a DMP which we can afford to do.

    I would like to know if others think it is a good idea because we will only be paying 300 a month off a 60,000 debt. They say some companies may not freeze or lower interest so then my debt would go up as I would be paying interest on the interest.

    Has anyone started one lately and would anyone be able to advise which companies are likely to lower rates and who don't.

    Any advice from anyone with a DMP would be really helpful as I am sat here totally worrried that I may be doing the wrong thing.

    Thank you in advance,

    • Post Points: 20