Credit Card Debts and DMP with CCCS

[Gryff]

Hello

 

I hope someone can help or point me in the right direction.

 

I have debts with credit cards, loan & overdraft, the loans and overdraft are not the problem only the credit cards which are spread over 4 accounts.

 

I have enquired with CCCS and they suggest a Debt Management Plan but would only consider if I include my overdraft and loan. I could manage the loan and overdraft, it is the interest on the cards that is getting out of hand I am only just making minimum payments with nothiing left over to live on due to them increasing the minimum payments and recently I have been taking out payday loans to live (I know downward spiral).

 

My question is would you recommend going with the DMP and starting all over again or can I tackle the card companies directly to come to an arrangement for them to stop the interest and actually pay the things off.

 

I also re-jig my mortgage deal every 2yrs to get a better deal would this effect doing so in future.

 

Let me know if more info needed and please move to a more appropriate place.

 

Many thanks

[robbie2009]

I could manage the loan and overdraft, it is the interest on the cards that is getting out of hand I am only just making minimum payments with nothiing left over to live on due to them increasing the minimum payments and recently I have been taking out payday loans to live (I know downward spiral).

Hi there, To ensure that all creditors are being treated fairly you have to include all debts within a DMP (or via self-negotiating). You cannot pick and choose creditors.

My question is would you recommend going with the DMP and starting all over again or can I tackle the card companies directly to come to an arrangement for them to stop the interest and actually pay the things off.

Either way is designed to achieve the same end result - so it's just a question of preference.

[rebel11]

Hi gryff

 

Thread moved to the correct forum.

 

Have read of 1,2 and 3 in my signature.

[Gryff]

Thanks for the reply.

 

Any idea on how it effects future credit and my ability to find a new mortgage deal when my current one expires.

 

Many thanks

[rebel11]

Other Caggers will be along.

 

Thanks for the reply.

 

Any idea on how it effects future credit and my ability to find a new mortgage deal when my current one expires.

 

Many thanks

[BRIGADIER2JCS]

Have any of these accounts been defaulted yet,

or show late/missed payments?

Have you checked your CRA files.??

[Gryff]

Hi

 

Most are up to date but am in a bit of a pickle this month with being down on my wages and work pay date moving. So will get everything back upto date before obtaining new basic account, I'll try Santandar as my motgage is with them.

 

At least with a DMP I can start over no more credit for me.

 

Thanks