been moved to to payplan from debt matters

[lauren.f]

I have been moved to to payplan from debt matters, i have been with them over 2 years and want to know -does this not mean they have broken their arrangement with me? also will the iva start again from scratch?? if this is the case - i might be better going bankrupt - i am still to receive any further info from payplan do discuss this.

[ianmillington]

It's nothing to worry about at all. DM have sold their IVA book, and your case has been legally transferred to Payplan. It continues as previously, on the same terms and for the same period. The bank account may even stay the same. All that has changed is the name and address of the Supervisor.

Hope this puts your mind at rest.

Ian

[lauren.f]

This is not the case - today i received a letter and terms and conditions from payplan and there will be changes to the agreement, there is a fee added to the original arrangement of £500 for change over and the term will begin again as this is a new contract. I am really not happy about this and was wondering can they do this. Debt matters broke the agreement i had with them and now this company want 25% of the outstanding agreement and a further £500 for costs and there could be more costs depending on the term, agreement, payments etc!! I am not willing to sign these documents and i urge other people to read the terms and condition first as they are hoping everyone just signs and sends it back - they will be rolling in the money. I for one will be seeking advice 1st thing monday from Citizen Advice Bureaux. After paying for 2 years they are saying they will add a further 12 months to the agreement (this is to add all there fees in and give us more time to pay their charges). I truly am not happy and as this is already classed as BANKRUPTCY which it also states on the letter - i feel i should do this as it only lasts 9-12 months. Any feedback would be happily accepted.

[MelanieGiles]

Lauren

You will only be required to pay more money if you are in default, and it is not a new agreement so you will receive full credit for the payments you have already made, and the IVA will finish at the time you originally envisaged (so long as there are no arrears). Why not give this firm a chance - you might be pleasantly suprised at the level of service you actually get.

[lauren.f]

i have tried to call payplan with the number from the letter they sent and it is OUT OF SERVICE! I should not have to be the one chasing them, if they want my money they will have to now contact me as i have no numbers for them.

Lauren

You will only be required to pay more money if you are in default, and it is not a new agreement so you will receive full credit for the payments you have already made, and the IVA will finish at the time you originally envisaged (so long as there are no arrears). Why not give this firm a chance - you might be pleasantly suprised at the level of service you actually get.

[greenback]

Hello, I have been transferred as well and all this has already been discussed in depth under the other DM main topic.

Basicly unless you have defaulted {messed up your IVA payment/ gone into arrears etc}
They can not change your original agreement without your consent - they can however apply for a higher fee charge but this has to be agreed by the creditors and again they can not change your original terms unless you have defaulted in some way.

If you have defaulted or have already signed and returned to ok the new agreement you will now have a variable IVA IF agreed by your creditors in the next court meeting to aprove the changes - but be warned if you have a clean IVA history this will give the creditors another chance to restructure your IVA and possibiliy add extra clauses and new restrictions to you new agreeement - also they can then add the new fees and as all present payplan agreements they run are over 72 months can extend your payment completion date - of cause this is a two edged sword as yes if you have defaulted you will be given another chance but at the cost of your IVA running longer than you planned - also I expect your creditors could demand you pay the IVA longer if they are not happy with the current level of returns on your debt.

If you have defaulted I am afraid you have no say in the matter and your IVA will fail if you do not agree to the new terms

If you have a faultess IVA history they can not change the terms without you consent or extend the payment conclusion date.

I was ibnformed from DM that the standing order you pay with will automatically transfer to payplan from March onwards so you do not need to setup a new standing order.

I suggest you read you current DM IVA in full and access whether the new terms that payplan are offering 'varible' or not will benefit you as much as them.

If you have not defaulted you have an option to keep your existing terms but if you have defaulted your hands are pretty much tied.

[MelanieGiles]

Has anyone else caught up in this transfer had difficulty in calling the helpline number? Lauren, could you try again tomorrow and if this is still the case I will try and find you another number.

[goulda]

Hi Melanie,

I have transfered and posted in other places on this topic.

I am with Grant Thornton and have spoken to my case officer my IVA is set up on the internet and I have been assured that nothing will change and I will only pay 60 payments as per my original agreement and they will conduct annual reviews the same as Debtmatters.

Like others I was very concerned at first but now beleive that the IVA will run its course with little change to me. At the end of the day I can only pay my disposable income into the IVA irrespective of any modifications or otherwise

I hope others share my confidence and do not unduly worry

[MelanieGiles]

And you are in very safe hands Goulda - Grant Thornton have one of the best reputations in the industry.

[greedfighter]

I have an IVA with Payplan.I agree that whilst it was being sorted I thought things were a bit 'shaky' and i was initially not that impressed, I also thought they were difficult to contact as well. Having had time to reflect I can see that was only my perception of things 'at the time'. Now that everything is sorted I am now far better off financialy, they are a lot more flexible,understanding and supportive than I ever thought an ISP would be under the circumstances. I also now find that if I email them or ring they respond virtually immediately. Their staff are friendly, helpful and more importantly I never feel patronised or unable to approach them. This is only my personal experience of them but given some of the less reassuring threads I hope it will support the reassurance that Melanie has already given.

[kallis3]

Me and OH are with Payplan as well. We were well impressed with them whilst setting up the IVA, they explained everything to us.

We have not had to contact them, but they have phoned us to see how we were getting on and if we had any problems.

If Lauren is having problems phoning the number on the letter, why not phone the freephone number on the website: 0800 917 7823 and see if they can put you through to the right department.