Melanie......totally agree!!!but I am also with PAYPLAN and I am becoming increasingly concerned at their attitude - as many have said,,,,their approach over the last year or so has become much harsher. Not only are they less considerate but they seem to be on a mission to get more and more out of us for the creditors. I don't know whether this is pressure from the banks and other creditors or whether there has been a change in the the management at PAYPLAN. As for 'speak directly with your IP...............NO CHANCE......they need to sort the equity matter out pronto!![V]
I am going to check my paperwork again - when I get home tonight. I was lead to beleve, try and re mortgage - if you can't - then pay for another 12 months. If these companies string you along for 5 years - getting a monthly fee out of you - then force you into bancruptcy - then that should be ilegal! worried now that If I can't remortgage I may lose my house. My mortgage wasdue to finish on my 70th birthday - I can't see that I will be able to borrow much more - do they add interest to the amount as well? I owed £28000, and will pay back around £16000 minimum, so if they freeze the debt - that would be an equity release of around £12k, but if they add fee's and interest it could be more?? very confused now as would they put me into bancruptcy for £12k??
IVA accepted 31.05.11 and 2 reviews DONE!!! Wow,nearly approaching my third. can't believe how time has flown!
December 2015 - made a one off payment and made a settlement of the IVA!! recieved certificate in May. - all completd and now I can get on with my life
If you are able to remortgage then interest will be added by whoever you borrow from as it will be a normal loan.
Not known of anyone who has been able to do so though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It generally says that if you can't remortgage then a variation will be proposed that you pay another 12 months in lieu of the equity you cannot raise. In some, if not all, agreements it stipulates that your IP will write to your creditors to put this variation proposal forward and to ask if they have any objections. What happened with me was that when the variation proposal was sent to me to look over, it had a clause in it stating that if the creditors rejected the variation, i.e. if they did indeed have objections, then 'The Supervisor will withdraw from the arrangement, declare it as failed and petition for the debtor's bankruptcy' or words to that effect. This was NOT made clear to me 5 years ago and it most obviously and definitely should have been as it would clearly have influenced my decision-making. I am awaiting a response from Payplan on this - and am hanging fire on various fronts until one comes through. Yes, by all means check your paperwork, not least as all agreements are different - but note that 'checking my paperwork' would NOT have worked for me, for the crushingly alarming clause to which I and others have taken such strong objection is NOT INCLUDED IN IT!
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
brokebryn, this really is awful! my heart goes out to you - and to all us that may be faced with this as well!
IVA accepted 31.05.11 and 2 reviews DONE!!! Wow,nearly approaching my third. can't believe how time has flown!
December 2015 - made a one off payment and made a settlement of the IVA!! recieved certificate in May. - all completd and now I can get on with my life
Mine doesn't say that at all - it says that if we can't remortgage then our arrangement will continue on for up to 12 months in lieu of that equity, no mention of a variation meeting, bankruptcy or anything similar.
Today, my case worker mentioned about a variation meeting and I had to point out that there is no mention of this at all and all she said was that when the time came she would speak to the IP and see what he said.
Surely, if the Chairmans Report is a legally binding document, they cannot change it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Well, if something positive and constructive is done about it perhaps others will not have to face it. Firms who operate on this basis are on pretty shaky ground according to my friends in the legal profession as they have not disclosed all the information before selling you a product [which essentially is what an IVA is] from which, irrespective of the moral, pastoral and client-care issues involved, they subsequently go on to make a handsome profit. So we'll just have to wait and see what comes of it. I am perturbed by Payplan's silence to be honest. Nick Payne got back to me very quickly when the issue first cropped up and he hoped that he would be able to provide clarification in the not too distant future - but since then, silence. Over a week ago now.
So, on the basis of my own experience, I might have paid nearly £60k into my IVA over 5 years of which Payplan take about £15k for what exactly? That's one of the issues. There are quite a few more involved.
And then, according to their own documentation, if the variation is rejected [it only needs 26% of creditors by debt value to shoot it down] they wash their hands of me and make me bankrupt. I would have thought this a completely untenable situation; so too any potential offer to assist me transferring from the IVA to a DMP - I must stress [lol - good phrase in the circumstances - don't have much choice but to 'stress'....] that this has not been raised by anyone, but you get plenty of time to mull over all the possible options when you are in limbo like this..............
Last edited by brokebryn on Thu Feb 23, 2012 7:10 pm, edited 1 time in total.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by tobymoz
When are Payplan going to respond to all these worries?
I find their silence all very unnerving - surely they need to respond NOW!
it speaks volumes that they are not getting there heads together to formulate a responce.nick does try but he is an ip there and should be making his other ips address this.
cc received 6th January 2014 now upwards and onwards
Can someone from Admin draw this thread to the attention of Payplan? Surely someone there can pick up on these posters points and respond to them - to at least advise them that someone is looking into the issues raised.
I did email him about this last week Mel so he is aware of it. I'll ask him if he can take a look at the latest posts on here.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We are dealing with all queries that the clients raise directly with them. I have passed on brokebryn's query directly to his IP and I have urge anyone else to email me directly so that we can work through their problems.
All IVA's are different and it is difficult to comment on the forum without knowing all of the facts for each client.
Thanks
Nick.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
Thanks Nick. In that case I have had their answer in the form of the communication mailed to me by my case officer a while back. There is a reference to it earlier in this stream. Not happy. Back, essentially, to square one.
Last edited by brokebryn on Mon Feb 27, 2012 11:36 am, edited 1 time in total.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
Here's a reminder:
For sure - they have responded:
1. If the proposal is accepted then the minimum dividend will no longer need to be acheived.
2. The words 'meeting' and 'proposal' are interchangeable and mean the same thing.
3. This possible scenario was not raised with you in the past because it only comes into play in the event of a variation on the Equity clause.
4. The phrase 'Should this meeting be rejected by creditors, the Supervisor will withdraw from the arrangement, declare the arrangement as failed AND petition for the debtor's bankruptcy' is insisted upon by the IP as 'standard wording....for all Equity cases', so as to ensure that there is 'a solution for every eventuality'.
5. The fact is that the creditors accepted the original proposal expecting all modifications to be met. If they reject the variation there is 'not a lot we can do about that and your case would be dealt with accordingly'.
6. Yes, indeed, you probably would have done things differently if you had been aware of this back in 2007, but no one could predict what the economy would do back then, and no one could foresee that you would not be able to remortgage.
7. There is no guarantee that the proposed variation will be approved. You can't satisfy one of the original clauses of the agreement [remortgage]. If an 'asset cannot be dealt with for the benefit of the creditors', and they still insist that it is, then 'bankruptcy or the sale of the house' are the only options.
End.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
Does the initial proposal (as perhaps modified by creditors) confirm what is to happen if you cannot remortgage the property? Does it say that a meeting of creditors has to be called to ascertain creditors wishes?
