Payplan are paid a commission by the banks whereas Bains & Ersnt charge a monthly management fee. Some people feel that a fee charging company can provide a better service in relation to stopping interest but others disagree. Obviously if Payplan can have interest frozen the DMP would be shorter than that of B&E but if they do not the DMP could be endless.
Payplan have a very good name in the industry and it is likely that your debts will be paid off quicker as all of your contributions will be repatriated to creditors.
im actually confused as to which one to go with- bains and ernst made it quite clear they would want their fees paid out right before they began to talk to my creditors
pay plan just seem a bit to good to be true offering a totally free service
not trying to hi jack this thread, but as some of you know my IVA was refused last week and to be honest I'm more than a little disapointed with my IP (especially after Melanie took a look at the proposal). I'm probably going to drop back to the DMP for a while, but the current company I am with do add charges .. is payplan really as good as it seems?
Also what is the minimum term before I can re-apply for an IVA?
Do not touch Baines and Ernst - they are not terribly good and are a sister arm of Blair Endersby who do not get good press - see www.iva.com for reviews.
May I add I am with Blair, so speak from experience
You can apply for an IVA immediately if you want and your IP believes it has a good chance of success. There is no minimum term although in the past it was 12 months. I believe that you still cannot apply to court for an interim order twice in one year but you can propose an IVA without one.
I can only go by the comments on here, but Baines and Ernst and Blair Endersby don't get very good press, whereas Payplan have had a lot of positive comments.
At the end of the day it's who you feel comfortable with, so good luck x
Unlikely without your partner's agreement to her contributions being taken when her debts have been repaid - for the reasons I outlined to you in my e-mail.
Now I've calmed down a bit perhaps it would be worth my while talking to partner re contributions .. still think its harsh asking for something thay may or may not be there, but if thats what it takes.
Melanie, if I was to agree to this clause and in two years time that extra money was not avaialble, what would it mean to the IVA as a whole.
Can i recommend David Coleman at money,debt and credit. My creditors meeting is set for 9th June but he has been extremly fast in getting things prepared from the first phone call to him to having all the proposal signed and meeting date set was all less than a week.
I cant praise him enough (so far!) but i suppose it is like eveything else in life who suits one person may not suit the next and I think that is most definatly the case where IP's are concerned
Back to square one but what dunt kill you makes you stronger!!
Fugazi and Melanie, if NR are the only stumbling block, and you are thinking of re-applying in a few months. Is it not possible that in 3 months the distribution of you debt may have altered? I think yout said that NR currently hold 26% of the debt.
It doesn't need much to swing NR to 25% or less. Adjustment in current payments? Further credit (possibly from Friends and Family)?
