If I cannot stay on interest only mortgage I cannot continue. Devastating after 5 years

[kentgirl]

I'm inclined to agree with you. The reason I've called the variation and submitted an F&F is because my mortgage has gone up to a repayment mortgage. I can't afford this increase and my iva. At the moment I'm paying less on my mortgage which isn't ideal but it's either that or not pay my iva and risk that failing. Is there any way I can check payplans terms first before asking? Thanks for your help

[kallis3]

Have you signed up to Payplan plus? They might be on there.

[Foggy]

They should have provided you with a copy in the initial paperwork.

[kentgirl]

Thanks. I'll check my paperwork and payplan plus later when I'm home

[Michael Peoples]

You entitled to ask them anyway. The terms and conditions apply to you both so ask the IP whether they are in breach or not. If they refuse to answer the question then complain until someone does answer the question.

We use R3 terms and conditions which are pretty clear and I am sure Payplan's are just as clear.

[kentgirl]

Thank you. I think I'm scared of asking because they're really not very friendly or sympathetic. I have a case officer who rarely answers emails but then I get scolded if I email another colleague after speaking to them because they're "not my case officer" I just want them to put forward the offer. I'd love to get my life back.

[kentgirl]

Payplan site is offline. Great!

[kallis3]

Payplan Plus appears to be running normally - are you signed up to that?

https://www.payplanplus.com/

Otherwise, as Foggy suggests, check your paperwork.

[kallis3]

I can get into the Payplan site.

[kentgirl]

I've just emailed my case officer. Hopefully she'll clarify.

[linrog]

good luck hope it all goes your way

[Lisa Thomas]

3 months - ridiculous. Make sure you follow everything up in writing and ask them to confirm the same in writing. Mention in writing that you are considering making a formal complaint through the gateway if the variation is not dealt with, within the proper timescales.

[longslog101]

Personally (once you have found the section in your agreement, if it is like the ones Michales company send out) wrote to them stating that as per your agreement with them they are obliged to present your offer to creditors within X days, failure to do so is a Breach of the agreement on their part and you will be forced to make an official complaint escalating though to the ombudsman as required.

Therefore in order to avoid this please submit the full and final of £xxx submitted on xx/yy/zz along with the personal statement enclosed (which explains the reasons why) and request that they recommend acceptance, failing this that a creditors meeting for reduced payments of xx per month is agreed due to the change in circumstances (explained in the statement).

Also, if you do have equity over the amount in your agreement that requires equity release then you may need to extend for a further year (though as you're so close to the end odds are they cant force you into equity release or a loan to raise the capital they want from the equity in the property) and that this is included in your proposal,make sure it's clear that the F&F reduces with any payments made into the IVA since the date you made the F&F offer on xx/yy/zz.

As mentioned above, insist the petition for bankruptcy in event of failure clause/statement is removed from the F&F proposal, or if you receive it to sign strike those lines out.

And if they don't do it in the required time frame....... Do make an official complaint through the proper channels, it is only by action like this that pay plan will be held accountable and anything can change to improve for everyone.

[kentgirl]

I've politely asked for clarification on the timescale. Terms state 21 days to call a meeting from my request and that they have to give 28 days notice to the creditors

[Michael Peoples]

Just the same as our terms and they must be heeded. Now that PP know you are aware of their obligations they might do the job.