Definitely get a second opinion and also look at the recent posts about Payplan. Remember they are funded by the banks so it is worth taking free advice from independent firms.
im with payplan and have had no problems whatsoever in getting my I@e right.they are no different to most iva companys when it comes to the day to day running of your iva,only they are a bigger company than most.iva's are not funded by the banks,they take a fee like the rest of them do from your payments.they are funded by the banks for debt management plans and these are free to you.get another "quote" from another company byt all means but payplan are not the worst by a long way.
cc received 6th January 2014 now upwards and onwards
I with payplan but we are just at the point where they are talking about arranging the meeting. Have to admit I feel they've been pretty good with me although I do keep thinking about just talking to someone else to see if the budget is worked out differently.
It does seem like we're going to be quite tight for the next few years but I kinda expected that and feel like I deserve it.
What worries me is if the creditors turn down my proposal where do I stand then? I cant afford to pay anymore in then what is suggested. and really cant ignore the calls and letters for another 8 weeks if I go to a new firm???
if its rejected(and I don't think it would as they would not put it forward if they thought this)your iva company would have 2 weeks to sort out any issues and then get it through.you can always go with a dmp till you get another proposal drafted and try again.
cc received 6th January 2014 now upwards and onwards
just to add,it is tight in a iva but as long as you get your I@e right at the beginning its manageable and you will learn to live within the budget as you go along.if theres something you don't like about you I@e sheet tell them at the beginning and if they wont move on it tell them your going to get another company to look at your situation and then compare.you are at the start so you can speak to as many iva companys as you like before you sign anything.give mel a call and speak to her about it.as I say payplan have been great for me and im nearly done so got 5 years behind me.
cc received 6th January 2014 now upwards and onwards
I recently had a two clients who were with Payplan and their proposals were based on payments totally almost £500 after the mortgage arrears had been cleared. The clients are now going bankrupt because I found they had little or no surplus income and regardless there were changes in circumstances in the near future which would likely have collapsed the arrangements anyway.
If you are concerned about the IVA being tight now are you sure you will manage 5 years? Get another opinion on your income and expenditure in case you are making a terrible mistake.
hi j1miffy we worried about being able to afford things while in an iva and foggy s right , if you get your allowances right its really manageable. We have just paid our 6th payment already and its gone really fast. I think in our situation we had no spare cash before going into an iva now we have cash to buy food etc,sounds sad but the best thing we ever did.It took me over a year trailing this site before we took the plunge and im so glad we did. Good luck whatever you do but advice on here is plenty.
Michael,just a thought.
if the guidelines for I@e are supposed to be used by all proposals why do they differ so much between individual companys?.
I know they are just guidelines but from what im reading into some of the advise given out it seems its pot luck if you get a good outcome or an unworkable one.never quite understood that one.advise and how well ip's treat there clients is off course another matter and that is down to ip's as human beings and how the think of the client.
cc received 6th January 2014 now upwards and onwards
Thanks for the latest replies...really great to read! Off work Monday so I am going to make calls to other companies and see what they say. Just want to make sure as well I'm doing the right thing......
Last edited by j1miffy on Fri Jul 26, 2013 11:03 pm, edited 1 time in total.
Some firm stick rigidly by the guideline figures, but others- including my own - take time to listen to our clients and understand why often their own individual circumstances simply do not fit the box.
No harm in taking a second opinion - and I would go with a firm where you can have direct access with the IP, as you may have times when you simply need a decision from the decision maker. Five years is a long time if you make the wrong choice, for the sake of another couple of days.
Even sticking rigidly to the guidelines, you can get a measure of how sympathetic the firm is by how they apply those guidelines ---- some firms will use the minima, regardless, or even the suggested mid line --- these firms are not listening to their clients. Some will just not advise you of what you can claim and leave you "wanting" in some areas.
On some expenses you will go over the maxima, others you will not claim at all -- if your IP reflects this "real life" situation, then that is all to the good. They can't go mad, they have to adhere to certain regulations and procedures, but those are the ones doing the best with what they have to work with.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for your words again Melanie and Foggy!! I will look at a sceond opinon so I get another view! Guessing its like when you take out insurance, you shop around for the best deal, not just pick a number out the phone book, if that makes sense! I'm hoping while I'm doing this my token payments, this is what I've been told to pay my creditors while I'm getting sorted, will be ok and not just get me in a bigger mess!!
I agree with Michaels People, we are with Payplan and only went to them in our panic in the beginning. We are paying 700 a month and really struggling. We have waited in Feb for I and E review that is showing a hugh minus. We have rang and emailed them and told they wiLl get back to us when spoken to IP! How long does it take to speak to one person, how are we suppose to feed and clothe the children? We are just a number to them, they are not interested in anything other than getting the full monthly payment.
