just wish somebody would tell me

[junesc]

Hi Me and my husband have decided to go along the route with Payplan, we have now set up a direct debit with them to start paying of our £20 Grand debt, i just wish somebody would tell me that this company is ok and i have done the right thing!!! Im scared i will lose my house, none of the debt is secured but still, im worried to death.

[mel.73]

Hi Junesc

I am in a DMP with Payplan and they are great.

My husband and I have a larger debt than you and we are looking at 27 years at least before paying it off.

I wish I had looked into an IVA before we entered into a DMP but this still could be an option for us. Have you looked into this or looked at other companies before you went with Payplan?

Mel

[kallis3]

Hi June, and welcome to the forum.

Are you doing a DMP or an IVA?

I am in an IVA with Payplan and find them excellent so far.

[lloyd]

be very careful about entering an iva.hidden smallprint ,equity release ,windfalls .watch very carefully .if i know what i know now wouldnt have gone 4 an iva .they are a ripoff

[kallis3]

Lloyd, IVA's are not a ripoff. You should always read your proposal very carefully before deciding if it is the right option for you.

Whilst it isn't suitable for everyone, it is an excellent solution for many of us.

Please don't post things like that Lloyd, it may put off people for whom an IVA is an ideal way to sort out their debts.

It should be down to the individual to take advice from a professional.

[blods]

Ripoff????
mate you are paying zero interest.Enough said.

[Adam Davies]

Hi
I think Lloyd has had a bad experience with his own IVA and was not made aware of the final year equity release, although this would have been in his original chairmans report.
IVAs are not a rip off but they are something that you only enter into if you are fully informed of the ins and outs of one.
Equity release is part and parcel of nearly all IVAs where property is owned and a windfall clause will be in every IVA.
There is no hidden smallprint, however you need to take time to study your proposal and the subsequent chairmans report and question anything that you don't understand.
Regards

[Lisa2009]

IVA's are NOT a rip off. They are a way of paying back what you can realistically afford without the hassle of added interest and debt collectors.

Just make sure you ask as many questions as you need to ask and that you read your paperwork fully and understand it.

[marsha1]

Hi, Lloyd I am sorry that your IVA experience has not been what you expected. Can I just say that this is my 3rd xmas without access to credit. I cannot imagine spending so much using credit cards as I used to. I was actually afraid to open the statements in January. Well, no more and never again.
I consider my IVA to be the best route that I could have taken, considering my circumstances. I am now in rehab and have been for the last 2 years. I value money more now than I ever have before. The 5year timescale certainly gets you back on track and more than used to managing without those expensive cards. I spend what I can afford and not a penny more.

[MelanieGiles]

This is a classic example of why it is important to find the right IP to represent you. There should be nothing hidden within the small print of an IVA proposal - especially when it comes to equity release, windfalls and salary reviews - and the IP should take a personal responsibility for making sure that their clients are fully appraised of all of the implications of entering into a contractual relationship with creditors.

[Skippy]

I had a bad experience with my IVA, mainly due to my choice of IP, but I would never say they are a rip off. If an IVA is right for you it's an excellent solution.

The important thing is to speak to several companies and don't rush into your choice. If you have any questions don't be afraid to ask your IP.

[Shining]

I'm in an IVA with an excellent IP and feel I was given appropriate information prior to my IVA set up with all other debt solutions explored and explained to me in detail Therefore, if you choose wisely and read everything in detail there will be no surprises. I enjoy my budgeting within my IVA and realise I have the equity release clause and will willingly do this if possible.

[RHB]

I would imagine that one of the pluses of an IVA is the fact that you have the 5 years of budgeting, therefore it becomes second nature to be more careful with money.

[Shining]

I agree RHB, it certainly makes you think before you purchase x

[moretolife]

I have to agree that IVAs are certainly not a rip off...for the last 3 years we have learned more about ourselves..our attitudes to money..the reasons why we got into debt in first place ...the emotions behind why we spend...
We have a much clearer knowledge of banking and credit cards and certainly understand more about interest rates etc. The biggest learning curve in an IVA is not just about budgeting ...altho that is a huge bonus...but about realising exactly what counts .For us...we have learned to be happy and content with ourselves...our family..our times together are exactly what the advert says...Priceless...

Yes...holidays...nice cars...weekends away...nights and meals out...ability to buy great clothes and presents and memberships to gyms and the freedom to take part in hobbies and social clubs...none of these in themselves are wrong...BUT..only if you can afford them and not use plastic.

I would also urge everyone who is looking at entering into an IVA to ensure they speak to several IPs firms..get as much info about IVAs as they can....read their proposals and make sure they know exactly what is expected with ref to equity release...overtime..windfalls.....etc etc ....this is a once in a lifetime chance to kickstart a new life...