pay plan

[foolish]

hi all

we are going to start a play plan hopefully and i just want to know if anyone has being on pay plan before ive being told that creditors support the pay plan more than companies who charge for debt management just want some feed back please

thanks foolish

[sonyse2t5]

Payplan and CCCS are the most repected by lenders and both do not charge you -every £ you pay goes to creditors coffers. The Britsih Banking code endorses free DMP agencies.

Aviod any Debt Management Plan company that requires a first month payment to go to them and then % of your payment to go to them every month.

Only in an IVA should you consider paying in advance or during the plan

Good luck

[foolish]

thanks sonyse2t5

we are going for it

thanks foolish

[scaredkez]

i used myvesta for my DMP they donot charge any fees out of what you pay them, so what you pay is distributed to all your creditors, i found them very good, used them when my iva was rejected for a couple of months as i knew really my only route was BR.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[lily]

I was with payplan they were very good, they get a commision from certain creditors, as far as I could work out a bit like a debt collector without the attitude. My I and E was really tight,circumstances changed my outgoings shot up and I cancelled it. Creditors really like them.

lily

[markiboy]

We did for 2 years and it is good for short term but IVA is the only way to get you clear of debt. The trouble with DMP is you are not protected by the courts and you will soon find out after the DMP is working that the creditors want more and turn the screws. I was with a company that at first was very good but after 18 months I couldn't get hold of my case worker even though I sent lots of e-mails and phone calls, thats one of the reasons I turned to an IVA.
Best of luck

Markiboy

[catullus]

Markiboy

There is no substitute for real experience and IP's know only too well what are the shortcomings of DMP's. Not for profit no fee type organisations as well as private sector DM companies simply cannot stop creditors eventually breaking ranks and wanting more.

DMP are ideal for buying you a bit of time but for anyone with debts over £17.5k IVA's are invariably the right way to address the debt problem.

[MelanieGiles]

Absolutely! 80% of DMPs do not last the first two years, and can result in apathy, larger debts, imbalanced distribution (as a result of charging orders or attachement of earnings orders) or at worse bankruptcy proceedings.

As soon as SIVA's hit the marketplace, this is bound to knock a big hole in the current DMP market, which still accounts for over 50% of debt repayment programmes - including IVAs and bankruptcy proceedings. And all in a completely unregulated marketplace!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[kpw]

Hi
Companies that do not charge fees or an ongoing admin charge e.g. CCCS and Payplan are funded by the creditors themselves and receive their remuneration from the monthly payment you make.However there are also very good DM companies that provide an excellent service and charge for that. You have to decide what is in your best interest and offers you a solution and level of service that fits your circumstances. Nothing comes for free and you often get what you pay for. There are good and bad in every industry and CCCS/Payplan arrangements can also come unstuck and not work for customers.

[Shining]

I'm currently in talks with a couple of people, Melanies firm being one of them but sadly heard nothing since Friday as yet so unsure which way to go. My question is, I understand that DMP are not legally binding and creditors don't have to stop or reduce the interest, will I continue to get letters/phonecalls forever? Will they get the bailiffs in? Can they call at my house anytime? Will creditors still take me to court? Can I be forced to go bankrupt?

Sorry to be so naive I just want to ask real people these questions, not one of these big companies that are trying to sell me the product. Would by the end of the week like to get something sorted if possible. Hubby and I are at each others throats, yesterday being a real bad day! Don't want to lose my house and family. Lose the house if I have to but we got in this together so may as well weather the storm together.

[MelanieGiles]

Are you saying that you talked to us on Friday and have heard nothing since? Were you expecting someone to call you back? I will investigate this as sson as I get to the office this morning, and am sorry there appears to be a slight delay in responding.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Shining]

Melanie, i wasn't having a go honest, I spoke to Tina on Friday but having heard nothing since is all I was saying, I'm not sure where I go next. It's no problem honest, I'm sure everything is moving in the right direction as it should be, it's me being impatient, I would expect!

[MelanieGiles]

Hi there

I spoke to Tina about you this morning - and of course I only know you by your forum name, and she only knows clients by their full names. She says that the only caller she spoke to on Friday you might have been was a lady where both of you kept missing each other - but could you call her to be sure as we are both anxious to make sure that your queries are dealt with promptly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Underground]

I'm currently in talks with a couple of people, Melanies firm being one of them but sadly heard nothing since Friday as yet so unsure which way to go. My question is, I understand that DMP are not legally binding and creditors don't have to stop or reduce the interest, will I continue to get letters/phonecalls forever? Will they get the bailiffs in? Can they call at my house anytime? Will creditors still take me to court? Can I be forced to go bankrupt?

Sorry to be so naive I just want to ask real people these questions, not one of these big companies that are trying to sell me the product. Would by the end of the week like to get something sorted if possible. Hubby and I are at each others throats, yesterday being a real bad day! Don't want to lose my house and family. Lose the house if I have to but we got in this together so may as well weather the storm together.

I would first find out whether the debts are enforceable, try sending a Consumer Credit Act (CCA) request to the creditor/DCA involved, you will be suprised how many are not,
check out these people here. They have much experience of CCA requests, read this thread attched and search their forum

http://www.consumeractiongroup.co.uk/fo ... ement.html

and here is the link to the general debt forums

http://www.consumeractiongroup.co.uk/fo ... eral-debt/

and the links about debt collectors

http://www.consumeractiongroup.co.uk/fo ... ollection/

plenty of free help available there and no one on there will try and sell you an IVA