Payplan a reputable company? just a bit worried

[saz]

Hello, I am just wondering if you have heard of an agency called Payplan, I am in the middle of sorting an IVA with them, they seem a reputable company, I'm just abit worried with all the sharks you hear about

[MelanieGiles]

Why not chat to a couple of other providers, so that you can compare the level of service and success rates.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[freelili]

Hello saz and welcome

I am doing a DMP temporarily with payplan and I found them to be very good and efficient, however an IVA is a tough 5 year commitment and I would advise that you speak to around three companies, just to get a feel for it all. Their are 'cowboys' out there waiting to spin you a line, I have no experience with their IVA's though. Have a look on this site to learn a little more. When you are proposing your expenditure, make sure its realistic for a five year stint and include possiblities like dental precriptions etc. I am not an expert just another person in debt, looking for a solution.

Hope this helps Good luck and please keep posting. Their are good experts here to advise you and a lot of support here too.

LILY

[saz]

Thankyou for your replies, I have read about payplan and it all seems good, they really make you feel better, My sister works at a solicitors who deal with IVA, Bankcruptcys everyday and she has asked one of the solicitors who she works for to take a look at it and he says it's ok and I'm in a good position as I don’t have any assets, The DMP through payplan was going to take me 12 years to clear so they recommended the IVA, I have got 7 creditors and my debts total £26K, I was paying each month £700.00 which I was fine doing as I get £1100.00 each month, I still live with my parents so they stopped accepting board from me to help me out, I don’t go out much and never buy my self anything, the problem was the interest, for example the minimum payment on one card was £110.00 and the interest was £99.88 so I was paying all that each month and my balance wasn’t moving,

My only worry is, will this stop me getting a mortgage when I'm older I'm 23 by the way and do you have to tell them about the IVA as I havent told me boyfriend about this

[freelili]

Hello saz

As I said I am not in an IVA with payplan, but I have a DMP with them, I have found them to be very understanding and helpful, I was being hounded by creditors and since the DMP, this has significantly reduced. Everyones circumstances are different, thats why IVA is a good option. You will be able to get a mortgage in the future, so dont worry. Just check out all of your options and be sure that you are 100% sure you are happy with what youre doing. I wish you the very best of luck.



LILY

[saz]

When I went through everything with the lady at payplan, she worked it out that a realistic amount is £213 as i have a car to run to get me to work, i will be able to pay my parents board and get my social life back and maybe I can go to work without feeling down in the dumps coz i feel like i'm working for nothing, I know 5 years is a long time but if i did this alone I dont think i'd ever get rid of them, they are just not going down coz i pay say £100.00 but only £10.00 comes off the balance, my loan it's self was until 2012 at £170.00 a month so i'm really happy ive found a solution

[freelili]

Really pleased for you saz

Good luck with your IVA, you do have the option of BR if its not accepted or you cannot manage long term, hopefully it will and you have done the sensible thing by realising your outgoings.

Keep posting your progress

LILY

[saz]

I will keep you all posted

The next step is an R3 call on the 20th Feb which is for about 10mins not sure what this involves, I think it's just one of the many steps.

Payplan have told me to send token payment of an amount i can afford to my credits until the IVA has started, So things are looking brighter from now, the process takes between 6-8 weeks so hopefully this will b sorted my march payday and i can get my life back together,

If the IVA is rejected, she said compairing me to other people's situations i have a very good chance which is what i'm hoping for, if not the DMP is my next option before bankruptcy, I really dont want to go down that route at this stage, coz i am earing a good wage and can afford to pay if they just reduce the interest

[MelanieGiles]

This is a very good example of the huge cost of borrowing, that sadly many people do not actually realise when they enter into credit agreements. I am glad you appear to have found a solution, and good luck with Payplan.

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

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[saz]

I know, I remember the day it all started, I was just 18 and I received an application form from Capital One, I wanted to go on holiday but I'm useless at saving so I thought I'll apply for it, pay for a holiday with it and maybe draw abit out for spendys and I'll pay it back monthly, so that was my intension, the credit limit was £1000.00, i offered to pay for my friend and make it more affordable for her, she paid me back as soon as she got paid,. Only it didn’t go back on the card I cant remember what I did with it, ever since then ive found it too easy to buy things on a card, then they upped the limit, the interest went up from 0% so I balanced transferred it to another 0% card, but rather than cutting the other card up I ran that back up and it's spiralled out of control, I remember a lad at work who had about £5000 on a card saying to me "don’t get one you will regret it" I said I'm gunna pay it off and use it only in emergencies, those was my words.

Now my advice to anyone is never to get a credit card, if you cant afford it go with out, ive learnt the same way as many people and its not a nice way to learn

[freelili]

I am right with you there saz, we are numbers when it comes to the c/card companies, and they like big fat red ones best. Its not real money is it, you never actually see the cash. I must have paid a fortune in interest over the years. Now I am in my cash days, I dont have a debit card, I think twice. A person who cant make a mistake, cant do anything.

LILY

[saz]

They give credit cards out too easy and make them look appealing offering 0% for 9 months,

I dread to think what interest i have paid in the years i have had debt, I bet it's a good chunk of 26k I owe

[London Coool]

Saz, I just started an IVA with Payplan this week and found them to be quite helpful. I got lots of monetary provision for dealing with unforseen financial circumstances in my IVA proposal which was accepted by my creditors.I stopped making token payments to any of my creditors the moment Payplan took over my case,it does not make much difference on how they would vote IMHO.

[freelili]

They have offered to do my IVA, LC, did you find them OK to work with? I have quite individual circumstances, do you think they would take that into account? I have found them brilliant with my DMP, and quite sympathetic to my families needs, but IP's are a different kettle of fish altogether,having a duty to the creditors, etc. I am dealing with a debt advisor. My DMP is temporaty and I am hoping to do a lump sum IVA, what are their fees like, do you know? Sorry to barge in on your post saz, but this is really important to me. I would be grate for any feedback LC. I am pleased that you managed to sort out a realistic IVA for yourself. Good luck with it.

LILY

[saz]

Dont worry Lily ask away, we are all here to help each other, They told me that all the fees etc comes out of my monthly payment so i wont get a huge bill at the end of it and if it declined then i wont have to pay a penny, which is good to know!