LETTER FROM PAYPLAN

[GilliB]

Hi All. Just to advise that I've just had a letter from PayPlan stating that they will be holding a variation meeting with creditors at the end of November, in order to seek permission for closure, but not withstanding any PPI & VAT that follows thereafter. Did anyone else with PayPlan receive this?

[Broke of London]

I'm not with Payplan but it sounds like a positive step for those of you that are! x

[GilliB]

Definitely Broke. This is the first letter, I've had since July, and it does seem that they are trying, as it acknowledges the ongoing effect on our credit rating.

[Niobe]

We've had a similar letter this morning although still have over 12 months to go.

[Adam Davies]

Hi

This could be a mass variation for clients in their final year ? Sounds like progress to me

Regards

[GilliB]

That's right Andy it appears to be

[Sensible77]

I received the same letter this morning. As Andy says, sounds like progress and common sense prevailing!

[GilliB]

I'm giving some credit to the power of this forum, where many anxious 'Paplaners'and those with other companies have voiced concerns, and made this suggestion at least 9 months ago!

[Sensible77]

I hope this forum has had a part to play. I wonder if other IVA companies are doing the same thing - a sort of class action variation. Being left hanging after the end of the IVA when people have paid the price, (and not just in monetary terms), and want to get on with their lives is ridiculous.

[GilliB]

That's what I'm hoping for too Sensible77 - that the whole industry will follow suit; making it fair and equitable for all debtors - no matter whom they are with. Fingers crossed for the creditors voting in favour.

[MelanieGiles]

This is good news for any Payplan clients who are sapproaching closure - as presumable the proposed terms are to keep cases open until the VAT/PPI issues are finalised, but not to place any further obligations on the debtor. Are they also proposing to issue Completion Certificates as well?

[GilliB]

Yes Mel. The variation is to allow them to issue CC's so we can start to repair our credit ratings. Any VAT/PPI would be distributed after closure.

[Sensible77]

Melanie, the text of the variation circular under Closure of cases says: "Where the debtor has completed their obligations under the IVA approved by creditors the debtor will be issued with a completion certificate, subject to them completing any requests for information and documentation relating to possible PPI or similar claims."

[MelanieGiles]

Sounds a sensible way forward to me.

[Foggy]

And, as has been pointed out, as was suggested on this very forum quite some time ago!