www.iva.co.uk

I am looking at starting an IVA and awaiting the forms in the post. Naturally it is a very worrying time and I guess I am just looking for some kind of reassurance. Does anybody have any experience with Payplan? This is the company I am looking at using. Also, I need to change my bank and was wondering what recommendations people could make with an IVA looming? Many Thanks

Welcome to the forum. Before signing with payplan i would encourage you to look at www.iva.com and speak with two or three providers for advice...you may find them different and get a feel for one more than another...go with the one youbare most comfortable with.

With regards to bank accounts I would be looking towards the Yorkshire, the Co-op or Nationwide ....all offer basic bank accounts and are IVA friendly. Other forum members have in the past been ok with natwest and lloyds but rumor in the last week or so is these banks do not want to play ball anymore.
Failing the above there are some accounts that have a monthly fee but come highly recommended such as Secure Trust, Thinkbanking. Some of the pre paid credit card accounts can also be used as a full banking facility.

Hope this has helped ..the forum is always available for you so ask away !

Welcome Grayson.

I had my IVA with Payplan. They were ok, but just ok. At times they were slow and pedantic, at others, superfast. Each IP have differing methods purely because all IVAs are unique to the individual.

However, unless you are committed to them, I suggest you follow lulu's advice and seek advice from at least another 2 or 3 companies. Remember, you are going to be with these people for 5 years so you need to be, as sure as you can, confident and happy that the company you choose if the correct one for your needs.

If you are certain you are going into an IVA shortly, have you been informed by any potential IP of your current banking situation?

For example, as you mention, finding an alternative bank account unrelated to your creditors? Also, if you have any funds going into your current bank account, and they are one of your creditors, then stop them and have the funds and monies go into your new account. Otherwise, your current bankers will just absorb any deposits, and to all intents and purposes, you'll 'lose' it. If not already suggested to do that by any potential IP, it is something you need to be aware of and act on. Once this is done, you will have a modicum of your financial control back. Be sure however, to reinstate your important DDs, i.e. Mortgage/Rent, utilities etc with your new bankers and close the others. Do not worry about further charges and interest from your current bankers. Once they sniff your IVA, they will force close your account and all charges and interest will be absorbed into your IVA. Also, once officially notified of your IVA, all charges and interest will stop.

Whilst you are at the early stages of an IVA, I would also get your new IP to initiate PPI claims straight away. Whether or not you feel you have or have not any. Just to get that particular headache addressed and out of the way before the cessation of your term.

If you are unsure about anything, just come on board the forum. There really is masses of knowledge and experience here.

Lastly, welcome again, and the very best of luck on your new journey.

Hi Grayson.sc. Welcome to the forum. Some excellent advice already given here. I've been with Payplan since 3/2009, and awaiting my completion certificate since 7/2012. Up to the point of my full and final settlement, I would say they were very good. OK, I have had several Case Officers along the way, but the standard wasn't compromised by this. You won't have any direct access to your IP - everything goes through the CO. They were quick with their responses to my emails/letters, so I was never behind in the amount of overtime, windfall etc. They were very understanding when I needed to miss a payment to help my daughter to Uni, and I then caught up over 5 months, which was very manageable. They allowed me to keep back some windfall money to replace all my white goods. Since my F&F, I have been less than happy about their management of the closure process, which relates to virtually no information at all regarding the status of my agreement. They wouldn't even tell me whether they have paid over my money to creditors. I have been stone walled since the start of December. Other posters report similar issues with other companies, so its not unique to Payplan. If I had my time again, and found this forum beforehand, I would probably have gone with Melanie giles. Hope this helps, and I wish you well in finding the best solution for you.
x

Excellent advice already regarding bank account/moving direct debits.

In regards to company...i originally was going ahead with payplan after my bank recommended i call them...that was before i found this forum and shopped around.
Im sure there are many many happy satisfied clients of payplan but after I made contact with other companys and listening to experiences of people on here I decided to not pursue a iva with payplan as i didnt feel comfortable with the procedure and figures they were presenting. My income/expenditure wasnt realistic and given my own personal circumstances i didnt feel they were being flexible or realistic.
Before signing anything I suggest searching a few past posts and contacting other companys...list available on iva.com

There are people highly recommended on here but everyone clicks with a different company/IP so im not saying who you should go with. What you have to remember is that its a 5-6 year relationship andcsnt change once in so you must be happy with who you go with. It might take time to shop around and go through stuff with several people but get it wrong at the start and risk of failure.
good luck. this forum invaluable so keep posting!

I`m with Payplan and they have been fine. But it`s hard to say they are better or worse than any other as you only have the experience of the one provider to relate to.
They are one of the big players, and with more clients therefore tend to get a few more negative posts.
I would say they acted proactively compared to others with their mass variation initiative in November to sort out the completion delays caused by PPI, so I`m comfortable with their ability to deal with such issues as they arise.
Having said that it`s a very personal choice, I contacted 3 providers initially and so should you.
What isn`t up for debate is that you sort the banking issue out - Barclays pulled ours well before the IVA was approved but fortunately we had changed everything over to a bank not listed on our creditors. If you have salary paid in you could lose it.

Hi and welcome to the forum. It's always best to shop around if you haven't already. Lots of posters happy with Payplan and some not so. Your experience will be unique to you.

I changed to Natwest for my bank account but there are several banks out there that are IVA friendly.

Take the advice of the above posters as it's all excellent and good luck. Do keep posting and remember anymore questions you know where we are. x

Hi

I agree with GilliB and all other advice so far.

I was with them from 8/09 until I made a full and final offer in April '12. During this time they did everything they said they would although not alway quickly. I had a few different contacts over the time but all were good. I had a few cases of having to pay extra due to bonuses which were fine as they took the standard 50%. Although when I was paid substantially less one month due to tax they would not take this into consideration and made me pay the standard amount (tough month.

I have had to wait a very long time for my compleation certificat which arrived last week (9 months after off) with little/no communication from them.

If I was to go through this again I would still go with an IVA but I would call a few other companies to get balanced view raher than just payplan.

Good luck with whatever you decide to do.

Occy

Some really useful comments thanks. We have definately decided that an IVA is the right path for us but are still very unsure as to which company to go with. Its a toss between payplan and Vincent Bond. The thing that is confusing me is that Vincent Bond have quoted us a considerable lower monthly fee to pay per month and yet payplan is the free company. Can anyone shed any light on this. My gut instinct is heading towards Vincent Bond so has anyone used them and got some positive feedback for me? Thanks if you have:-)

Payplan are NOT free -- in an IVA they charge in the same way as everybody else. The fact that they allow this misconception to continue infuriates me!

Havd you been through your income/expenditure with payplan? They did it with me and not ince did they explain the allowances which you are granted depending on family size (i am married with 3 kids). They only took into a count my bills, shoppinv and petrol snd said all surplus was for IVA...reckoned £800 a month!!! if i had that i wouldnt bd in this mess! Anyway, we contacted other companys based on advice from people on here snd have found Mels team open and honest about what I can bd slliwed to support my family and still make a sufficient iva payment...sugnificantly less than payplans figure!! I am so grateful for this forum as if id gone ahead with payplan i feel we would be foomed yo failure as no way we could make that payment and live and support family. Shop around and if figures dont look right then hold back before commiting. You need to be 100% certain.

Well we signed with Vincent bond last night. My wife is sick to the stomach with worry, please god, let this be the right decision.

Hi Grayson. I really feel for you and your wife. It's a very stressful time, and a big decision to make. Be assured that you've made it now, after doing your research, so you seem to have made the choice you feel is right for you. You have both made a very bold and positive step towards dealing with your debt problems. I wish you both well and am routing for you. Please keep in touch, and let us know how it goes. x

Hi

You will be fine and well looked after

Interesting that Payplan are perceived to be "free", they may be for a DMP but just like CCCS/Stephelpcharity they are not free for an IVA and will charge the same fees as anyone else as all fees are agreed and authorised bt the creditors in an IVA

The reason that your payments are calculated lower under Vincent Bond is because we ensure that the payments are affordable. Five-six years on a strict budget can be very difficult and £20 here and there extra allowance will make a great deal of difference to you and not your creditors

Regards

I agree with Andy an IVA is a 5 year commitment, the expenditure needs to be realistic and the IVA contributions affordable, otherwise you will be swapping the woory of paying for creditors to the worry of paying your IVA and that is not in your best interests.

You will well looked after by VB