IVA proposal

Get expert opinion. This is the place for new questions to be posted.
9 posts Page 1 of 1
gertrude20
Posts: 2
Joined: Thu Mar 02, 2017 2:10 pm
by gertrude20 » Thu Mar 02, 2017 3:06 pm
Hi
This is my first time posting so please bear with me. Have just had my proposal through and i have a few questions regarding some of the conditions stated in it.
Regarding my property ( i have approx £16000 equity in it ) the paperwork states the equity to be released in 2022 would be £2948 does this sound about right? It also states that this can either be through remortgage or secured loan, can they force me to take out a secured loan if I am unable to remortgage? Also could i find this money from elsewhere? thats query no 1.
the next question is regarding my NHS pension contributions can they make me stop paying these as the percentage I pay into it is double what the proposal says should be the maximum and I dont believe I am able to reduce contributions.
Thirdly the company (payplan) want to register a restriction against my property at the land registary due to the equity release, is this normal? and lastly (for now) it states that the supervisor may delay the closure of the account if ppi claims are outstanding, what PPI claims? do i have to do this ( dont think i am due PPI refund) and if so does the amount claimed back go to creditors or payplan. Thanks in advance for your replies
User avatar
Michael Peoples
Industry Expert
Posts: 14964
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Thu Mar 02, 2017 3:22 pm
Sounds like a standard document to me but I can understand your queries.

1. You only need to release equity if it is more than £5k so that figure does not make sense. You should not be expected to release £2948 as this would be deemed 'de minimis' i.e to little to be concerned about.
2. You can remain in a pension scheme but you may be asked to show that what you are paying is the minimum requirement irrespective of the percentage. This varies from scheme to scheme and your age.
3. The restriction is standard and protects creditors. It stops you selling the property and running off or remortgaging during the IVA as your IP would be notified.

Again the PPI issue is standard as IPs check to see if there was any misselling and this money is returned to creditors.

Ring your IP for clarification on the points as you should never sign a legal document that was not properly explained to you.
Last edited by Michael Peoples on Thu Mar 02, 2017 4:31 pm, edited 1 time in total.
redboxtree
Posts: 73
Joined: Sat Feb 25, 2017 2:41 pm
by redboxtree » Thu Mar 02, 2017 3:42 pm
2 things to bear in mind about Payplan:

- They take whole of household income into account which is not industry norm so effectively others in your household could be paying your debt as well
- As a company they are going through a restructure and it is not clear what their long term viability is

It may be worthwhile speaking to some other companies, see how accessible they are and how they meet your needs.
User avatar
Foggy
Forum Expert
Posts: 22872
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 02, 2017 4:51 pm
Payplan have their own way of doing things and none I have so far seen are debtor led, but are entirely for the benefit of those who subsidise the firm -- the creditors. Purely my own personal opinion.
gertrude20
Posts: 2
Joined: Thu Mar 02, 2017 2:10 pm
by gertrude20 » Fri Mar 03, 2017 4:29 am
Thanks I will give them an e-mail to clarify the equity release wording as I don't understand it.
User avatar
In_deep
Posts: 134
Joined: Wed Sep 22, 2010 7:23 pm
by In_deep » Thu Mar 16, 2017 8:15 am
redboxtree wrote:
2 things to bear in mind about Payplan:

- They take whole of household income into account which is not industry norm so effectively others in your household could be paying your debt as well
- As a company they are going through a restructure and it is not clear what their long term viability is

It may be worthwhile speaking to some other companies, see how accessible they are and how they meet your needs.


Payplan are going through a restructure, what does this mean for their customers then?
User avatar
Foggy
Forum Expert
Posts: 22872
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 16, 2017 9:11 am
In_deep wrote:
redboxtree wrote:
2 things to bear in mind about Payplan:

- They take whole of household income into account which is not industry norm so effectively others in your household could be paying your debt as well
- As a company they are going through a restructure and it is not clear what their long term viability is

It may be worthwhile speaking to some other companies, see how accessible they are and how they meet your needs.


Payplan are going through a restructure, what does this mean for their customers then?


It depends on what they end up doing --- they could well lose their IVA department -- customers will be passed to another firm. Or stop doind DMP's (although this is where they get a lot of creditor funding). Or could fold entirely.

In the meantime they are, reportedly, trying to lose half their staff. This, as seems to be the trend, means customer service is going down the oan !
User avatar
In_deep
Posts: 134
Joined: Wed Sep 22, 2010 7:23 pm
by In_deep » Thu Mar 16, 2017 12:03 pm
Foggy wrote:
In_deep wrote:
redboxtree wrote:
2 things to bear in mind about Payplan:

- They take whole of household income into account which is not industry norm so effectively others in your household could be paying your debt as well
- As a company they are going through a restructure and it is not clear what their long term viability is

It may be worthwhile speaking to some other companies, see how accessible they are and how they meet your needs.


Payplan are going through a restructure, what does this mean for their customers then?


It depends on what they end up doing --- they could well lose their IVA department -- customers will be passed to another firm. Or stop doind DMP's (although this is where they get a lot of creditor funding). Or could fold entirely.

In the meantime they are, reportedly, trying to lose half their staff. This, as seems to be the trend, means customer service is going down the oan !


So if this happens then I may never get the completion certificate I am waiting for? :cry:
User avatar
Foggy
Forum Expert
Posts: 22872
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 16, 2017 12:13 pm
In_deep wrote:
Foggy wrote:
In_deep wrote:

Payplan are going through a restructure, what does this mean for their customers then?


It depends on what they end up doing --- they could well lose their IVA department -- customers will be passed to another firm. Or stop doind DMP's (although this is where they get a lot of creditor funding). Or could fold entirely.

In the meantime they are, reportedly, trying to lose half their staff. This, as seems to be the trend, means customer service is going down the oan !


So if this happens then I may never get the completion certificate I am waiting for? :cry:


You will still get the certificate --- just from the incoming IP. If it happened there might be some delay, but I have heard nothing along these lines yet.
9 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 7 guests