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somme1916
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Hi all,

probably the wrong place but here goes, how reliable are pay plan

I seem to do most of the phonning /running around, when the creditors do their 6 monthly review and ask for a financial statement i call payplan who say they will fax a copy asap, i wait a week to ten days and call the creditor back and nothing sent , this can go on and on with each creditor, payplan say it is delaying tactics by the creditors but to me it makes me look bad as i am genuinely trying to get out of this mess, nevr missed a repayment over the last 4 years.

not going down the road of a trust deed as i havd a friend who owed money after the 36 months were up to the relevant company.

not sure what else i can do as the repayments wil go on and on for years.

regards

douglas

P.S all these companies who say say some debt can be written off i have yet to seem one that can, nothing has been written off with mine.

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none of the free and legit companies will advertise that you can write off your debt ans companies cannot guarantee this.

 

Payplan is a self help site where they provide you with tools adn help with your payment distribution

 

a trust deed as well can last for 36 months or longer - it is dependant on what you owe and what cpaital /savings/investments you have .

 

Das will run until the balances have been cleared but they do freeze all charges and an dinterest tho

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Hi thanks for that,

did think about changing to DAS Though, certainly food for thought if i didnt need a financial statement every 6 months for the 8 creditors or so.

would have to look into it

regards

douglas

OR anyone here on a DAS? who can offer advice re financial statements being asked for?

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Hi Douglas

I'm also with Payplan and it was the biggest mistake I ever made. I was off ill and temporarily was unable to pay my creditors(having never missed a payment in my life). I spoke with Payplan and entered into a debt management plan and after a year I was fit to go back to work. In that year, I had 5 defaults registered against me, meaning that when I went back to work even if I restarted original amount I was paying before i went off ill...I was going to have very bad credit file for 6 years. I was horrified when I realised since I knew when I signed up(as did payplan) tht my situation was temporary. Even now, I am still in debt management plan but have increased my payments. I am extremely annoyed that I went to payplan for support BEFORE i fell behind with my payments and feel I was given very bad advice, whic has now made my credit file look like I have neglected my debts. Surely there was a more temporary solution they could have negotiated on my behalf without my credit file being destroyed when I had never had a mark on it before that?

Like you, I do not have confidence in them!

I'm not sure what you can do...I'm assuming the accounts you are paying will have defaulted 6 months after starting the debt management plan? If they did, I read somewhere that if you have been defaulted, even if you r making payment, the companies can also apply for a ccj against the debt during the six year default period or at the end of it. That's my worry, cos like you I am making payments and think I'll be paying things for a very long time. In a few years when default is about to come off...they could go for ccj and reset my credit history for another 6 years :-/

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Thanks to one and all for the advice.

Another annoying thing is some (not all creditors, normally the Bank of scotland/Halifax) always have a review every six months BUT it takes a month or 2 to get them the relevant financial statement, payplan say this is a delaying tactic???? but the creditors keep saying nothing receieved by fax etc ,so I have a lot of phonning around with both the creditor and payplan. I have seen somewhere I am not legally bound to give a financial statement???, i dont mind payplans financial statement but what would the creditors do??? if i refused, I dont really want to be awkward but fear they may add interest again if i didnt play ball, but it seems every other month a statement is aked for, its a pity BOS wouldnt put all the accounts into one.

regards

douglas

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Going back to payl8 post, in order to default i had to stop payments with each creditor when i fist went with payplan but the banks charged me £20ish a time over the next few months, it almost doubled some of the smaller amounts owed!!!

rather annoying

douglas

Edited by somme1916
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Hi all sorry for this as well,

one of the credit cards is Aqua thru Bank of scotland, i owe around £290 but they are the worst ones for hasseling or being awkward. i have very large amounts with amex and RBS but they couldnt be more helpful.

Aqua were one of the creditors who for months slapped on charges whilst Paplan said to pay nothing, can these be claimed back. i wouldnt mind having a go then taking some of the smaller creditors one by one if i was successful?

regards

douglas

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This is my first post on a site which I have been lurking for some time. There are some very useful and very interesting items which keep me returning!

 

Everyone is entitled to their opinion and there will be people who are very happy with their debt management company and those who are not - and that refers to all debt management companies fee-charging or otherwise.

 

However, I have to take issue with the comment that someone was told not to pay anything to their creditors - this seems to have come up twice in this thread. No-one goes into a debt management plan in Payplan without being advised to make token payments on a monthly basis to their creditors until they make their first payment into Payplan.

 

Clients are also advised that their credit rating will be affected so no-one should ever regard it as a temporary fix. Debt management is not suitable for everyone as it is an informal arrangement between the client and his or her creditors. The debt management company is the distributing intermediary and does not "negotiate" - they make payments - in Payplan's case on a pro-rata basis as the creditor cannot refuse the payment although they can reject the "offer". People can - and do - their own debt management plans very efficiently if they are well-organised and/or have few creditors. No company in the land - including the sterling work done by CABs - can guarantee that interest and charges will be frozen which is why I would always advise someone in Scotland who could pay their debt in less than 10 years and wanted to avoid doing a Trust Deed to apply to do a debt payment programme through the DAS.

 

Court action can ensue - and no matter how small the proportion of people who have action taken against them and how many do not, those who are affected will be very cross and worried. The bottom line however is that if one cannot afford to pay one's creditors in full then creditors have the right to do this.

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Hi all. When I was made redundant I contacted Paypal and although I didnt enter into any debt management plan, Payplan did send me the info.I needed to send to creditors, they all then agreed a frozen interest/token payment and its all been running smoothly, yes, some of the creditors do require a new I & E sheet every 6 months or so but thats no hassle, so all in all I found Payplan very helpful.

 

Andy

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