Payplan dmp will end when I am about 200 years old

[Wintry]

Hi WintryI think I may be returning to one of the free, not for profit providers, lets just say that! Of course I'll miss you x

 

Hello again Nick

 

I am genuinely touched and an x as well, and just for me Nick?

 

Don't play with my emotions Nick, it is not easy, there ain't none, just barren lands and space and I hate the fee chargers:)

 

Things have edged a touch closer Nick, will they try to stop us on the run in? the truth is out there somewhere.

 

Are you watching Stepchange?, we did not like it and we ain't goin away and were now "commin for yuse":)

 

Be back later, just nipping out to buy some new clothes and shoes (if my budget will allow me that is)

 

Just my light hearted stuff again as always, we are all the best of friends off stage really:)

 

W

Edited October 16, 2013 by Wintry

[Wintry]

Looks like I may go back to my roots and work as a debt adviser in a CABx.

 

Hi Nick

 

Mmmm, interesting

 

So....which side of the fence will you be sitting on at the MALG this year then Nick?

 

Will you be sitting at the back with the 'Real CAB Mob' this year - Ive just heard that they are going again:)

 

W

[Wintry]

Oh that's awesome. I wish you well with your endeavours. I find it entertaining that quite potentially you, Wintry and I could all be working on the same team!

 

Hi

 

You never know

 

If we can't get in at the CAB together we can always try PP maybe, a triple application even, I think they love me really, dont you PP? we go back eva such a long time:) - hold on they are a profit making business arent they? maybe another time then eh?

 

Still looking for that CAB stuff on Payplan, think I have located it though

 

Anyway, nice to have a laugh, jovialities over now though, back to the usual

 

My take:)

[matty3478]

Hello LilythePink.

 

Without going into TOO much detail i can CONFIRM that this company IS legitimate. I myself worked for them for roughly a year.

 

The reason you got a call 'out of the blue' is this SYC is an ' un affiliated ' part of totemic it'self.

 

Basically... payplan will gain money from the BANKS through a 'fair share ' agreement if you agree to enter a DMP/IVA etc etc with them. So they are trying to re coup a loss. And creditors will pay payplan for getting clients such as yourself to pay a percentage of those debts.

 

Now obviously payplan dont WANT you in debt, because the quicker you pay your debts off , the quicker your creditors will give them a 'thank you' slice of the pie for helping get it back, are you still following me?...

 

So SYC ( Stake Your Claim ) , Yes. Is another PPI reclamation company. But the reason they called you is because %99 of people who had PPI DID NOT know about it. it can be on ' loans / mortages / car finance / (any finance ) / store cards. you wouldnt believe where it has been hiding. Also if you have ever Consolidated depts... it COULD be that two seperate lons that ALREADY had PPI on without your knowledge were merged to ' consolidate ' the debt into One debt. Now the creditors were cheeky and stuck PPI on THAT also sometimes. So it could be that you had One Loan / store card etc etc with 3 + PPI policies on them.

 

Stake your claim HELPS people. If you were in X amount of debt to a creditor for X amount of years then the PPI on that debt CAN and i have witnessed it myself , become a payout so large that it pays off all your debts... that's why pay-plan as a company will ASK you if you WANT to look into it. Yes of course you get nothing for free in life. And yes you may have to pay £1 / £10 for a section / SAR request.... ( basically to ask the Bank etc if there IS / IS NOT PPI ). This is NOT SYC gaining from you. It is the creditors tricks to get more money for people looking into it.

 

I suggest next time you take your time to listen to what the person has to say on the phone , because it may get you out of debt completely. It sounds SO worrying because of all the 'fake' companies popping up but i can tell you first hand as a previous employee that it is a legitimate professional company who specialize in WINNING money back for people who UNKNOWINGLY had PPI policies.

 

Please ignore the person saying to 'steer clear' it is ENTIRELY your choice if you want to / dont want to look into it. But as i said %99.99999 people NEVER knew that they had PPI when i discussed settlement offers with them. Ranging from as little as 20p and i believe the highest i saw while working there was about £40,000 -ish.

 

ONE thing that i WILL mention. The banks have the right to OFFSET. There are one of THREE ways the Banks/creditors can offer you money.

1. Cash. they will send you a cheque ( quids in! )

2. Partial settlement - For instance i had a £1000 debt with a certain creditor, they offer me £1200. A percentage of this figure will be used to cancel out some of the debt and the rest will be in cash. E.g. £500 cash / And leave you £500 in arrears still.

3. The dreaded offset.... If i had a debt for £15,000 ... and i won a PPI settlement for £8,000!!!! the CREDITORS have the right to offset this figure against the arrears owed. Basically , you dont see the cash . But you're a hell of a lot better off debt wise.

 

I hope this has helped you, if you would like me to explain any more please feel free to E-mail me.

[dx100uk]

but ofcourse the punter could do all this themselves for free

 

and then THEY DECIDE where the money goes and it cost nowt

 

bar £10 for an sar if they don't have the statements already

 

dx

[matty3478]

lol they do NOT decide where the money goes ... EVER.

The creditors retain the right to offer cash / partial / offset.

YES i would URGE you to do it for yourself , go to your bank and ask for a Section 78 i believe it is, or a SAR . A SAR will cover all accounts you have with that creditor.

It will be ALOT cheaper to do it yourself. But on the other hand you must word your correspondence to the creditors in a clever way. And WHEN you recieve your FIR ( First initial Rejection ) letter please DON'T give up. That is what EVERYBODY does and it usually turns out that there is a case. I have had this happen when a creditor will state '' sorry there is no PPI ' we will send another letter saying that out client is NOT happy then the response from the creditor will state they DO have PPI and want to offer them a settlement! . It is UNBELIEVABLE what they will say / do to keep it from you.

 

I would say do it yourself , it IS rather straightforward. Im sure if you Google '' how to Claim my PPI back MYSELF ' then there will be a list of instructions.

[dx100uk]

there a whole forum section here already

 

dx

[matty3478]

I worked for the Company it'self , i can provide a hell of a lot more incite as to how it operates and how i would rate it from the inside.

 

I replied to help the person who was worried for her security , not to get into a ****ing contest.

[dx100uk]

the thread is almost a year old matty.

 

you sound useful please don't get the ump.......

[matty3478]

Ahhh i did not read the age of the thread , or the other 3 pages! haha.

 

Oh well , maybe someone will find the information usefull

[spots1]

Just to put a lighter note on this we used Payplan ...we were asked if we had PPI ...we not sure so we were then asked if SYC could contact us ...after saying yes and talking to them we received a sum of £985 back in PPI from a credit card

 

They did us good and we would have not known about this

[trymybest]

Payplan probably wont have an internal PPI company as they couldn't be seen to be doing this as it would be a conflict of interest although Payplan do make a lot of money from selling ancillary products into customers. For instance they have a Payment Protection product that they sell to protect the payment of your debt management plan which to me seems a little extraordinary and does not benefit the consumer as a DM Plan is an informal arrangement and can be increased and reduced at any time. I would suggest that you make it clear to Payplan that they are not to pass your details on and ask for evidence that you have opted in to having your personal data distributed. If they have passed it on and you have not authorised this then you can then take your complaint to the ICO (Information Commissioners Office). Make sure you follow the correct complaints procedure.

[Lilythepink]

Just out of interest, why when I applied to Payplan for a remortgage through their financial arm, did they refuse because I live in Northern Ireland, and because I would not consolidate my dmp with them. I would not do this, as I have been paying a token payment for 8 years, on debts that probably are not enforceable.

Edited October 4, 2014 by Lilythepink
grammar

[Lilythepink]

I have been with payplan for 11 years, and they advised and kept me on a dmp

although I was getting no where with it, and

 

 

now they have just emailed me to say they are cancelling it as it is not suitable.

What about the money I have paid in, and the efforts that I have put into updating

and doing everything they told me.

 

 

Even though last year, they were no help when Nationwide put a CCJ on me for an unsecured credit card.

 

I am iin ill health, and am now feeling completely let down and desperate.

How can they recommend a plan then just cancel it after 11 years, surely they can't do that?

 

thank you for any advice?

[Bazooka Boo]

Have you got records of how much you have paid PP over the years?

 

How much do you owe the creditors PP have been paying all this time?

[Lilythepink]

It is over £50,000 over 13 creditors, and I have only the records that they have, but I pointed out to PP a long time ago, that I would be dead in 2025, as that was the finishing date?

[Bazooka Boo]

So eleven years ago the amount you owed your creditors was 50k?

 

And they never thought to go down the BR route??????

 

This is very very worthy of escalating further, this is obscene!

 

Lodge an immediate formal complaint with them, and in 8 weeks escalate it to the FOS.

https://www.payplan.com/legal/complaints-procedure/

[dx100uk]

shame they never do any enforceability checks...

[Peterbard]

My guess is that the IVA would have been offered many times to the OP as it is there prefered method (and they get a backhander). IVAs are not always the best method and certainly advise against them except in very individual circumstances. Reasons I wont go into here.

 

Payplan offer an online service where payments made and progress on the accounts can be accessed anytime from home.(paypaln plus)

 

Payplan do not investigate unenforceability, they are about repaying debt not avoiding it, although if a debt is not owed they will advise on the appropriate actions to take to challenge it.

 

Payplaan have made a recent change to their T and Cs which may be relavant here. There is now a scheduled periodic review of the account, previously these wer done by telephone and the debtors word was taken for the details regarding income and outgoing. Due to this being abused and due to pressure form creditors they now require statements and proof and will cease to operate a plan for anyone who refuses. Customers are advised to make alternative arrangements with anyone who has a problem complying with this.

 

If the OP wishes to continue a DMP he can contact the creditors individually pointing out his exemplary repayment record under the previous plan and asking for a similar arrangement direct, or he can contact another free provider.

[Tenzin421]

The most likely truth is that Bankruptcy or an alternative debt solution has been recommended for this person in the past

(unless the person owns a mortgaged property, in which case they would not usually recommend BR) but this person has refused to go down an alternate route and has carried on paying a nominal amount. Or the person has refused to complete an account review in the past five years.

 

The fact of the matter is, if your budget is so tight that you can only afford a nominal amount to pay your debts, and your estimated time to repay is tens or hundreds of years, you have to ask the question; can this plan realistically get me debt free before I die?

 

If the answer to that question is no, then any company would be doing you a disservice by taking that money from you, as it's not going to get you out of debt anyway. Companies like payplan exist to provide a debt solution, not to take a small amount of money off you to stop creditors sending you letters.

 

The FCA enforces them as such, as soon it will be against their regulation to keep people in debt plans that do not get them anywhere.

 

OP do you own your own property? Do you own a car worth more than £3000 or any other assets that you cannot afford to lose? If the answer is no, then go to the government website, and go bankrupt. 12 months from now, you'll be glad you left your dmp.

Edited May 24, 2016 by Tenzin421

[Lilythepink]

I have received another email apoligises. As for anyone abusing their system it is payplan that offered the service 11 years ago and now decide to change the terms and conditions

[Peterbard]

Its perfectly understandable. The provider has to maintain a relationship of trust with the creditor, otherwise they are of no use to anyone.

 

The debtors relationship with the DMP is a voluntary one, so they can do what they like with their T and Cs