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    • Future Comms issues. Read more at https://www.consumeractiongroup.co.uk/topic/416504-future-comms-issues/
      • 3 replies
    • This is a bit of a lengthy one but I’ll summerise best as possible.
       
      THIS IS HOW THE PHONECALL WENT 
       
      I was contacted by future comms by phone, they stated that they could beat any phone contract I have , (I am a limited company but just myself that needs a business phone and I am the only worker) 
      I told future comms my deal, £110 per month with a phone and a virtual landline, they confirmed that they could beat that, £90 per month with a phone , virtual landline  they also confirmed they would pay Vodafone (previous provider) the termination fee. As I am in business, naturally I was open to making a deal. So we proceeded. 
      Future comms then revealed that the contract would be with PLAN.COM and the airtime would be provided by 02, I instantly told them that this would break the deal as I have poor 02 signal in the house where I live as my partner is on 02 and constantly complaining about bad signal
      the salesman assured me he would send a signal booster box out with the phone so I would have perfect signal.
      so far so good.....
      i then explained this is the only mobile phone I use for business and pleasure, so therefore I didn’t want any disconnection time in the slightest between the switchover from Vodafone to 02
      the salesman then confirmed that the existing phone would only be disconnected once the new phone was switched on.
      so far so good....
      • 14 replies
    • A shocking story of domestic and economic abuse compounded by @BarclaysUKHelp ‏ bank complicity – coming soon @A_Gentle_Woman. Read more at https://www.consumeractiongroup.co.uk/topic/415737-a-shocking-story-of-domestic-and-economic-abuse-compounded-by-barclaysukhelp-%E2%80%8F-bank-complicity-%E2%80%93-coming-soon-a_gentle_woman/
      • 0 replies
    • The FSA has announced large fines against DB UK Bank Limited (trading as DB Mortgages) - DeutscheBank and also against Redstone for their unfair treatment of their customers.
      Please see the links below for summaries and full details from the FSA website.
      It is now completely clear that any arrears charges which exceed actual administrative costs are unfair and therefore unlawful.
      Furthemore, irresponsible lending practices are also unfair and unlawful.
      Additionally there are other unfair practices including unarranged counsellor visits - even if they have been attempted.
      You are entitled to refuse counsellor visits and not incur any charges.
      Any charges for counsellor visits must not seek to make profits. The cost of the visits must be passed on to you at cost price.
      We are hearing stories of people being charged for counsellor visits for which there is no evidence that they were even attempted.
      It is clear that some mortgage lenders are trying to cheat you out of your money.
      You should ascertain how much has been taken from you and claim it back. The chances of winning are better than 90%. It is highly likely that the lender will attempt to avoid court action and offer you back your money.
      However, you should ensure that you receive a proper rate of interest and this means that you should be seeking at least restitutionary damages - which would be much higher than the statutory 8%.
      Furthermore, you should assess whether the paying of demands for unlawful excessive charges has also out you further into arrears and if this has caused you further penalties in terms of extra interest or any other prejudice. This should be claimed as well.
      If excessive unlawful charges have resulted in your credit file being affected, then you should take this into account also when working out exactly what you want by way of remedy from the lender.
      You should consult others on these forums when considering any offer.
      You must not make any complaint through the Ombudsman. your time will be wasted, you will wait up to 2 yrs and there will be a minimal 8% award of interest and no account will be taken of any other damage you have suffered.
      You must make your complaint through the County Court for a rapid and effective remedy.

      http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/120.shtml
      http://www.fsa.gov.uk/pubs/final/redstone.pdf
      http://www.fsa.gov.uk/pubs/final/db_uk.pdf
       
      http://www.fsa.gov.uk/pages/consumerinformation/firmnews/2011/db_mortgages.shtml
      Do you have a mortage arears claim to make? Then post your story on the forum here
      • 0 replies
Santas Little Helper

Payplan & my IVA, have they got it right?

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I'm currently just under three years into an IVA with Payplan. I pay them a sum of money each month as agreed and as part of the arangement, they review my pay slips every 6 months. The purpose of this is so that I can pay them additional funds based on my additional earnings, the idea being is that as I begin to earn more, I can pay back more, sounds fair. But my problem is that now I am earning so much more that they are asking for an additional £300 a month. The sums are like this:

 

On entering my IVA, I earnt £1100 ish a month

I now earn £1700 ish a month

Therefore, 50% of my additional earning goes to them, i.e. £300.

 

But, as my earnings have increased, my cost of living has also increased, that's inflation for you.

 

On entering my IVA, I was spending £700 ish a month

I now spend £1200 ish a month

 

But with my regular monthly payment to Paypal of £400 ish a month plus my £1100 living costs, that only leaves £200 spare, so there is certainly no way I can pay £300 extra. If I pay Payplan the regular £400 + £300, that will only leave me £1000 a month to live on and something will have to go unpaid, phonebill? car tax? car insurance?

 

My thinking is that the additional payment based on my additional earning should take into account my additional cost of living, but it doesnt seem to.

 

Has anyone come across this before and have I been screwed?

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Is this definetly an IVA - or a DMP.


Consumer Health Forums - where you can discuss any health or relationship matters.

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Not sure what a DMP is, but an IVA is what I was always told I way entering.

 

this was a legally binding agreement drawn up by payplan acting as insolvency practitioners?

 

how long is it for in total?

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Sequenci,

 

the IVA is for 60 monthly payments and I'm allowed 3 payment holidays in the case of an emergency, so it could effectively last 63 months (5 years, 3 months)

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Ok, it is certainly an IVA rather than a DMP (Debt Management Plan). Have you had a go at filling in your income/expenditure as it stands currently to show Payplan that you need a realistic amount to live on? IVAs usually take all of your disposable income so they can increase although I would argue that the payments need to be reasonable and realistic.

Payplan would have the power to modify the agreement, the creditors would need to agree this though.

If you feel that payplan are not managing the IVA very well you could complain to them and then their regulatory body (there are a few – more info here http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/ipcomplaint.pdf )

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Sequenci,

 

The figure of £1200 living expenses is what I submitted last May (or about then) during my review. But as far as I am aware, all they use this for is to make sure they cant squeeze any more money out of me by upping my regular monthly payment. The additional payment as agreed to in the agreement do not refer to my monthly cost of living at all, only to what I was earning in 2004. From my point of view, if they want to take this extra money, then I have less money available each month and so they shoudl reduce my regular monthly payment.

 

The other thought that has entered my head today is along these lines:

 

36 months paying £425 a month = £15300

24 month paying £725 (£425 + £300) a month = £17400

Total paid = £32700

 

My original debt was for about £25000, so what happens to the other £7000?

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My original debt was for about £25000, so what happens to the other £7000?

 

IP fees see here http://www.consumeractiongroup.co.uk/forum/general-debt/56970-insolvency-dealing-debt.html

 

I am still not convinced this is an IVA - what % return did you ofer your creditors?

I thought Payplan passed you onto a Insolvency Practitioner and usually used Shaws and then Payplan's involvement would cease.


Consumer Health Forums - where you can discuss any health or relationship matters.

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Gizmo,

 

I was originally with Shaws 3 years ago, everything was hunky dorie, then one day it was Payplan handling it all, but it's the same people, they just said they changed their name.

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Gizmo,

 

I was originally with Shaws 3 years ago, everything was hunky dorie, then one day it was Payplan handling it all, but it's the same people, they just said they changed their name.

 

So it does sound like an IVA - have you got copies of the creidtors agreement - cos the whole point of an IVA is to pay a reduced amount - not morethan the debt!


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Gizmo,

 

It's all stored at home in a file. I'll sit down tonight and dig out the actual figures for it all and then yourself and others can make informed comments. I am beginning to think that by the end of this year I will be in a position to "buy out" of the IVA, especially with claiming a load of bank charges back.

 

I do know what you mean though, I pay £425 for 60 months, that's about what the original debts mounted up to. I do remember Shaws bullying me after the first NO vote saying I had to contribute more each month or I would just end up going bankrupt.

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IVA's are not meant for your creditors to get back 100% of the debts - they agree to an amount that you can afford, and in return agree to write some off, knowing that the IVA is binding agreeement and alternative to Bankruptcy, where they would get nothing back. Typically 45-50% is paid back altough this can go as low as 25% and as high as 85%.

 

You seem to be paying back 110%. Let us know what is in those docs tonight.


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OK, here are my figures. I owed:

 

HSBC £1880.00

Intelligent Finance £10955.00

Capital One Bank £295.00

Creation Finacial Service £290.00

GE Capital Bank £1560.00

HSBC Card services £2100.00

Student Loans Company £5725.00

 

Total £22805.00

 

I was earning £1168.11 per month and had living costs of £923.00 per month.

 

This left £245.11 per month which was offered and was voted NO by Intelligent Finance because they objeted to my living costs. So I reduced my living costs and offered £425.00 which was accepted. I was so terrified of going bankrupt that I would have gone further if pushed.

 

So, I have so far paid nearly £13,000 in my monthly payments and estimate that I have over £12,00 more to pay plus any extra earnings payments as I mentioned earlier. So in 2 years time, I will have repaid my debt and more.

 

I have estimated that the 8 financial organisations including Lloyds TSB (who werent in the IVA) owe me approximately £10,000 in charges but I will have to wait for the replies to my letters for an exact figure.

 

So am I paying too much? Have Payplan screwed me? Should I complain and get my payments reduced even though I can afford them? Will Payplan just say "Oh, you've repaid your debt" once I hit the original figure I owed? What can I do about this?

 

I open the floor to comments, help and experience...

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Hi, ive just come out of an iva through an early settlement, you should only have to pay them what you can afford each month ask them for a monthly income & expenditure form.also re paying back more than you owe i ended up paying an extra £7,000 i.e. their costs because i had a clause which meant if i had sufficient equity at the anniversary of year 4 i had to remortgage upto 75% of this having not had enough equity at the beginning of the plan. I ended up paying back 98.35 in the pound left me feelin abit raw about IVA'S.good luck anyway!

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same thing is happening to me at the moment .payplan are phoning me in a minute about my expenses as my wages have increased.i have 25 payments left roughly 2 and a bit years and seem to have been doing really well but now i feel a bit like i did when i was initially in Debt.also the women said that because i have been gettin bonuses they will want 50% of these. . income £1300Payplan £278Rent £400Petrol £250Clothes £50Food £150thats aleady touching £1000 thats not including things like certain Bills

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I'm having serious problems with PayPlan, they screwed up at the beginning and placed me on a DMP instead of IVA as we wanted. I am looking at taking legal action against them. As far as i am concerned they couldn't organise a **** up in a brewery. If I were you I'd get things checked by a third party just to be safe, and good luck.

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