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Pay PLan anyone have experience with them?
gags
Posts: 41
Forumite
HSBC have advised that I speak to Payplan with regards to my credit cards....anyone had any experience with them?
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Comments
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Yep, been with them for about 17 months now. Its the best thing we did. I can now sleep at night. !!
June 2010 - 11/56 lbs Weight to lose before May 2011.
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Yes. I have a Debt Management Plan with Payplan and they are generally OK. If you want a managed DMP then go with Payplan or CCCS rather than a fee-charging company.
If it were me I would get initial advice on my debts from National Debtline or CCCS. They will recommend a DMP if you need one.My Debt Free Diary I owe:
July 16 £19700 Nov 16 £18002
Aug 16 £19519 Dec 16 £17708
Sep 16 £18780 Jan 17 £17082
Oct 16 £178730 -
I contacted them because we had £74k of debt. We are both working, but after paying only minimum payments on our cards and loans, we had very little to live on and the credit wasn't reducing. Payplan, went through all our monthly expenditure, giving us enough to live on and pay our utilities,etc. We have enough to budget for Car tax, MOT etc and can generally save a little too. Payplan then contacted our creditors and after taking out our monthly budget, the remainder of our salaries etc was divided equally between our creditors. They all agreed to accept our plan, and we now have very little contact with our creditors. We had just under 4 years on the plan, and it really is the best thing we did. Payplan gave us back a life, yes we still have 32 months to go, but then everything will be paid back. I realize going on a DMP means that your credit rating is shot to pieces, but who wants credit after this,.....not me.
June 2010 - 11/56 lbs Weight to lose before May 2011.
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Ive been with them a few weeks and so far its been a pleasure to deal with them.
Very helpful and non judgemental on the phone.
They rejigged all my finances and will now be taking a very reasonable lump sum. I was always scared I wouldnt have enough to live normally (by that I mean still go out and afford the odd treat now & again), but they have been great. They dont ask for proof of earnings or bank statements, its all seemingly done on trust.
Plus the best thing so far is that seemingly every creditor I has is actually quite glad Ive done it. I went through the usual avoiding phone calls, binning letters etc, but now I answer the phone, mention my reference and they seem pretty ok with it.
I will hopefully be clear of £20k debt within 4 1/2 years, which I find really bizarre as my last attempt to sort myself out beforehand was to obtain a 6 year loan and I would have been paying more monthly than I will be now.
Go for it, I cant see how you could regret it:T0 -
Gags, put 'payplan' into the search box at the top of this forum and then choose 'forums' in the drop down box. Lots of people have asked the same question as you in the last few days.LBM Nov 06 -Highest debt £37,000
Current debt - ZERO, NADA, ZILCH:j
DMP Support Member #152
Proud to be dealing with my debts0 -
wonderstuff wrote: »Ive been with them a few weeks and so far its been a pleasure to deal with them.
Very helpful and non judgemental on the phone.
They rejigged all my finances and will now be taking a very reasonable lump sum. I was always scared I wouldnt have enough to live normally (by that I mean still go out and afford the odd treat now & again), but they have been great. They dont ask for proof of earnings or bank statements, its all seemingly done on trust.
Plus the best thing so far is that seemingly every creditor I has is actually quite glad Ive done it. I went through the usual avoiding phone calls, binning letters etc, but now I answer the phone, mention my reference and they seem pretty ok with it.
I will hopefully be clear of £20k debt within 4 1/2 years, which I find really bizarre as my last attempt to sort myself out beforehand was to obtain a 6 year loan and I would have been paying more monthly than I will be now.
Go for it, I cant see how you could regret it:T
If you don't mind me asking how much do you pay each month?0 -
ah i have to say my experience was very bad. i contacted them in Dec made my first DMP payment in Jan. they had not at that stage even contacted my creditors so refunded me my money. then they told me everything was ok and to start making payments again. But i was still hounded by creditors and hae had numerous defaults registered as no record of payplan ever contacting creditors. i could never get a reply from my voicemails or emails. i gave up, sacked them and doing it all myself. all my creditors have been great! :T0
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iv been with payplan for a couple of months now and i have had no bother, i pay £518 per monthmay £9800:eek: july £7700!!!! jan £4500
dfd nov 2010:D0 -
Does this have an affect on your Credit score?0
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