Debt management plan

Deep_In_Debt

Hi
I'm not a huge fan of Payplan as they recommended an IVA to me when it wasn't suitable and got quite a***y with me when I challenged them.

IVA's are only suitable if you have assets to protect such as property as you would be expected to release equity in year 4. A lot can happen in 5 years and you are stripped back to the bare minimum in terms of "living" costs. If you miss a few payments, you could be BR after having paid thousands into your IVA provider with creditors seeing nothing.

Do think about it carefully.

Sorry, am just having a good rant tonight.

Kandipandi

Congrats, glad you are getting sorted, it will be such a weight off!

Rylynn

Would I be rude to say that NO you do not pay the 17 per cent, but believe you me Payplan do charge, I have a failed IVA and paid in over £5000 my creditors only got £1300, Payplan got the rest, they are not in it for nothing.

And to my knowledge they are not a charity either.

I hope your IVA works, many fail due to changes in circumstances not because they want to fail I certainly went into it expecting to pay for 5 years and it all be over, some things do not work out the way we plan.

I had no assets either so really should have been advised to go BR.. but there you go.

DoWhatULove-LoveWhatUDo

It seems we should always check any financial advice given to us with the good folks on Debt Free Wannabees!

I am glad you have found a solution bear01.

GeorgeUK

All IVA's have a cost for setting up and this includes CCCS. Payplan is not a charity, but like CCCS is supported by the finance industry.

If there is any doubt at all, i would suggest contacting CCCS to go over your figures and see what they suggest. No harm in getting a 2nd opinion.

Deep_In_Debt

Rylynn wrote: »

Would I be rude to say that NO you do not pay the 17 per cent, but believe you me Payplan do charge, I have a failed IVA and paid in over £5000 my creditors only got £1300, Payplan got the rest, they are not in it for nothing.

And to my knowledge they are not a charity either.

I hope your IVA works, many fail due to changes in circumstances not because they want to fail I certainly went into it expecting to pay for 5 years and it all be over, some things do not work out the way we plan.

I had no assets either so really should have been advised to go BR.. but there you go.

Payplan are not a charity. Their DMP's are free but they are an IVA company, which is why I am not a huge fan of Payplan as they were not prepared to discuss a DMP with me but tried to push me into an IVA which I knew was not suitable. Luckily I did not take up their kind offer of an IVA as I'm being made redundant now so would have been unlikely to keep up repayments in a couple of months or so. These things happen.