Just when I thought it was sorted!!! It isn't

jellycat40

Hi guys

Today has been a nasty roller coaster ride. There I was happily thinking that my IVA was going along nicely, nothing to tell me otherwise had happened.

THEN MBNA called asking for an update on my finances. I politely but firmly told the manager of cloud cuckoo land that Payplan were dealing with my finances and that they had contacted them at MBNA giving him dates times etc. Eventually he went away.

I was shaken but not stirred. However, I thought I have not heard from Payplan for ages so i would give them a call. Had a lovely chat to a lady who took all my upto date balances and gave me the script for dealing with these types of calls.

Then the bomb dropped. I asked her when my IVA would be progressing to the meeting stage. The line went rather silent. She said "you are doing a DMP". I said "no I never at any stage considered a DMP". I will call you back said the helpful and nice lady. An anxious 10 mins went by while I convinced myself she had made a mistake. No such luck, apparently Payplan had unilaterally decided I had to do a DMP as my premium was only 13p in the pound. I have a choice now of bankruptcy or paying off the debt until I am 68, I am only 42 at present.

I have another choice I could go to a friend who is an insolvency practitioner. She has said that she will charge me £3,500 to manage either an IVA or my bankruptcy. I am so tempted to sell my car to make the first payment as she I know will take all the stress out of the situation for me and I will not have to speak to another creditor ever again.

Have paid Payplan £338 for my first installment but have told them tonight that they must not do anything else on my case until I have had a chance to speak to them.

I am soooooo upset by this.

Louise

bonnie_2

do not pay £3500 to your friend to go bankrupt. why would she do this to you .do it yourself through the courts it only costs £450 ish.

jellycat40

Thank you Bonnie, I do understand where you are coming from but she would go to court with me, she will talk to the OR and she will keep all the creditors off my back. She guarantees that I will have no stress. She can't do it for nothing but she is charging me less than she would normally charge and I can call her anytime. She could also set me up an IVA which Payplan seem unable to do and the cost would be the same and she would work with me for up to 5 years for that. I don't know it just seems to be wonderful to think that someone would take away the worry from me.

Louise

sparkle84

Whatever about the IVA you should pay nothing to your friend to arrange a bankrupcy, the "court" is just a few minutes alone with the judge and the OR will expect to deal with you not a third party plus where would you get the money to pay her?? Re the IVA 13p is very low your friend can't just "set up" an IVA Paypal do have experience in this and they obvious feel it won't be accepted by your creditors perhaps it would be worth talking to Paypal again or another involvency practitioner - I just don't think using a friend is a good idea.

Please dont think I am being negative I wish you nothing but the best but I don't think the plan you have outlined it the best way for you to go. By the way if you stick with the DMP you could perhaps look at full and finals in 3/4 years??

bonnie_2

yes but £3500 is a lot of money which would be better coming of your debts and you can get the same service for free if you go to cab,cccs, etc.bankruptcy is very stressful so i cant see how she could guarantee it being stress free you would almost certainly lose your home and your bank accounts etc, havent you got a relative or other friends who would go to court with you.sorry if i sound harsh but i dont think your seeing things straight i did many a stupid thing when i started out like you taking out consolidation loans etc thought about going bankrupt but it dosent solve your money problems because you have to sort out why you got into the mess in the first place or youll end up doing it again been there 3 times and got the tshirt.cab sorted us out i am now debt free and hubby will be next year.
the best thing you can do is to post a detailed list of all your incomings and outgoings and how much your debt is and budget for everything all the time.

r-world

My condolences re. Payplan. I'm having bit of a rant about them on another thread but perhaps the good thing is that you've only given them one instalment and as your relationship is still new(ish) with them maybe there's still time to change to someone like CCCS - although I admit it'll be a pain to go thru the whole process again..

jellycat40

Sorry I should have made myself clear my friend is an insolvency lawyer. She is expensive because she is good. I can pay her by selling my car.

r-world the fact that you have issues with Payplan is comforting maybe I will try with CCCS or someone but I have to say my friend seems favourite just now. She did conduct my hubbies bankruptcy and I have to say that it was very smooth and yes he did speak with the OR but with her (a lawyer) present. He also had a lovely OR which is the luck of the draw i guess.

I value all your opinions even the ones I don't agree with it makes me feel less alone.

Cheers guys

Louise :A

sparkle84

Well all the best Louise but once again please please please reconsider spending £3,500 for her help in your bankrupcy it is so unnecessary. Try CCCS I am with them and have found them really good

Harassed_2

Agree with Sparkle. £3,500 to do something you can do yourself (with very little hassle) is a complete rip-off.

imanan

not much of friend if you ask me charging you that much,use the money to pay of your debt,it cost £310 to go bankrupt.

oriana

I agree with the others who say that if you are going to go bankrupt, i dont see the need to pay 3.5K, it is just throwing good money after bad! i went to see the CAB to get advice about BR and they said that one of them would come with me to the court and the OR interview if i wanted them to.

Also, if you want your creditors to agree to an iva, then giving away 3.5K of what they might see as "their money" might not be a good idea?

xXx