Payplan

siws1

Hi,

Not sure if this question has been asked before but was wondering when you are on a DMP and have set up your payments etc what happens if you have overtime in your pay. Do you have to pay all of this to Payplan, some of it or can you keep it? Sorry if this is a silly question to ask.

Thanks.

tattooed_lady

Not sure about Payplan, but CCCS were happy for us to keep occasional overtime.

pixie1

ruyareece wrote:

Not sure about Payplan, but CCCS were happy for us to keep occasional overtime.

If its a regular payment though its normally included into your dmp so that you can clear your debts off quicker, but like Ruyareece said if its an occasional payment then you get to keep it.

Good luck

Pixie

siws1

Thanks for that. Still looking into what we are going to do and it crossed my mind that my OH can occassionally get overtime but it's not consistent so don't want to include it in our basic pay. Hopefully we'll get to keep it and maybe save for the first time in our lives!!!!

rootofallevil

Hi, I actually asked payplan this question last week,
they said you can keep 50% of all overtime over and above the "regular" overtime you declare,
hope this helps,
good luck

System

I get £300 per month net that is not considered part of my basic pay and becuase it is not necessarily some I will receive indefinitely (probably will!) I dont hve to declare it. Now I'm about to start a DMP and am waiting to make the first payment. My debt will take 5.5 years to pay off. If i can muster another £50 per week i can reduce that to 4.4 yrs. I'm still coming down from my telephone appointment with payplan last night and the 780 I have to pay means I have income that I too can save. I would imagine that once I get into it I will be able to increase it and bring my debt free date closer.

siws1

Many thanks for the replies. Am relieved that we get to keep at least some of the overtime. Will definately clarify this with Payplan when we speak to them next.

Pere_Ubu

When I spoke with Payplan about paying extra each month to pay off the debt quicker they told me to put any extra money we had to one side for a rainy day or for christmas etc. They said that they ahve the set amount each month to pay debtors and that debtors like consistency so if we pay more one month and then go back to the original payment next month it will mess the books about too much. My husband and I would like to pay our edbt off quicker by increasing the monthly amounts but felt that Payplan were reluctant to do this as they and creditors preferred regular amounts.

tattooed_lady

Pere_Ubu wrote:

When I spoke with Payplan about paying extra each month to pay off the debt quicker they told me to put any extra money we had to one side for a rainy day or for christmas etc.

CCCS told us to do the same as well. Mind you that was 7 years ago, but I'm sure the policy is standard

siws1

Many thanks to you both for that information.

dollindebt

Yes, I was wondering the same about overtime, too. I have been with Payplan for nearly a year now, and some months I have been lucky enough to nab quite a bit of overtime, and some months (like Feb I was just paid for) none at all. It's not guaranteed, or consistent in my case. I put the money in savings for when my old banger of a car finally goes to Car Heaven. The car, by the way, has just turned 214, 500 miles! Good old Volvos!