Payplan/IVA Experience

partysis81

hi, new to this site today, but after reading many threads about worries and concerns about IVAs, i would like to give my personal experience regarding this:
I have been in an IVA for a year with payplan, it was the best thing i ever did!! It was recommended to me by a good mate who herself was in an arrangement with them.
That first phone call to them is very daunting, but well worth it. You arrange a date and time for them to call you back, and this is when you tell them every details (all your creditors, your bank details, your employer details), you go through your whole income and expenditure. They are lovely people and make you feel at ease the entire time.
They then write to you with a figure they would want you to repay to them each month.
At some point a rep comes and visits you, i was really nervous about this, but the person who came to see me was lovely, he talked to me like a human being and not like someone who was stupid to get into debt.
This visit is when you hand over all your statements, threatening letters etc etc. Trust me, that bit felt excellent to do!!
You then visit them at their office a few weeks, by then they have contacted your creditors to see if theyll agree to your offer.
After this meeting, the whole weight is lifted from you, i went home feeling better than i had for ages!!!
Some tips id like to pass on, which the payplan people told me along the way:
1) If your getting those threatening phone calls, tell the person that due to identity theft your not prepared to discuss your account over the phone, this really annoys them, but they HAVE to end the call there and then!!
2) If one of your creditors is your bank, payplan will advise you to open an account with a different bank asap, after going to my local highstreet, i found it really hard to find a bank that wouldnt credit score me, eventually i went to abbey, who were able to do this no probs, just ask for their basic account.
The whole payplan thing takes about 2 months to finalise, which i know seems an eternity when you have people demanding money off you, but i can assure you, once its all set up, its the best thing ever!!
The best bit, is in 5-6 years your whole debt is written off completely!! Not like these other companies that just get your interest frozen until you pay off ALL of the balance.
Anyway, if anybody would like to contact me with any questions about my IVA, please feel free. Like my friend, i would like to pass the word on about payplan to everyone!!

fizzel81

thank you, we are still waiting for a phone call from them to sort all ours out but the info you have provided helps us a little more to know what to expect

aaarrrggghhh

I managed to avoid PayPlan thanks to help from my parents, but I would have had no hesitation in going to them.

Good luck!