some questions please help

Plain_Stupid_45

Hello Everyone,

I have contacted Payplan and spoken to a lady who said that they will ring me back with regards a financial review with regards to going on a DMP on Saturday. I have booked an allocated telephone time for 10am Saturday morning. She said that she would put this in an email to me to confirm, that was on Monday.

I still haven't heard via an email confirmation. I am desperate to get started on this and start tackling my debts. Are Payplan usually good, do you think they will be able to help me?

Also I have a managed loan with HSBC that has about £8900 owing on it, I think the name of it 'managed' makes me scared as I look at it as a loan that has more weight to it than a personal loan, I know its not, but I wondered had anyone had any problems with HSBC accepting a DMP on their managed loans?

What will happen when I start my DMP (hopefully I will be able to do this), how does it usually start off the first month, do I send token payments for the first month while its getting set up?

Sorry to ask so many questions, you know when you just want to get on with things and start addressing it....

Any advice really appreciated.

Many thanks

MyLastFiver

Payplan are currently swamped and to be honest their client service & admin are not particularly great, so no surprise that you're having to wait for them.

Assuming your debts are all non-secured and non-priority, you can send token payments until your DMP is set up. the National Debtline website has a letter you can print off and send with your token payments.

HSBC do not make good creditors and their collections department is dreadful. Be prepared for a lot of calls, several an hour on some days, that go dead when you answer. And when you do speak to someone, don't expect them to listen. Unplug the phone if it gets you down, and send them one of 10past6's phone harrassment letters, then watch them ignore it. Watch them refuse to deal with Payplan, even though they've had, and lost, all the documentation.

HSBC ain't easy but they can't have what you haven't got, and eventually they will realise it and leave you alone. Personally I had to escalate a complaint and only at the stage of threatening the Ombudsman did they action my account properly and fairly.

Good luck.

moneymakestheworldgoround

Friend had managed loan with HSBC, got into debt, think repayments were £111 a month, he offered £50, the lowest they would go to was £103 !! He had to sit and wait for it to go to collections, they wouldnt agree reduced instalments, so it got passed to a solicitor and he has made payments of £45 for the last 2 years with no interest, charges or phone calls.

They might treat all cases differently, but when I told him to keep making the offered reps of £50 when the account was still with HSBC as a gesture, the bank advisor actually told him not to as he would get better treatment in collections or the solicitor and making lower reps would just delay the time it took to get passed to another dept!!

However, they were very good at dealing with bank charges if that applies to you ?