PayPlan... confused what to do, what happens.

PollyandMartin

Have Payplan interview on Sat eve. Have opened a new bank account but how long does it take to transfer all salary and dds?

May suggest bankruptcy I think.

If IVA agreed, will I know longer get hassle from creditors as I have read that some MBNA won't accept and continue to contact you.

Sorry for worrying.:o

haggisAThome

it takes as long as you take ... with out sounding rude . all you have to do is phone up the gas , electric , phone etc etc and ask them to change the direct debit to your new account , they will do it on the spot or send you out new direct debit mandate to fill in and send back . the creditors will still phone you and hassle but just keep telling them your pay plan id number and politely tell them to deal with them not you , and do remember some will try any which way to get you to let them help you ... stand firm and tell them NO . some csa,s are on bonus to get you this way . remember just say NO

and the best of luck , stay strong ... the both of you :beer:

PollyandMartin

Is it usual for DCA's to call at your house? do they need a court order. I can probably cope with phone calls. My dad has said he will open the letters, Good old dad.

Thank you for your help.:cool:

haggisAThome

most DCA,s will call over to try and get you to pay them instead , pay plan will deal with them as well i think

thecableguy12

it will take a long time for any doorstep collectors to come to your house and you dont have to let em in

rosco1981

Hi all,

I have been in an IVA with Payplan now for nearly 4 years and it was such a weight off my shoulders when it began. The most important thing to do is to keep in contact with them as they will offer all the advice and guide you through the correct steps to follow. They deal with all your creditors and assign a key worker to your IVA account.
They will offer to send someone to come an interview you, running through the procedures of the IVA and make an income / expenditure assessment, which is reviewd annually. (It's important when reviewing your expenditure to not leave yourself short of money each month)
I would recommend before signing up for an IVA, if you can, to open a basic bank account as recommended by Payplan, but with an electron / solo debit card if possible. You would not believe how hard it is to live without a debit facility on a bank account.

They will then review your payment plan and arrange a meeting for your to attend with them, and representitives from your creditors!!! Although don't be scared by this as 99% of the time they never bother turning up. (I owed £20k plus to RBS and they never turned up)

After that, just maintain the payments, if you're struggling each month then call them and ask for a re-assessment.

They are more than happy to help and understanding to help.

Good luck to you all :beer:

PollyandMartin

Thank you for your support. Still worried about not being accepted as mortgage payments are so high. Will contact mortgage company and look at interest only payments but as only a small way into mortgage won't help that much.

Did Payplan advise you the IVA - do you think they will only advise if they think it will be accepted or if they think bankruptcy is the only option will they suggest this.

Appreciate that it will depend on our individual circumstances but we have never been late for mortgage and are not in any arrears until this month.

Thanks

Helen42

Am so glad everyone is getting on with payplan but i issue a warning form my own eperience KEEP ON TOP OF PAYPLAN i have now discovered many creditors balances are a lot higher than payplan have lately led me to believe and an very unhappy with their lack of phone calls back tome and their unprofesisonal status.

Charco_2

DMPs are an INFORMAL ARRANGEMENT... it is at the creditors discretion whether or not to freeze interest and charges, and you may find that some debts will increase - DO KEEP ON TOP OF THEM!

DMPs are also a short term solution to debt - they will get the creditors off your back for a while but anybody at any stage can decide the situation no-longer suits them. Statistically speaking the length of DMPs average out at about 18 months... which is a far cry from the 10-15 years it would take for a DMP to sort out your situation!