IVA or PayPlan

NickToye

Well i've gone through the UK Insolvency Helpline, and The Debt Matters people

NickToye

I have also been quite disappointed with the service that I have recieved from PayPlan as far. Emails from two people saying that they had called me when they hadn't and when I call back they are never there.

Have spoke to around 4 or 5 people in total and not got anywhere near discussing my options. Whereas UK Solvency called me back straight away and also got the IVA team to call me the next day, in which they did.

Why do you see deal only with PayPlan?

Chortle_2

Aren't ''The Debt Matters people'' fee charging? I take it you are going for an IVA then?

Chortle_2

NickToye wrote:

I have also been quite disappointed with the service that I have recieved from PayPlan as far. Emails from two people saying that they had called me when they hadn't and when I call back they are never there.

Have spoke to around 4 or 5 people in total and not got anywhere near discussing my options. Whereas UK Solvency called me back straight away and also got the IVA team to call me the next day, in which they did.

Why do you see deal only with PayPlan?

Ever thought that maybe the charities that provide the service FOR FREE might not necessarily have as many staff as the companies that DO charge, and therefore that is why they take longer to get back to you?

Why would you willingly shell out money to a fee charging company when it could be going towards your debt?

Emmzi

Fee charging debt management companies have an interest in keeping you on their books as long as possible so you keep paying them fees. They won't admit it, and some are quite ethical, but there is a vested interest.

Charitable organisations have an interest in getting you settled as soon as possible as they are overworked!!

I believe they are better, because they do not have the same conflict of interest. Also, some creditors will not deal with fee charging agencies, and will only deal with charitable ones.

Be patient a little longer??

james32_uk

I found with Payplan that the first few people I spoke to had an all-round knowledge of debt issues. What happened was they send me the forms, then someone more specialist to my needs rang me. When we talked through the options they then put my in touch with a team of two people specialising in my case and circumstances. These people knew it all inside out and I can contact them on their own number anytime during business hours. They charge around £4k I think for an IVA where all other people I spoke to were around £8k. The less the charges the more likely your IVA is to be accepted!

I couldnt recommend Payplan enough.

NickToye

Hang on, assumptions alert!

I don't mind the charity companies not getting back to me when they say they do, but to lie and tell me that they had called me twice when I know for a fact that they hadn't rang me at all. That get the alarm bells ringing. Also I was told twice that someone would be calling me on a certain day and they never did.

How do you know PayPlan don't take a fee out of the creditors, because that's what i've been told that the Debt Matters people do. Who funds PayPlan? Who pays their wages?

NickToye

So do you have to pay that 4k upfront to PayPlan?

Chortle_2

NickToye wrote:

How do you know PayPlan don't take a fee out of the creditors, because that's what i've been told that the Debt Matters people do.

They don't take it off of your creditors, they take it out of your payments - money that would otherwise go to your debts.

Who funds PayPlan? Who pays their wages?

How are we funded?

"There are now numerous debt management companies who are making huge profits from charging their customers monthly fees and set-up costs for exactly the same service that Payplan offer for free."
John Fairhurst MD, Payplan Ltd.

Read about our unique funding...

How our Debt Management Plans are Funded

Payplan is funded in a unique and innovative way. Rather than charging our clients, we receive donations from the credit industry.

Back in 1999, when the name "Payplan" first came about, our team started talking to creditors about the best way to help people reduce their monthly payments.

It was soon obvious that charging those with financial difficulties for a debt repayment service was fruitless, as it would take them even longer to become debt free and just compounded the problem.

Keen to assist their customers, who were struggling to meet repayments, Marks and Spencers Financial Services were one of the first to give a positive response to our proposals for them to help cover some of the costs of debt management plans provided by Payplan. Others swiftly followed enabling Payplan to extend its debt management services to a wider client base.

Our reputation has grown over the years, winning huge support from other creditors and organisations that are keen to provide all members of the public with a totally free debt management service.

Please Note: While Payplan receives donations from the credit industry, we remain completely impartial and deal with all creditors - not just the ones that donate!

How our IVA's are Funded

Unlike most Insolvency Practitioners our sister company, The Payplan Partnership, do not charge any upfront fees.

The monthly payments that you make into your arrangement will cover the payments to your creditors as well as our fees for putting together and supervising the arrangement.

In short, the creditors agree that they will accept a lower return from the arrangement. In addition you only start paying once your arrangement is agreed so if we are unsuccessful, you will not have to pay for the work that we have done for you up to this point.

If you would like more information about this please call us and one of our advisers will be happy to explain it in more detail.

So which creditors support Payplan in providing free debt advice?

Taken from the Payplan website.

Emmzi

Sorry,

decided to delete this. I know you are tense and frustrated with everything, but I'm a little fed up of strong reactions.

Good luck with whichever route you choose.