IVA or PayPlan

NickToye

Its not that I don't like them, I just detest people lying to me, its a real pet hate of mine,
Its like i've been fobbed off, thing is I know what people do in the service industry, I've worked in similar industries, and faceless people can get away with it.

Anyway, does anyone know for a fact that this company that have contacted me "Debt Matters PLC" charge me a fee, because they told me that it won't cost me anything, and they take their fee out of the creditors.

I've not decided on anything yet, but if PayPlan call me, then I will certainly scrutinise them more and find out exactly where my money is going.

NickToye

Emmzi wrote:

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.

What do you mean strong reactions? I just don't like being lied to and fobbed off, its not what you need when your anxious about your debts.

NickToye

What percentage of total debt do you expect to pay using PayPlan? How long does it last because I've been told today that the IVA takes 5 years, of which I am also able to keep my car and finance as its imperative to my business.

Emmzi

NickToye wrote:

What do you mean strong reactions? I just don't like being lied to and fobbed off, its not what you need when your anxious about your debts.

Nick,

only replying because you asked, and then I'll leave it.

In this short thread, three of your replies have been,

'does anyone know for definite'..
'does anyone know for a fact..'
'how do you know that..'

This can be interpreted by some (me) as 'how can I trust you muppets? You're just guessing, aren't you?'

I would suggest instead asking, 'does anyone have first hand experience of..?'; after you have done some web research - e.g. a lot of payplan info that you ask about is available on their website.

The reality is that, as each case is different, there are no final answers. No one here ought to say for a FACT that eg your car is essential to your business, because we don't know the ins and outs of your business, and generally, we aren't used to looking at IVAs from the other side of the table.

I know a little about lending, DCAs and repossession from when I used to be a banker; but without doing a full interview with you, I can only offer a general opinion. You seem frustrated that people can't offer more; and where you could thank people for their time, I see more often more questions following.

To me, it feels like a strong reaction, directed at the people here, rather than where I think it belongs, at your situation, and possibly yourself.

Ok. Said my piece. I've no wish to become a troll, so I will leave it there.

Good luck. I genuinely do hope you can sort this out.

Emmzi.

fatbelly

I feel a link to a National Debtline factsheet coming up.

Ahhh, here it is.

On fees, they write:
'All IPs will charge fees for setting up and supervising an IVA. It is very important that you shop around to make sure you are getting the best deal. Typical fees are over £4,000 and sometimes a great deal higher. Many IPs will offer an initial free meeting to look at whether an IVA is suitable in your situation. Some IPs will only accept payment of their fees up front. Other IPs will allow you to pay the fees as part of the monthly payments over the term of the IVA.'

So shop around, read around, do your research and get independent advice before taking the plunge.

NickToye

@Emmzi,

I don't want this to get hostile, but I am in debt and that is a fact. So when people say to me something, and it doesn't sound like a fact, I tend to try and search for the facts from people who have experienced an IVA.

I'm not going to thank people for having a go at me for having a go at PayPlan. I was annoyed because I was promised and then lied to. I was happy because Debt Matters took the time to call me and they never lied to me.

Also how does this:

'does anyone know for definite'..
'does anyone know for a fact..'
'how do you know that..'

mean I am saying that you are all muppets, I just need to know the facts and as there are people on here who have experience with IVA's and PayPlans, I was expecting some facts and not assumptions.

If you think that I was attacking you then don't be daft, its a little hard to convey emotions online.

Also I don't ever recall asking if my car was essential to my business, I just asked if anyone had any experience on having to give back their car if they go through IVA.

Your not a troll, but your assuming that i'm attacking you and I wasn't. To be honest I think its sad and immature to use this medium to attack faceless people. So lets all just chill a little.



Also I just thanked the guy above for offering a fact sheet, that;s helpful to me, I really don't see the point in people thanking people for having a go at someone else. Seems clique's exist online as well as off.

averageguy11

Read the thread...one word of advice..seeing as u came on here for it..respect ya fellow posters and channel ya energies into sorting ya probs.

Nuff said

NickToye

I DID read the thread and I DO respect my fellow posters, but people have gotten the wrong end of the stick, my god its pathetic!

jesster_2

Nick, if you don't like the idea of Payplan then have you tried talking to CCCS? They are also free, and have a fab reputation.

You COULD pay someone to administer your IVA or DMP, but it does make more sense to put all your money towards your debts. Some practitioners charge several grand.

And I think part of the problem with IVAs is they don't have the flexibility of a DMP.

Although it's likely your creditors will agree to an IVA as you can pay them back quite a hefty whack, you are then bound into it, so if something goes wrong and you CAN'T repay that money they can force you into bankruptcy. A DMP is much more flexible. Obviously this also goes both ways, and if you come into money you can't easily overpay, which means you'll have to carry on paying the fee etc rather than clearing yourself more quickly.

Tr@cker

Ive recently heard there'll be a new type of IVA called a SIVA-simplified IVA for debts up to about 30k-available sometime later in the year or early next year-and the fee will be much cheaper so this might be worth looking at. It seems to me CCCS/payplan schemes cover the whole debt however long it takes whereas the IVA's get actual debt reduction-why the difference anybody ? Why cant the charitable orgs get the same deal as insolvency firms or is there possibly some 'arrangement' between them and the creditors that we dont know about ?