IVA or PayPlan

NickToye

I haven't thought about CCCS, I was waiting to see what PayPlan could offer me, and see how it measures up against Debt Matters.

If that's true about IVA and PayPlan then obviously I would prefer to pay off half my debts, as half of them are probably money spinning interest rates and high levels of PPI. So why would I want to pay all my debt when I don't have to.

I'm sure PayPlan have a great reputation, but if they don't call me back today then I may look at CCCS. I appreciate that PayPlan may be busy and over-worked, but they shouldn't promise to call me and then pass me from pillar to post while they think up an excuse why they didn't call me.

Thanks for all the positive help i've received from this thread, I do appreciate it.

jesster_2

CCCS can get the intersest frozen for you, so you wouldn't need to worry about it accruing as you repay.

I can see your reasoning re paying off less of the debt. My worry about IVAs is the inflexibility and I'm not sure whether they actually have more of an impact on your future credit score (re mortgage) than a DMP would. That's definitely worth checking out if you're hoping to buy.

NickToye

Well apparantly the advice I received yesterday was positive for me to get a mortgage, but obviously i'm going to think long and hard about all this.

One issue I did have is that say my business does take off, and I have more disposable income to pay off the debt, I wasn't sure if I was able to pay more, or how much more, or would they require the full amount of my previous debt, not the reduced amount.

Also if I wanted to get a mortgage (which I can't for 2 years because I need 2 years accounts) and I had a deposit of say 10k, the IVA would want to know why I can't pay that 10k off my debt.

I think when PayPlan do call me I will have an idea of the other side of the coin.