Decision to Make

lynzpower

Nick Payplan and CCCS are not free, but they are not funded by the consumer they are funded by the creditors.

I am finding this all so very frustrating so Im leaving this thread now

NickToye

Ok, maybe that was the wrong thing to say, but they do say that 90% of all IVA's go through, and if it doesn't I can always try again. Although he is very confident that this will go through. They do it all the time, they even said that they get alot of custom from people who have started to deal with PayPlan.

I don't understand the scepticism here for Debt Matters,

NickToye

lynzpower wrote:

Nick Payplan and CCCS are not free, but they are not funded by the consumer they are funded by the creditors.

I am finding this all so very frustrating so Im leaving this thread now

Why is everyone so frustrated, its my problem. Debt Matters are also funded by the creditors.

Its all the same roundabout isn't it.

jobbingmusician

NickToye wrote:

Payplan are calling me on Monday morning, so I have plenty of time to make a decision.

Really? On a bank holiday? (I guess this could be right, but have you and they realised this?)

I don't quite understand this thread, so I bet there are others who don't either. Would anyone be prepared to clarify whether I've got the right end of the stick?

Option 1. DebtMatters. Pay a reduced proportion of the total debt, which DM say they are sure the creditors will accept. Total payment £230 pm for 5 years

Option 2. Payplan. Probably won't try to negotiate a proportion (or do they?) but will keep creditors off your back. If they negotiate a proportion, the decision is down to whether they cost less than DM in total. If they don't neg a prop, the debt is likely to run for longer, with only the satisfaction that the OP has paid bills in full

Is this a correct summary of the situation? DO PP and CCCS do IVA?

earwig

why not just go for personal bankrupcty if your not botherd how much money your creditors will get back it would be quicker than 5 years and iva is not that far away from bankruptcy

alecpr

Debtmatters are certainly legit, they floated on the Alternative Investment Market in June 2005 and processed 230 IVAs in September 2005, revenues were up 230% on 12 months previous and they have increased the number on Insolvency Practioners to cope with demand.

All in their financial interims posted

http://www.digitallook.com/news/rns/580306-113290/DEBT-Interim_Results.html

So no question of legitimacy, but obviously not a charity and will be taking a cut of your money.

Making promises before they have spoken to debtors is a very bad sign from what I have heard and just because they are a "legit" company doesn't mean they are a good or worthwhile one. A dubious sales tactic at best.

NickToye

Yeah apparantly PayPlan do do an IVA, but like I say they just don't sound so professional.

I think why people are getting frustrated here is because of the pro-PayPlan attitude that I haven't adopted. It isn't because i'm trying to be a pain, its because the level of service I have received from them is sub-standard.

If anyone, anyone has any bad experiences with Debt Matters, then that is really what I want.

I have realised that Monday is a BH but I think some finance companies work on BH's, when I was at MBNA they even had people working on Xmas day.

NickToye

earwig wrote:

why not just go for personal bankrupcty if your not botherd how much money your creditors will get back it would be quicker than 5 years and iva is not that far away from bankruptcy

Well from I have heard, Bankcrupcy is not really an option for me, it will not look good for me in the future, meaning I may not be able to get a mortgage.

I just think the advisor was stating that he deals with cases like these all the time and they are more often than not accepted. How reassured would you feel if the advisor says that you may not get accepted, and put the emphasis on the negative side.

Anyone know the implications of going bankcrupt?

earwig

you cant run your own company it stay on your file for 6 years and it cost 460

all_hours

I'm new to this forum so I could be wrong.

The reason people are getting frustrated is because you don't appear to be listening.

Debt matters are a profit making company. Making some £ on this will be their top priority.

The other organisations suggested aren't driven by profit - so they are more likely to find the best all round solution.