payplan help

Lovestoshop!

I have contacted payplan and I am having a financial assesment done this week. What is an acceptable offer to make to all creditors and what is the likely debt free amount of time?

They also mentioned an IVA, and I know I definately don't want to go down that route, there is no way I am risking my house, do I have to do it if thats what they advise me to do?

Any help and advice would be great.

Thanks

moxie_2

I'm with Payplan and they are great. They'll do a full income and expenditure assessment with you and agree a budget with you that is do-able. They will then see what is left over to throw at your creditors. They will work all this out for you, you just need to provide them with all the info. My DMP is for 10 years at presnt but I am supporting my daughter at uni. Once she finishes (2 years) I expect to have more disposable income and will chuck more at my debts.

ms_london

Payplan will probably ask for a SOA - basically the same information you posted on here a while back. They will want to see what is coming in, what needs to go out & also who you have debts with (the balance, APR, and minimum repayment), so it wont hurt to be organised - perhaps print out the original thread.....

It's up to you if you want to go with a Debt Management Programme or an IVA - the choice is up to you. I don't know enough about an IVA to advice, but as I say, they will advise you, but its up to you to make the final decision. All you can do is to be organised & have all of your financial information to hand.

Well done on making the call. I dont mean to put a dampner on things though but did you act on ANY of the advice you were given after you posted your SOA? I am sure payplan will repeat the advice that was given - so you'll have to act on it sooner or later.

Your original SOA: (has it changed at all?)

http://forums.moneysavingexpert.com/showthread.html?t=170527

Unfortunately, when you are in debt & paying interest daily - time is definately of the essence!!

xx

Lovestoshop!

Yes I did listen to all advice given. My SOA has changed, as my partner isn't wanting anything to do with my situation, so I have to deal with it all my own, what a nice bloke he is!

Here it is...

Monthly Incomings:

My salary - £1,232


Monthly Outgoings:

Water – £20.00
Food - £200
Council Tax - £107
Gas - £29.00
Electric - £25.00
TV Licence - £10.99
Life Ins – £11.27
House Ins – £20.23
TOTAL: £463

Sky £35.99 (looking at reducing...)
Phone - £25 (includes £10 Broadband,need internet for my college course)
Mobile - £22
Car Insurance - £27.06
Petrol - £80
Gas Care -£15.49

Total: £668.54



Natwest CC – Balance £4,357 (limit £4,400) APR 16.9%

Natwest Loan – Balance £9,000 (roughly) APR 7.4% Length of term 60 months, 48 months to go
Overdraft - £1200 (limit £1200) APR 17.69%
Capital One CC – Balance £4,758 (Limit £4,800) APR 15.9% (In arrears, 2 mths)
Halifax CC – Balance £1,930 (Limit £1,950) APR 15.9%
Virgin CC – Balance £4,900 (Limit £4,900) APR 15.9%
Next Catalogue – Balance £384.25 APR 26%
Additions Catalogue – Balance £550.77 APR 29.8%

I also have an interest free loan which is paid off in September, £92 per month.

TOTAL EACH MONTH ON CARDS ETC: £745.

GRAND TOTAL: £1413 Where I get the £181 from I have no idea!

System

I believe that if an offer of 1% is made on the outstanding balances to your creditors they normally accept.

Lenny