Anyone finish their PayPlan Management

PBJ

Hi!

I'm about to join Payplan and I asked a few questions such as if they can guarantee paying off all my debts based on their estimated duration and said that it's only a guideline.

So I was wondering if anyone would would like to share their experiences and let me if they finished their plan within the duration they estimated. I'm quiet worried that payments will go on for ever! I know it is based on whether you increase or decrease payment, but I need some reassurance that I will be debt free using Payplan!

Thank you

MyLastFiver

Their estimated duration is a simple calculation: It's the sum of everything you owe divided by your payment amount, which gives the number of months the plan will have to run before you reach a nil balance.

They say it's only a guide because 1. creditor's balances change if they add interest and charges, and 2. your payment amounts will change (hopefully upwards) over time.

There's nothing fishy about it - it's just impossible to predict with pinpoint accuracy, given the variables stated above.

Payplan are honest and usually reliable, although they do sometimes have muppets answering the phones, so if you phone with a complicated query it's usually best to insist on speaking directly to your case officer. However if you email your case officer they get back to you within a day or so. They're quite good like that.

immoral_angeluk

PBJ wrote: »

Hi!

I'm about to join Payplan and I asked a few questions such as if they can guarantee paying off all my debts based on their estimated duration and said that it's only a guideline.

So I was wondering if anyone would would like to share their experiences and let me if they finished their plan within the duration they estimated. I'm quiet worried that payments will go on for ever! I know it is based on whether you increase or decrease payment, but I need some reassurance that I will be debt free using Payplan!

Thank you

There's no guarantee Payplan will make you debt free, as it is down to you. All Payplan are doing is acting as a go between a negotiating with the creditors on your behalf. It's up to you to make payment and amend as neccesary if and when you can pay more.

Madison

I entered a DMP with them in 2003 and made my first payment in the October. They estimated it would take 10 years and 2 months to complete it but I'm due to make my final payment in April this year. The only creditor that reinstated interest after a few years was Lloyds TSB.

mozzyc

Hi

My finish date was meant to be feb next year (started 2005), but due to lloyds not stopping interest, its going to be around 2014. So no, don't take that estimate time to heart, it's only if YOU can get all your creditors to freeze interest, for the duration of the plan, something that can be a hard battle to win. But it depends who your creditors are. Some are more co-operative than others.

Madison

Lloyds TSB are the worst bank ever - I'll never use them for anything ever again. HFC turned my debt into a 0% unsecured loan to be paid off over 120 months and all the other creditors froze the interest.

PBJ

Hi

Thank you all for replying,

Each response has been a great help and is as expected; it depends on how much I can pay and of course whether the interest can be reduced or frozen.

I think I will go with payplan until I can get my finances in order and then see how it goes from there and may think to manage it myself.

HSBC Mastercard will not freeze my interest when requested, but I am thinking to give them another go.

Thank you for informing me about Lloyds, I was planning to change my bank account to them, instead I will go with Natwest!