Payplan support running out ?

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CalJake
CalJake Posts: 7 Forumite
in Debt-free wannabe
Hi there,

I wonder if anyone else has come across this ?
I have debts of about 70k which I am paying off through a debt reduction plan with Payplan. However, when I took this out Payplan stated that because the debt would take a long time to pay off they would only support us for 12 months. That 12 months is almost up, and I have tried contacting Payplan, but presume they are very busy.

Has anyone else come across this, and what did you end up doing ?

Thanks :)

Comments

  • waytogo_2
    waytogo_2 Posts: 14 Forumite
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    Ahhhh Debt Mangement companies.................beware:mad:
  • waytogo_2
    waytogo_2 Posts: 14 Forumite
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    Ahhhh Debt Mangement companies.................beware:mad:
  • livinginhope
    livinginhope Posts: 1,897 Forumite
    Debt-free and Proud!
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    I am also paying my debts through Payplan,I wasn't told it would only be for 12 months??? now you got me worried!!!
    I would like to say that I NEVER have a problem getting through on the phone to them and they are always there to offer support.
    By the way,they have changed their number as of 01/08/06 are you ringing the right number?
    Debt at highest £102k :eek:
    Lightbulb moment march 2006
    Debt free october2017 :j
    Finally sleeping easy in my bed :A
  • livinginhope
    livinginhope Posts: 1,897 Forumite
    Debt-free and Proud!
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    waytogo wrote:
    Ahhhh Debt Mangement companies.................beware:mad:
    What's that supposed to mean :confused: Payplan are non profit supported by the creditors.Nothing to be afraid of
    Debt at highest £102k :eek:
    Lightbulb moment march 2006
    Debt free october2017 :j
    Finally sleeping easy in my bed :A
  • Wonder_Girl
    Wonder_Girl Posts: 999 Forumite
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    What tends to happen is that 12 months after your initial assessment you will be assessed again as your circumstances may have changed. a DMP may not still be your best option.

    Also all of your creditors will have only agreed to freeze interest for 12 months and will be after an update from your DMP company.

    All it will involve is a look at your income and expenditure, see if anything has changed and see hoe you are managing on your DMP. If DMP is still your best option it should continue for another 12 months. then repeat.
    All comments and advice given is my own opinion and does not represent the views or advice of any debt advice organisation.

    DFW Nerd #132
  • desperatelyinthered
    desperatelyinthered Posts: 55 Forumite
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    Following on from Wonder_girl, I believe that after 12 months your case is then transferred onto the 'long term' team who look after you for the rest of your plan.
    debt April 2007:


    Link Financial £6486.79
    MSDW £4915.45
    Natwest Loan £30651.43
    Tesco £3824.09

    Total debt.... a staggering £45877.76, but reducing

    Debt free date June 2013 (a long way off and counting...)
  • frankie1_2
    frankie1_2 Posts: 91 Forumite
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    I can confirm the details regarding the 12 month revue of your DMP.
    I spoke with Becky fromPayplan this morning regarding my repayment dates and she confirmed that my account would be reviewed in 12 months by my creditors and Payplan
  • CalJake
    CalJake Posts: 7 Forumite
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    Thanks all for your replies, that's put my mind at ease :)
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