New bank account

nogoodwithdosh

We have £60 a month to add on to that because wife cleans my son's flat (i forgot about that)

Charco_2

So is that correct?

That you have a surplus of over £300 per month???

nogoodwithdosh

Have decided to stay with payplan because they charge no up front fees and do not take a percentage of your payments to creditors. I dont know much about money so any add on fees, or first monthly fees scare me senseless

I know my wife will get a job and hopefully we will then be able to go for an IVA
The 3 months payments in the DMP will reduce our debt a bit so that won't be wasted money.
It will give us a bit of breathing space until we can get some more money coming in.
There , I think I am sorted now
Thanks for all the advice that has been going around, I appreciate it
t:T

Charco_2

Good luck.



EDIT: Just so that you're aware of the amount of fees Payplan "dont take".
This forum will cut this link and make it unusable but just for your information, I can send you the links if they do end up broken


1. http://iva.co.uk/forum/topic.asp?whichpage=1&TOPIC_ID=30716&#295688

£29,000 of debt - turned into over £49,000 thanks to fees

2. http://iva.co.uk/forum/topic.asp?TOPIC_ID=29147&whichpage=1

£46,000 of debt - turned into over £77,000!

_______________________________________

''Please find enclosed a full breakdown from our accounts department –

Stat Interest applied as follows:

Total debt - £46,307.96

Yr 1 @ 8% = £3,704.64 - £50,012.60
Yr 2 @ 8% = £3,704.64 - £53,717.23
Yr 3 @ 8% = £3,704.64 - £57,421.87
Yr 4 @ 8% = £617.44 (1 sixth as a part year) - £58,039.31

Disbursements - £245 taken
Nominee fee - £2,500
Supervisor fee - £500 – Variation Meeting
VAT - £525

Totals £3,770


Paid to date - £7,205

Interest - £2.30

Totals - £7,207.30

LEFT TO PAY - £54,602.01

Amount required by Payplan- £77,312.58''

When i questioned the amount difference from £54,602.01 and £77,312.58 this is the reply i got. Is this correct, just on £23,000 fees????

_______________________________________


I couldn't be more fed up trying to explain that there is no such thing as a debt charity or a not for profit debt company.

Your three month DMP is complete waste of your time and money!