Payplan overestimate

pruney

Hello all
I posted a while ago to say that I thought that the amount of debt I had left on my DMP with payplan appeared to be incorrect on the justabank compared to outstanding amounts on recently obtained credit reports.
Thought there may be some out there interested to know that payplan reported my estimated debt at approx £12.5k outstanding and I have paid off the last debt today and the total amount of all the debt was £6.8k, which is £5700 less than what payplan said it was. They told me when I first wanted to settle that I'd probably have to pay more but I ended up paying less. a lot less. I didn't do a partial settlement either, I opted for full so it wouldn't impact my credit rating as much.
I just thought there may be others who are with payplan and are in a similar position and just don't know it.

Also, before anyone goes congratulating me, my father has cleared this debt for me to enable us to buy a house. We are paying him back but obviously this very welcome overestimation on payplan's part means that we've knocked 28 months off our repayments to my dad.

Hope this helps someone anyway, you could owe less than you think.

roswell

Is it possible that the debt you payed back is with out interest ?

pruney

roswell wrote:

Is it possible that the debt you payed back is with out interest ?

I suppose it's possible but I doubt very much as that would mean a heck of a lot of interest and I never took out high interest credit. A couple of the debts were higher than on the justabank website but it was the HSBC debt that were passed to metropolitan that were the most overestimated. We had 4 separate debts with them, the highest of which was standing at just under £5000 according to justabank and that particular one it cost me £866 to settle the debt in full, not partial settlement. That's a pretty big overestimation.
My husband and I have racked our brains, overanalysed the figures and the credit reports, rang up multiple times for full settlement figures and we can't work it out as the initial amounts you give to payplan are what you owe at the outset.
Anyway, they have all confirmed that all debts are settled so they can't get any more money out of us so if they have made a mistake it's tough.

mattp_3

so have the creditors confirmed that ALL of your debts are fully repaid?

certainly doesnt sound right?

were Payplans initial figures based on the information you provided or did they confirm the balances directly with the creditors?

System

Woo ooo!!!

pruney

mattp wrote:

so have the creditors confirmed that ALL of your debts are fully repaid?

certainly doesnt sound right?

were Payplans initial figures based on the information you provided or did they confirm the balances directly with the creditors?

Yes they have confirmed all fully settled, I have authorisation codes for my payments, i am getting written confirmation from most (some don't do it) and I have rang and double checked those that don't afterwards and all confirmed as closed.
As far as I can recall (it was all a blur at the time) I supplied my outstanding amounts initially but I know they were confirmed with the creditors as well.
Anyway, everyone has confirmed that they are all settled and if they change their mind it'll be tough cookies! We're moving house within a month so if they want to ask for more they better get a move on cos we'll be gone!