Payplan, How Many Of You Use Them And What Are They Like?

Poor_Churchmouse

dancingfairy wrote: »

Oh - you will probably need a new bank account so that the people you bank with don't suddenly pull your overdraft or take the money out of your current account to pay their own credit cards off (yes they are allowed to do this).
Barclays and co-op have good recommendations on here for their basic accounts and you don't need to be credit checked to get a basic account from them. A new account puts you in control of who will get paid what and when - what you can afford and not necessarily what they think you can afford.
df

I have a Coop Cashminder account. We knew this day would come over a year ago so started to prepare things. We were too worried to take the plunge and have limped by since then so the account I need is already there waiting and I already have my family allowance (or whatever it's called now) and child tax credits paid into it. I have an overdraft (£3.5k) and credit card (£7.5k) with my bank so I know I'm gonna have to move everything to the cashminder to stop them taking what's owed and leaving me in the mire.

Pott5y

dancingfairy wrote: »

Just wanted to disagree every so slightly with Pott5y - your creditors do have to abide by your wishes to be only contacted in writing. There is a letter to that effect and you can report them for harrassment if it reaches that stage and they then may be investigated and possibly fined - so don't let that worry you. The other alternatives are to change your number of just ignore them - after a while as has been said they really should get the message.
I personally have no experience of Payplan so can't really help on that one but a large number of people do seem to have used them/are using them successfully. I know in the past there have been a few issues with them paying creditors a bit late but I haven't heard anyone say that recently.
df

Thanks for putting me straight dancing fairy. Now I know

Pottsy

Pott5y

Poor_Churchmouse wrote: »

That online bank thing mentioned on the website looks good:

http://www.payplan.com/justabank-preview.php

Do you use it? How do you find it? I like the idea of being able to see where I'm up to and have an idea of how I'm doing.

Hi

I used this and it was very good. Just be aware that sometimes the total debt owed does not is not always accurate as it is based on the figures you give Payplan when you first set up your DMP. As the plan goes on any additional charges and interest may not get added so you might see a better figure than you really ought. Not sure whether by giving Payplan regular statements this changes or not but on the whole it was great to be able to manage everything online.

Pottsy

Soph86_2

Hi Churchmouse,

I'm also with Payplan and I have found them really helpful. It took me many months of stressing out before I spoke to them, but the moment I did I felt instantly better. They tell you facts, help you pay your debts the way you want to (i.e don't force you into an IVA or bancruptcy if you don't want it) and really don''t judge you. The best thing I ever did was to join them and I'm now on my very long road to being debt free. When I have 'spare' money I just pay it into my Payplan account, and they divide it up between the creditors, they contact me regularly to see how things are going and they're just generally really supportive.

So, in short, I have nothing but good things to say about them and I would definately advise talking to them!

Soph x

Poor_Churchmouse

Soph86 wrote: »

Hi Churchmouse,

I'm also with Payplan and I have found them really helpful. It took me many months of stressing out before I spoke to them, but the moment I did I felt instantly better. They tell you facts, help you pay your debts the way you want to (i.e don't force you into an IVA or bancruptcy if you don't want it) and really don''t judge you. The best thing I ever did was to join them and I'm now on my very long road to being debt free. When I have 'spare' money I just pay it into my Payplan account, and they divide it up between the creditors, they contact me regularly to see how things are going and they're just generally really supportive.

So, in short, I have nothing but good things to say about them and I would definately advise talking to them!

Soph x

Thanks Soph. I see looking at your sig you have similar levels of debt to me so some questions if I may? Are you doing a DMP? How long will it last (if you know)? How were your creditors in the early stages? Many bad calls/letters? Have any/all agreed to cut/freeze interest?
A

Bardo

Hi Poor churchmouse.

I joined payplan late last year after getting myself into a right mess when my hours at work were cut from 42 to 25 a week. I was taking out payday loans to pay off my loans and CC's as to not miss the payments and then more payday loans to pay the other Pd ones off. In the end I couldnt cope with it any more.

Then a woman at work reccomended Payplan and I and spent hours on here reading about others situations In the end I just went for it and filled the contact form out on the website. After the first phonecall I felt a weight had been lifted, the lady booked me in for a second call and went through everything with me, worked out my budget and what I had left to pay to the creditors.

They do not judge you, they just simply ask why you think youve gotten into debt.
My overall debt was about £11,000. I'm 24 and a bit gutted ive gotten myself into this mess at this age but now im slowly beginning to sort it out

This month I payed my third payment and all my fourteen creditors apart from two have accepted the repayment offers, the other two are still pending. In the first month or two you'll still recieve letters and phonecalls but they eventually stop once the payments start being made.
All in all I have nothing but good to say about Payplan so far (They do try and push the insurance a bit but thats about it), I'm not having sleepless nights worrying about bills anymore!


Sorry for the ramble, I tend to go on!

Good luck with whatever you do!

Poor_Churchmouse

Bardo wrote: »

Sorry for the ramble, I tend to go on!

Thanks and no problem, the more info I can get, the better! You have youth on your side at least so I wouldn't beat yourself up about it. I was in similar sh*t at your age but I didn't learn and consolidated, re consolidated and got more cards etc etc. I've always had alot of debt for my age and now, finally, the straw has broken the camel's back When you get straight this time; don't do what I did and start messing up again! I have a fear that the mess I've created may now haunt me into my 50's

natpin_2

Hi, I am in a similar situation to the OP - knew this was coming, and now I'm finally going to take the plunge, and payplan seem a good option.

One question that isn't answered on their website - is there a minimum monthly payment that you have to make? for example some DMPs that charge you make you pay back at least £100 pm - is this the same for payplan?

Thanks in advance.

Poor_Churchmouse

natpin wrote: »

Hi, I am in a similar situation to the OP - knew this was coming, and now I'm finally going to take the plunge, and payplan seem a good option.

One question that isn't answered on their website - is there a minimum monthly payment that you have to make? for example some DMPs that charge you make you pay back at least £100 pm - is this the same for payplan?

Thanks in advance.

I think it's based on the level of debt and your ability to pay, I don't think there's minimum? Can't say 100% though.
A

Bardo

Poor_Churchmouse wrote: »

Thanks and no problem, the more info I can get, the better! You have youth on your side at least so I wouldn't beat yourself up about it. I was in similar sh*t at your age but I didn't learn and consolidated, re consolidated and got more cards etc etc. I've always had alot of debt for my age and now, finally, the straw has broken the camel's back When you get straight this time; don't do what I did and start messing up again! I have a fear that the mess I've created may now haunt me into my 50's

Oh no! I've learnt my lesson. If I want something as from now it's cash only, and my cash that ive worked to earn not someone elses. Haha.
If you decide to go for Payplan I hope it all works out for you

natpin my payment is £100 and just looking at the figures on my budget set out by payplan theyve shifted things round to make it to the penny that I only have £100 left a month. Not sure if this helps. If that even makes sense haha.