Payplan

john_kent · 11 February 2011 at 4:00PM

Hi All

I had a telephone meeting with Payplan yesterday and they have really put me at ease. To summarise , I was made redundant from a well paid (60k+) a year job in 2005. Within days my girlfriend left me and it was then I realised I had 55k of debts. Since then , I have tried to reclimb the career ladder but am only on £28k a year at the moment and it has been a massive struggle to pay all my debtors.

This month , following a loss of bonus due to snow affecting sales , a 7 week month from Christmas to January pay and the increase in my minimum payments due to pressure , I finally cracked. After paying everyone , I was left with £6 to last me to pay day. This would mean taking out yet another Payday loan just to survive.

I decided to call my creditors and offer lower payments and offer to do a income and expenditure review for them. The first tow agreed but the third declined. There oeprator then said "Its thieves like you that cost me my bonus". This was the point I cracked.

I am a reformed alcoholic and that night I came close to spending that £6 on drink but am proud that I didnt. I spoke to Payplan following advice from a friend . They asked me to get everything together and they would call yesterday. They went through everything and have given me three options. My Debt is now £35k . They offered a DMP , an IVA and Bankruptcy.

Bankruptcy is not an option as I work in an industry which will not allow bankrupts to work . I am loath to a DMP as I have spent 5 years dealing with creditors and some still havent stopped interest despite letters from me. I have therefore gone for the IVA. My credit record is shot to pieces anyhow so that part of it does not concern me.

Payplan are to offer £365 per month as part of my IVA for 5 years.

In all your expierences , what do you think the chances of this being accepted are.

I must also add , that last night , I slept for 9 hours uninterrupted for the first time in about a year and was so alive this morning that I was in work early and have literally blitzed all my outstanding stuff.

New start or lightbulb moment two.

saltnvinegar · 11 February 2011 at 4:15PM

john_kent wrote: »

Hi All

I had a telephone meeting with Payplan yesterday and they have really put me at ease. To summarise , I was made redundant from a well paid (60k+) a year job in 2005. Within days my girlfriend left me and it was then I realised I had 55k of debts. Since then , I have tried to reclimb the career ladder but am only on £28k a year at the moment and it has been a massive struggle to pay all my debtors.

This month , following a loss of bonus due to snow affecting sales , a 7 week month from Christmas to January pay and the increase in my minimum payments due to pressure , I finally cracked. After paying everyone , I was left with £6 to last me to pay day. This would mean taking out yet another Payday loan just to survive.

I decided to call my creditors and offer lower payments and offer to do a income and expenditure review for them. The first tow agreed but the third declined. There oeprator then said "Its thieves like you that cost me my bonus". This was the point I cracked.

I am a reformed alcoholic and that night I came close to spending that £6 on drink but am proud that I didnt. I spoke to Payplan following advice from a friend . They asked me to get everything together and they would call yesterday. They went through everything and have given me three options. My Debt is now £35k . They offered a DMP , an IVA and Bankruptcy.

Bankruptcy is not an option as I work in an industry which will not allow bankrupts to work . I am loath to a DMP as I have spent 5 years dealing with creditors and some still havent stopped interest despite letters from me. I have therefore gone for the IVA. My credit record is shot to pieces anyhow so that part of it does not concern me.

Payplan are to offer £365 per month as part of my IVA for 5 years.

In all your expierences , what do you think the chances of this being accepted are.

I must also add , that last night , I slept for 9 hours uninterrupted for the first time in about a year and was so alive this morning that I was in work early and have literally blitzed all my outstanding stuff.

New start or lightbulb moment two.

Hi John Kent

Welcome to the MSE DFW forum!

Congratulations on dealing with your debts. I know it seems like a long road but you have already taken the most difficult step in seeking impartial help and coming to a solution.

:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T

Who was the @hole 3rd creditor? If they are a major bank or lender, and they have signed up to the lending code then you should write a formal complaint and report them to the OFT as that behaviour is just scandelous and also contributes to people burying their head in the sand as it makes them too afraid to approach their creditors.

You did the right thing not falling to the temptation of having a drink as that would have compounded your problems.

Will your IVA be accepted? If Payplan are involved then you stand a good chance. Good luck with getting this sorted, I hope it goes well for you.

Best

SnV

Payplan_company_representative · 11 February 2011 at 5:10PM

Hi john_kent,

I just wanted to say that we wouldn't put you forward for an IVA if we didn't think if would be accepted.

Lizzy

Pott5y · 11 February 2011 at 5:52PM

Well done and I hope that it all works out very well for you. Payplan are very good and they will get everything sorted for you.

Good luck with everything :T:T:T:T:T:T

john_kent · 11 February 2011 at 11:47PM

I must say that the questioning and answers to my questions were very clear and concise and i was allowed to explain anything I though was important.

I just wish I did this 5 years ago.

I just need to stick to my budget and start bargain huntign for food etc to cut my costs.

Went shopping for the girlfriends elderly parents tonight. She was all over the deals like a rash. Things like birds eye waffles 12 for a quid. Apparantly cheap so she sacrificed something else to get two packs.

She said she had to do it as the deal might not be there next week and the other stuff wont be needed until maybe thursday next week so she will make what she has stretch. Was follwoed by a brief re-education in buying stuff

msgnomey · 12 February 2011 at 1:07AM

Good luck!

We were helped by Payplan some years ago and they were fantastic (OH seriously ill, couldn't work debts of 35k+

Last weekend I got finance for a newer car (old one falling apart) I was still nervous about the credit check etc even after all this time but it was fine so there is light at the end of the tunnel

XXXXXXXXXXXX Best of luck

mrs_skint · 12 February 2011 at 8:49PM

Best of luck John! You've done the right thing x

chrisvaldez · 13 February 2011 at 8:04PM

John

Good to see someone else in the same boat on the road to recovery (in both senses!) I have just under five years of sobriety and at mant points I've come close, but had support and strength from those around me.

Shame you're in Kent, could have had a good time going to AA meetings with you!