has any one used payplan before?

MrsCarp

Charco,

I'm interested in what you are saying about the windfall with Payplan. They state that they will only take additional funds if it should as bonus or overtime on your payslip. We have recently received a payment that doesnt state either and they want 50% because it 'looks' like a bonus? We are 18 months in a still relatively new to the whole IVA and I'm afriad that they are trying to take something that is out of the agreement!

Any advise would be grately appreciated.

Thx

Payplan_company_representative

Hi MrsCarp I hope you don't mind me answering your question.

It is hard to give you any specific answers without knowing the details of your case. Where did the funds come from? I can try and give you a little bit more of an answer if I know.

Regards
Lizzy.

MrsCarp

Hi Lizzy,

Not at all, the funds are from his employer. We were just a little stunned when we got the letter asking for an additional amount, when it doesnt state bonus / overtime on his payslip as they said that it should. He received a similar payment prior to this one and they never took a penny :-(

FoggyBrain_2

Hi, funds arising from employment are treated as either wages ( salary) overtime or bonus payments. So, you would normally pay over 50%. However, proposals do vary.

Payplan_company_representative

AzimScot wrote: »

Hi,

I am considering going onto a DMP with Payplan, however I want to know if its more likley going to effect:-

1. My credit rating
2. Will i get a default from each company they are RBS, EGG, MBNA?
3. Will this effect me getting a job in the future?
4. Will this be applicable if your unemployed?
5. Will i be restricted to further credit if required in an emergancy?
6. What are the chances of interest and charges being frozen?

I rather stay the way at the moment but if payplan can help and not effect the above then why not.

Thanks.

Hi AzimScot,
1. your credit rating will most likely be affect because...
2 you will more than likely be making below minimum payments meaning that you will most probably receive default notices from each of your creditors that will stay on your credit file for 6 years.
3. a DMP will not directly affect you getting a job in future.
4. if you become unemployed you may be able to continue with your DMP and make reduced payments into it until your situation improves.
5. it would always be in your best interest to not obtain any further credit whilst in a DMP as you are not in a position to repay this in full. Within yourbudget you should have a contigency fund that should be saved for emergancies.
6. no one can ever guarentee interest and charges being frozen, but any debt management company will do all they can to make this happen.

Are you currently making contractual payments to all of your creditors and able to do this comfortably?

adyj73

I used Payplan for an IVA last October and I have to say they were amazing. The feeling of relief once it all went through was amazing. NOw I can actually afford to live again and I have definately changed my views on spending. I've gone all Yorkshire despite being a Lancastrian LOL

I am scared about the annual review though as although I've had a pay rise I had to restart my pension payments and petrol, utilities, food, car insurance have all gone up 20-40% this year. also if you have a review in October how do you factor in the standard 5% council tax, Road Tax, and water rises that happen in the following April??

Also if your house and car insurance is due a few months after your review how do you allow enough money for those going up?

In addition my car has a major gearbox leak and will need about £5-800 to fix. How do I factor this in as I need it for work. Can I get a lease car instead and have it factored into my allowances?

I worry about this as I was told the IP's get all nasty once you are signed up and try to bleed you dry as they are then acting for your creditors....

Also I have regular prescriptions for anti depressants. Can I factor these into my costs as I have to pay for my prescriptions?

I missed loads of things off the first time round (like coal for my fire) and am worried it's going to look like I'm trying it on come October....
October 2011 is going to be stressful

adyj73

any chance the payplan rep on here can put my mind at rest about my above post?

Payplan_company_representative

Sorry adyj73 I have just come across you post!
First things first, do not worry about your IP Ken and Neil don't have it in them to be nasty. They are here to make sure you make your way through your IVA as planned.
With regards to your car - should you need any work doing to it, call us and we can discuss a payment break to allow you to fix you car and you will then be require to make up the payments.
If you pay for regular perscriptions then you should have factored this into you budget from the beginning, if you didn't then tell you case officer either now, or you can tell them on your annual review.
With regards to you usual expenditure, it is expected that this will go so it is always better to keep your case officer informed. If you are starting to struggle then let us know!
I hope this has answered it all for you. Let me know if you have any more questions.

adyj73

Thanks for this

My anti depressants were the last thing on my mind when I was trying to sort out the mess I was in!! Plus I forgot about the coal for my fire!!

I'll see how I get on in October.

Payplan_company_representative

I completely understand, there is so much going on a the beginning it is hard to remember everything. Your case officer is there to support you, contact them with any of your queries, that is what they are there for!