Payplan V ThinkMoney

Mice_Elf

We're thinking of going the IVA route after much deliberation, head-hiding in sand & ignoring.

I've spoken to the above 2 companies & am just wondering if anyone had any experience with either?

My confusion: Payplan say we have more money per month to put towards our debt, but don't seem to require a setup fee or ongoing fee. Is this true? They also didn't mention anything about requiring a re-mortgage near the end to release the equity.

ThinkMoney offer a lower monthly repayment but require a one-off setup fee & did mention about the equity release.

This is based on exactly the same information about out incoming / outgoing, obviously.

Has anyone used either company?

FavDaughter1

Hi, well done taking your head from the sand! it takes courage to face up to the problem:eek:

I've only heard of Payplan. i'd expect there would be a clause re equity if you are in your own home, ask about it. you should streer clear of anyone wanting up front fees. fees come from the pot of money you have over for the IVA, there is no need to pay anyone up front.

2ND, i would really suggest you ring a few more companies before making a decision. there's a link with a comparison site where you can read reviews/feedback from people who've used them.

we used a IP called Melanie Giles,others will post who they used if you ask.

Have you been told you need to have a new bank account away from creditors? it must be a BASIC bank account. be careful,some banks are linked. we went with The Co Op. you can open it over the phone.

hope that helps,i'm bit rushed,sorry.

FavDaughter1

https://www.iva.com is the link forgot to add it sorry

Payplan_company_representative

We do not require a set up fee. All IVA's charge fees once it has been approved, however these fee's are taken out of your agreed monthly payments and not on top of. These do not affect your repayment period for the IVA also.

I would do as FavDaughter1 has said and pop over to iva.com as that is a very good site when researching IVA's.

Mice_Elf

Thankyou for the replies. It's been a long, hard, uphill struggle that we've been battling against for about 2 years now & not seeming to get anywhere. Hence finally trying something different.

I did go over to Iva.com, which is where I found both Think Money & Payplan. Think Money admittedly only has 1 review, & PayPlan many, but am just confused with the different figures from the different companies. Obviously the goal is to reduce our monthly outgoings as much as possible.


The fee Think Money ask for will be refunded if the IVA does not go ahead.


FavDaughter - I've seen a few people mention Melanie Giles - which company does she work for & how do I get in touch with her?

I'd like to get this all sorted as quickly as possible, so that we're on our way to sorting this mess out...

FavDaughter1

Hi,i've sent you a personal message with some contact numbers for Mel Giles,good luck x

JokerDurden

Whatever you do make sure you do not get one of their Basic Bank Accounts, Think Money/Think Banking will charge you about £14 a month for the pleasure of having it.