PayPlan

ashden

I'm so glad it went well for you giddykipper.

We're all on our road to freedom :T

Eupho

giddykipper wrote:

Hiya

Just to let you know I had my financial assessment with Payplan yesterday ........ and what a relief!!

Jo x

YAY!! Brilliant! :j Can I ask.. did they tell you already what you will be left with each week? Is it reeeeeally tight?

giddykipper

Not really tight ..... she gave allowances for:

Mortgage
Council Tax
House insurance
Car insurance
Petrol
Car tax
TV Licence
Life Insurance
Gas
electric
water
TV/Phone/Internet/mobile

then after what she told me I need to pay to payplan I'll have £250 a month left over for everything else (food/toiletries/cleaning stuff/personal care/socialising).

That's for a single person.... which I think is very do-able.

I'm starting a 'pressie drawer' and whenever I have some cash left over from food shopping I plan to buy the odd (bargain) pressie and stick it in the drawer (along with any online vouchers I earn) then I'll always have something for birthdays and hopefully will have gathered enough throughout the year for Christmas pressies too - without totally skinting me out during the festive period!

HTH

Jo x

SHEARERBOBS

Took a brave step yesterday and rang payplan, got my financial thingy on sunday morning. Feel a bit better!!!!!! Said should be somehting they can do so fingers crossed eh?

moxie_2

Good luck, you've done the right thing Shearerbobs. Keep us posted.

ashden

Well done shearerbobs, I hope the call goes well on Sunday x

System

Good, glad you feel better. 30 years does seem a bit excessive. Whilst it may sound good now, 30 years could become a bit of a millstone. In fact minumum payments on a debt of approx £18000 would take a similar time to pay off. Dont get me wrong, Im not trying to bring you down or burst your bubble but did they offer you other options? IVA, Bankruptcy??? Let us know - there may be other avenues to explore....

Lenny

gaz26

hi ya. just tell them the truth and i cant see any problems , i didnt think anyone could help me. all they'll ask is how much your debt is to each creditor, and ask you questions about how much u spend on things like clothes, rent, dental care.etc. they have to allow you so much . after that theyll deduct it from ur incoming and see how much is left and what u can afford to pay per month.
All u do then is they give u a case person who u ring u directly if u have any queries ,and if ur creditorsring u up , explain to them ur with pay plan and then phone payplan afterwards and tell them u had a phone call and they'll ring the creditors n sort it out. same as any letters , just send them to payplan and they'll sort it out. i swear to god its that easy . You really dont do any thing except pay back the amount u can manage.
hope this helps to calm ur nerves.

giddykipper

lennymfo wrote:

Good, glad you feel better. 30 years does seem a bit excessive. Whilst it may sound good now, 30 years could become a bit of a millstone. In fact minumum payments on a debt of approx £18000 would take a similar time to pay off. Dont get me wrong, Im not trying to bring you down or burst your bubble but did they offer you other options? IVA, Bankruptcy??? Let us know - there may be other avenues to explore....

Lenny

Yes they did mention an IVA but the lady I spoke to didn't think it was in my best interests with my circumstances as they are at the moment ....... I'm in the middle of a split from hubby but need to keep the house etc. She thought it may be a lot more complicated.

Also I've never missed a payment on anything so she said sometimes in those cases its difficult to get 75% of your creditors to agree to the IVA as they think that you should still be able to make minimum payments! She also said that they can demand a certain % of equity from my property.

The way I'm looking at it is that things could change ........ if I did sell the house then I could still pay a lump sum toward payplan and really reduce my debt. I sell on ebay so make a little extra from that that I'm going to put into a cash mini ISA so that at the end of the year I can pay off a lump sum.

Plus, I have a spare room that I could now rent out to a lodger ....... in which case I should have more money to put into the ISA and pay off at the end of the year!

I'm trying to look on the bright side - which is that at the moment this is the best outcome for me especially with wanting to keep the house and not lose any equity.

Plus I feel better knowing I'm paying the full amount I owe back..... I got myself into this mess, now its up to me to get me out of it!

The lady assured me that things will be reviewed on a regular basis and there are always other options to take further down the line if this doesn't work out.

Thanks for all your replies and support - this is a great site and you're all sooo knowledgeable - I don't know what I'd have done if I hadn't found it!!

Jo x

ashden

Has anyone received their paperwork from PayPlan yet? I was told it would be sent out after my call last week so I could sign and send it back ready for the call with a case advisor tomorrow.

I haven't received anything yet :undecided