Had my chat with payplan

greenbrucelee

Things seem a bit better now.

The girl I spoke to said I had four options but only two of them are really going to be the way forward. One was a DPM and the other was an IVA.

One thing I dont want is people phoning me and stuff as my mum has parkinsons disease and is very nervous about just about everything.

The girl I spoke to said this would not happen with an IVA and I would be locked into it for 5 years.

My question is would the IVA be the best option?

Tixy

Hi

Impossible to say based just on that info.

You can certainly stop phone calls from crditors/debt collectors whilst on a DMP as well as on an IVA (there is a letter to request all communication is in writing). I wouldn't base your decision for an IVA solely on the phone calls. You need to properly assess which is the best option for you given what you know about your finances and how they may change over the coming years.

Have you had a read of the MSE guide to IVAs - IVAs are they worth it?: Free guide to download and print

Also you might want to have a read of a similar thread here today, where payplan were also pushing an IVA. https://forums.moneysavingexpert.com/discussion/3525325

greenbrucelee

Tixy wrote: »

Hi

Impossible to say based just on that info.

You can certainly stop phone calls from crditors/debt collectors whilst on a DMP as well as on an IVA (there is a letter to request all communication is in writing). I wouldn't base your decision for an IVA solely on the phone calls, you need to properly assess which is the best option for you given what you know about your finances and how they may change over the coming years.

Have you had a read of the MSE guide to IVAs -

Also you might want to have a read of a similar thread here today, where payplan were also pushing an IVA.

I will read the guide now. thanks

RAS

greenbrucelee wrote: »

Things seem a bit better now.

The girl I spoke to said I had four options but only two of them are really going to be the way forward. One was a DPM and the other was an IVA.

One thing I dont want is people phoning me and stuff as my mum has parkinsons disease and is very nervous about just about everything.

The girl I spoke to said this would not happen with an IVA and I would be locked into it for 5 years.

My question is would the IVA be the best option?

Did the girl from Payplan explain that you can write to your creditors and require them to remove your home phone number from their records. If they then phone you at home, you can report them to the IO and they get in trouble. So they are more likely to behave.

DId she also explain that Payplan will earn hefty fees for the IVA but not get that sort of money for the DMP?

greenbrucelee

RAS wrote: »

Did the girl from Payplan explain that you can write to your creditors and require them to remove your home phone number from their records. If they then phone you at home, you can report them to the IO and they get in trouble. So they are more likely to behave.

DId she also explain that Payplan will earn hefty fees for the IVA but not get that sort of money for the DMP?

no she didn't thanks for that.

I will way things up and sleep on it but if anyone has any opinions or advice please post it as it may help me.

greenbrucelee

One thing I need to clarify.

Am I allowed to start a savings account if I have an IVA?

DVardysShadow

Previous thread with SoA https://forums.moneysavingexpert.com/discussion/3520229

greenbrucelee

Thanks for that DVardysShadow.

greenbrucelee

I do not have any assests and wont have any assests to pay after I finish the iva (if I do the iva) so why would payplan say this is an option?

also according to the payplan pdf they do not charge for setting up the iva.

turbo.jet

I'd go with a self managed (or even administered by CCCS) DMP instead of the IVA, and I'd also speak to CCCS, they have no vested interest in recommending something that may not be the best option for you.

Whichever option you go for, you have to stick to a budget for a long time. You have to keep your focus up. Its not an easy road but you can do it, because thousands of others have and have come out happy on the other side.

Best of luck!

greenbrucelee

turbo.jet wrote: »

I'd go with a self managed (or even administered by CCCS) DMP instead of the IVA, and I'd also speak to CCCS, they have no vested interest in recommending something that may not be the best option for you.

Whichever option you go for, you have to stick to a budget for a long time. You have to keep your focus up. Its not an easy road but you can do it, because thousands of others have and have come out happy on the other side.

Best of luck!

Thanks for the advice.

I am still unsure on what I should choose. Still unsure why an iva would be suggested if I have no assets.