Had my chat with payplan

turbo.jet

Would payplan be administering the IVA? If so, they would have recommended it because of the fees you would pay them to do it. If they weren't suggesting they do your IVA then I don't know why either. I've read it and I don't like the sound of it at all. Especially given if you miss a payment you can be made bankrupt anyway!

All the information you need to do your own DMP is on this website and it's free.

Set up an appointment with CCCS.

greenbrucelee

turbo.jet wrote: »

Would payplan be administering the IVA? If so, they would have recommended it because of the fees you would pay them to do it. If they weren't suggesting they do your IVA then I don't know why either. I've read it and I don't like the sound of it at all. Especially given if you miss a payment you can be made bankrupt anyway!

All the information you need to do your own DMP is on this website and it's free.

Set up an appointment with CCCS.

I am not sure wht they have suggested it. The girl is phoning me back tommorow. I will ask her when she phones.

They know my car is only worth 3k and in 5years time will probably be worth 1k but a car is neccesary for me to work as I live in the middle of nowhere with no public transportation for the shift work I do.

Lilpalf

Payplan are pushing an IVA with us too and I have to agree that it is to do with the fees. They don't make any money on a DMP but get around £7,500 for setting up the IVA and that money comes out of what is arranged for you to pay, so you are actually paying less off your debt than you first think

greenbrucelee

Lilpalf wrote: »

Payplan are pushing an IVA with us too and I have to agree that it is to do with the fees. They don't make any money on a DMP but get around £7,500 for setting up the IVA and that money comes out of what is arranged for you to pay, so you are actually paying less off your debt than you first think

it says in the pdf from payplan that they dont make any money from either a dmp or iva.

Tixy

greenbrucelee wrote: »

it says in the pdf from payplan that they dont make any money from either a dmp or iva.

They will make thousands from an IVA. Not seen the document you refer to and maybe it is worded in such a way that it means Payplan don't make the fees but a sister company does. I see they have 3 other limited companies who they describe as Payplan's Insovlency Practioners - Payplan Partnership Ltd Company No: (7199691), Payplan Bespoke Solutions Ltd Company No: (07079646) & Payplan Solutions Ltd Company No: (6161815)

Maybe it is one of those that would actually make the money from the IVA rather than Payplan's main company.

Its impossible for you to do an IVA and not pay several thousands in fees (what happens in that your repayments pay a chunk of these fees first before your creditors start to be repaid).

If you have no assets to protect then it seems very unlikely that an IVA is the best solution for you.

turbo.jet

Tixy wrote: »

Its impossible for you to do an IVA and not pay several thousands in fees (what happens in that your repayments pay a chunk of these fees first before your creditors start to be repaid).

If you have no assets to protect then it seems very unlikely that an IVA is the best solution for you.

Couldn't agree more. Well said.

greenbrucelee

Tixy wrote: »

They will make thousands from an IVA. Not seen the document you refer to and maybe it is worded in such a way that it means Payplan don't make the fees but a sister company does. I see they have 3 other limited companies who they describe as Payplan's Insovlency Practioners - Payplan Partnership Ltd Company No: (7199691), Payplan Bespoke Solutions Ltd Company No: (07079646) & Payplan Solutions Ltd Company No: (6161815)

Maybe it is one of those that would actually make the money from the IVA rather than Payplan's main company.

Its impossible for you to do an IVA and not pay several thousands in fees (what happens in that your repayments pay a chunk of these fees first before your creditors start to be repaid).

If you have no assets to protect then it seems very unlikely that an IVA is the best solution for you.

Thanks I will speak to the girl from payplan later and ask her why an IVA was suggested.

greenbrucelee

Apparently I am supposed to write to my creditors. Is email ok or does it have to be proper letters?