from dmp to iva

edbling

6 years ago i took out a dmp with payplan, intrest was not frozen on more than 3 of my debts. My original date of completion was 2014 but with the intrest still being added the date got further and further away. Did a little bit of research i discovered payplan is funded by the creditors themselves so having intrest frozen is not in payplans best intrest! Now finally having spoken to a very helpful team of people on beatmydebt.com i have started an iva, it's another 5 years but at least that is it for definate. Just be careful when starting a dmp and check ALL intrest IS frozen.

Payplan_company_representative

Hi edbling, I am sorry to hear that your DMP with us did not work out. Unfortunately no one can ever guarantee interest being frozen on your credit cards and loans as all lenders are entitled to apply this in a Debt Management Plan.
At Payplan, we receive a fair-share contribution from a number of creditors who recognise the invaluable work that we do for our clients. However this would never impact the advice that we give to our clients, as we would always give them impartial debt advice and go through a number of different solutions available to them. Our main goal with clients to ensure that they are in a suitable and sustainable plan that will get them out of debt in the quickest way possible.

Luckystepho

I have an IVA which was arranged with Payplan and they were very helpful, I guess things can vary with different creditors- some are more amenable than others.

edbling

Luckystepho wrote: »

I have an IVA which was arranged with Payplan and they were very helpful, I guess things can vary with different creditors- some are more amenable than others.

mine was a dmp not an iva

edbling

Payplan_company_representative wrote: »

Hi edbling, I am sorry to hear that your DMP with us did not work out. Unfortunately no one can ever guarantee interest being frozen on your credit cards and loans as all lenders are entitled to apply this in a Debt Management Plan.
At Payplan, we receive a fair-share contribution from a number of creditors who recognise the invaluable work that we do for our clients. However this would never impact the advice that we give to our clients, as we would always give them impartial debt advice and go through a number of different solutions available to them. Our main goal with clients to ensure that they are in a suitable and sustainable plan that will get them out of debt in the quickest way possible.

Hi and thankyou for a response. I was only given 1 option a dmp,this, i was more than happy with at the time as i felt a moral obligation to pay all my debts back. I was told from the start that not all creditors freeze intrest however, after paying around £350 per month for 6 years or so i finally discovered that i still owed £20,000 from an original debt of £32,000. One of the debts was an overdraft of around £900, after 6 years of paying £538 to this particular debt i was shocked and devastated to find that the balance was now £1500. I contacted payplan and all they did was change the balance on their records, increased payments to them and extended my plan by even more months. I'm sorry but this to me is not evidence of trying to get me out of debt as quickly as possible.