DMP with Payplan, claiming PPI via their associated company.

Lucy5781

I've been on a DMP with Payplan for most of this year, all good.

Have decided to at least enquire about PPI via Payplan's affiliated company (have forgotten the name, sorry!) on the cards included in the DMP with a view to using any potential pay-out towards clearing the debts.

I have four cards from 2006-2008, originally Egg, MBNA and two from Halifax.

Has anyone else done this/had any success with Payplan's associate co.?

Many thanks
Lxx

jay-1

Lucy5781 wrote: »

I've been on a DMP with Payplan for most of this year, all good.

Have decided to at least enquire about PPI via Payplan's affiliated company (have forgotten the name, sorry!) on the cards included in the DMP with a view to using any potential pay-out towards clearing the debts.

I have four cards from 2006-2008, originally Egg, MBNA and two from Halifax.

Has anyone else done this/had any success with Payplan's associate co.?

Many thanks
Lxx

Is Payplan's affiliated company a claims company? - be careful if it is as if you have a successful claim you will find it goes to your debt but the company will still want their cut of the full redress from you.

dunstonh

You must not under any circumstances use a claims company. If the redress is used against amounts written off, arrears and defaults,then you wont see the money personally. However, the claims companies usually bill you against the redress paid.

Lucy5781

jay-1 wrote: »

Is Payplan's affiliated company a claims company? - be careful if it is as if you have a successful claim you will find it goes to your debt but the company will still want their cut of the full redress from you.

Yes, I'm aware that there may still be a fee after any amounts are claimed.

The point is, I want to use any money claimed against the debts.

Whatever I have to pay the claim co. will be much less than my total debts. Any significant reduction in my debts will far out-weigh the fees in the long term for me.

Lucy5781

dunstonh wrote: »

You must not under any circumstances use a claims company. If the redress is used against amounts written off, arrears and defaults,then you wont see the money personally. However, the claims companies usually bill you against the redress paid.

I don't want the money personally, I want it to clear the debts.

I fully understand there may still be a fee after the fact. That fee will still cost me significantly less than my debts would in the long term.

jay-1

I don't understand you thinking - say your claim is upheld and £3000 is knocked off your debt you will be happy to have another debt for possibly in excess of £1000 to the claim company?

Why not do the claim yourself?

dunstonh

I don't want the money personally, I want it to clear the debts.

Lets say their charge is 25% plus VAT and the redress amount is £6000.

You wont get £6000 as that goes against the debt (as you want - although it may go against written off amounts first and not reduce your debt).

The claims company will bill you £1800 to pay out of your own money for doing that.

Lucy5781

As I would be paying back 14.5% of total claim value, £3000 claim would still be equal to £2565 off the debts. This I would be happy with.

All of it potentially shortens my time in debt, yes it's not the perfect way to do this but after almost five years dealing with all my creditors individually, going to Payplan has been the best thing I've ever done. My life is far less stressful.

Lucy5781

dunstonh wrote: »

Lets say their charge is 25% plus VAT and the redress amount is £6000.

You wont get £6000 as that goes against the debt (as you want - although it may go against written off amounts first and not reduce your debt).

The claims company will bill you £1800 to pay out of your own money for doing that.

How many times do I have to state that I understand this?

jay-1

Lucy5781 wrote: »

How many times do I have to state that I understand this?

Fair enough!

Payplan_company_representative

At Payplan we do have a preferred claims management that we refer our clients so. Many of our clients do not feel comfortable in speaking to their creditors and therefore need the support that a claims management company can offer. The company that we refer to charges a fee of 12% +VAT which is the lowest in the market.