Payplan DMP Timescales?

antonic

cynicalgit wrote: »

Yeah Payplan are great, paying creditors a month after the money has left your bank account!!
Such efficiency, only speaking from experience.
Like I keep saying people should do it themselves, and keep control of their finances.

Actually in my experience that wasnt the case.

I paid them on the 2nd of each month, and payments were credited about 21 days later - which is less than a month.

cynicalgit_2

Come on guys Stepchange and Payplan are just the happy smiley cuddly faces of the debt collection/financial industry.
You've all been blinkered by them.
Why do people elevate them to a status akin to Mother Theresa?
Just Google their "sponsors".
Yes it's the same people you owe the money to!!

cynicalgit_2

antonic wrote: »

Actually in my experience that wasnt the case.

I paid them on the 2nd of each month, and payments were credited about 21 days later - which is less than a month.

Yeah 21 days that's progress!!
It's 2014, are the payments processed with an effing Abacus?

Monkeyballs

cynicalgit wrote: »

Yeah Payplan are great, paying creditors a month after the money has left your bank account!!
Such efficiency, only speaking from experience.
Like I keep saying people should do it themselves, and keep control of their finances.

Morning,

I'm with Antonic in my opinion here although I do appreciate that you have your own opinion and I'm assuming experience.

I at some point may venture away from Step Change, in fact I have already started testing the water with a few full & final offers...

The point is that paid for providers take a %age of your monthly payment sending a reduced amount to your creditors whereas Payplan and Step Change send the full amount and receive their payment back from the industry.

The main thing for me about any provider is that they help the individual who more often than not has no confidence to do things for themselves or thinks that they are in the wrong so going to someone who tells you to calm down, tells you it will be ok and that they will contact your creditors on your behalf is a huge relief!

In time it may come to pass that these individuals build the confidence they need to go it alone but that is their decision and will do it in their own time.

Comments about them not being free and that the free ones are just the least worst do not serve any more purpose on a thread regarding someone starting out than to scare and confuse them.

MB

antonic

cynicalgit wrote: »

Yeah 21 days that's progress!!
It's 2014, are the payments processed with an effing Abacus?

I always thought an abacus was used to calculate sums, not to make payments - thats unless you have a special type of abacus that no one else knows about ....

Anyway back to the OP`s original point, I am a very satisfied (brainwashed) former Payplan customer and would recommend them to anyone else who recognises the need to resolve their debts.

cynicalgit_2

Not wishing to scare anyone. Just suggesting that any one in a DMP has to continually monitor the progress of the plan.
Late payments and end of plan additional charges are not always explained to the Debtor.
I also believe in truth and transparency, and yes these DMPs as good as they seem are technically not "free".
After 8years I am sorting out the mess of our DMP which is why I believe there is no "magic bullet".
You really have to keep on top of it and not leave it to the DMP provider to sort it out for you.

antonic

cynicalgit wrote: »

Not wishing to scare anyone. Just suggesting that any one in a DMP has to continually monitor the progress of the plan.
Late payments and end of plan additional charges are not always explained to the Debtor.
I also believe in truth and transparency, and yes these DMPs as good as they seem are technically not "free".
After 8years I am sorting out the mess of our DMP which is why I believe there is no "magic bullet".
You really have to keep on top of it and not leave it to the DMP provider to sort it out for you.

I totally agree with you !.

I checked every month that my payments were being correctly distributed between my four creditors and that the balances were reducing ... albeit slowly !.

If you have had a bad experience then I fully understand your jaundiced view of the DMP industry and I hope you get it all resolved to YOUR satisfaction.

Monkeyballs

cynicalgit wrote: »

Not wishing to scare anyone. Just suggesting that any one in a DMP has to continually monitor the progress of the plan.
Late payments and end of plan additional charges are not always explained to the Debtor.
I also believe in truth and transparency, and yes these DMPs as good as they seem are technically not "free".
After 8years I am sorting out the mess of our DMP which is why I believe there is no "magic bullet".
You really have to keep on top of it and not leave it to the DMP provider to sort it out for you.

Hi,

I'm really glad that you posted this as it adds context to your previous comments which - if I'm honest upset me as they gave the appearance of trying to scare someone looking for advice and guidance.

You are of course correct and I do sympathise, telling people to leave everything to your DMP provider is wrong as you still need take responsibility for it running smoothly but they do give you the tools to start doing this which is important.

For me when posting comments, context is important as something meant to be constructive can appear to be the opposite.

MB

cynicalgit_2

However I would like somebody from Payplan to explain on this Forum why it takes 21 days to process payments.
What are they using to process them?
Arthritic Hamsters in wheelchairs?

Monkeyballs

cynicalgit wrote: »

However I would like somebody from Payplan to explain on this Forum why it takes 21 days to process payments.
What are they using to process them?
Arthritic Hamsters in wheelchairs?

LOL, that is a fair question...

I actually asked SC about the time it took between receiving and processing payments and got what I thought was a reasonable answer which has several factors;

1. Not everybody is paid on the same date therefore not everybodys payment is taken at the same time - this means that a single date or cut off point for the payment that month to creditors is required to keep costs to the DMP provider to a minimum.

2. The time lapse allows people struggling the opportunity to contact them to make changes to their arrangement at fairly short notice - I.e. I had a lapse and gambled one month and the day before my monthly payment was due to come out I was able to call them and agree a short notice plan.

3. If a creditor for any reason takes money from the debtors account then the see point 2.

In short I think it basically gives them time to collect everyones money and process it in one go although I'm sure that the interest accrued from the money being in their account helps too but I doubt they'd say that in their sales pitch and honestly, that sounds reasonable to me anyway

There are probably other factors too and like you I would be interested in seeing an "official" response but for me, them doing that is not a deal breaker.

MB