DMP with payplan

dieselsweets

I have been on a DMP with Payplan since mid 2005. Original debt was over £50k and I have now got this down to £39K.
Payplan have been a great help. All my letters received from creditors are just popped in the post to them as soon as I receive them. The trick with DMPs is still to keep in touch with your creditors. i.e. do accept the odd phone call which i rarely receive now, but on initial set up u may get them. all u need to keep saying to yr creditors is, that u are dealing with your debt in the most sensible way with a respected company and offer them their number. if they wont accept it, log on to payplans justabank webiste and u can send a message to yr case officer straight away. everything is taken care of. once yr creditors see that u are paying, even if it is as little as £1 for some (and some of mine I pay that amount) then they will accept yr situation.
I have never had any problems with payplan at all and would really recommend them, and have done to one of my other friends who is in a similar situation. just ensure that u open up a bank account with a firm which are not linked to any of yr creditors and be REALISTIC with your income and expenditure, before starting and u cant go wrong...!
Good luck with this ... believe me when u r up and running with payplan you'll feel so relieved! I can still remember when mine was in place and I cut all of my credit cards up!
It is panicky at the start but things WILL calm down! Remember it also helps to have forums like this one to share your anxiety. xx

smilealot

Hi :hello:

Nothing more to add apart from to back up what the other guys have already said. I started my DMP with PayPlan in Feb/March this year. They are so helpful. The best thing to do IMHO is get yourself over to the DMP Mutual Support thread - all of us there are in the same boat as you! They have helped me through the whole process, stopped me from feeling scared and even made me laugh along the way! In the end, the only bad thing was the frustration of waiting for the acceptance letters to come in, and that's just because I'm an impatient person.

Perhaps I've been very lucky, but all of my creditors (6 of them) came on board within 3 months and I now pay no charges or interest. Yes, there are days when I think 14 years is too long to have this burden hanging around me, but within 6 or 7 years all record of my debt problems will disappear from my credit file, allowing me to get a mortgage and hopefully I'll be able to reduce the repayment time at some point by upping my payments. It's in the creditors best interest to accept - otherwise they'll get almost nothing by bankrupting you (and literally nothing from me). As someone said before, just be honest, upfront and friendly and they'll be fine. (Of course, I'm not saying that there isn't the odd one or two unhelpful creditor.) As for phonecalls and letters, these are run of the mill, nothing personal and computer generated. I only received phonecalls from Hellifax - ha ha!

Best of luck with it all and hope to see you on the DMP Mutual Support Thread soon

smilealot :rolleyes2

chevalier

Both CCCS and Payplan are well respected in the credit industry. This means that eventually all your creditors will come on board. BUT the length of time that it takes a creditor can vary, from a month to a year (yes a year!) But in the end they do come around.

Second thing to say is whatever year your debt free date is NOW, this won't be when you finish (provided you are disciplined). If you get a bonus then half of it goes into a saving account, same with pay rises, ebay sales, whatever is extra. There will come a point when this money will be about 60% of the decreasing debt in the dmp, and you can then offer your creditors full and final settlements for their debt. Will bring your debt free date forward much faster.

And even if you don't have the sort of job that give bonuses, then there will still be changes in circumstances which mean you can throw more money at your debt.

Good luck
chev

danno_4

Hi
i have said this time and time again.the only reason wht payplan and cccs say that you cannot(they)do an iva unless you have a certain amount of money coming in is absolute rubish,you must remember that both these organisations are funded by the credit industry so while they are working for you they also have a obligation to there funders thats why they insist on an amount of income coming in.Try to find an insolvency practitiner yourself tell him you want to do an iva and explain what you can afourd and he will begin the process for you.what you tell him you can afourd ie 20p,25p.30p in the pound then he will do the proposal on those terms.this how much you have coming in lark is what these debt companys are pushing,this was never how iva's used to work,i work in the industry(although as i have said before i am not a great fan of iva's to exspensive)if i do one that is the procedure i still use.i have never done one where the ip as asked my clients income.we go to him with what we are proposing then he does the rest.if anyone needs advice an iva's then feel free to drop me a line,i will gladly help.
regards
danno

danno_4

dieselsweets wrote: »

I have been on a DMP with Payplan since mid 2005. Original debt was over £50k and I have now got this down to £39K.
Payplan have been a great help. All my letters received from creditors are just popped in the post to them as soon as I receive them. The trick with DMPs is still to keep in touch with your creditors. i.e. do accept the odd phone call which i rarely receive now, but on initial set up u may get them. all u need to keep saying to yr creditors is, that u are dealing with your debt in the most sensible way with a respected company and offer them their number. if they wont accept it, log on to payplans justabank webiste and u can send a message to yr case officer straight away. everything is taken care of. once yr creditors see that u are paying, even if it is as little as £1 for some (and some of mine I pay that amount) then they will accept yr situation.
I have never had any problems with payplan at all and would really recommend them, and have done to one of my other friends who is in a similar situation. just ensure that u open up a bank account with a firm which are not linked to any of yr creditors and be REALISTIC with your income and expenditure, before starting and u cant go wrong...!
Good luck with this ... believe me when u r up and running with payplan you'll feel so relieved! I can still remember when mine was in place and I cut all of my credit cards up!
It is panicky at the start but things WILL calm down! Remember it also helps to have forums like this one to share your anxiety. xx

Hi
i read your thread on what a good job payplan have done for you,but with respect anyone can do what they have done,(you are paying back the whole amount you owe)would you not agree the company who could repay less than half of what you owe set over a period to suite you(amount as well)is that not the company you would have gone with.Always remember payplan are funded by the very people that you owe the money to.
danno

sira_2

I'm really sorry didn't realise i was doing something wrong i'm new here!! Please accept my appologies Contunualdiamond & i hope you got the help you needed.