Payplanplus yearly review after pay rise

monkeyboy129

Afternoon experts.
I have been on a DMP with PayPlan(Plus) for 5 years nor but at this review my pay has finally increased while some outgoings have gone down.
Whilst obviously handing over all the extra money would pay everything off earlier I really don't want to unless I have to.

I know similar questions have been raised before about not declaring pay rises but PayPlan now want bank statements at yearly review. I don't have statements but would have to print off from an online login.

So are my options either pay over all the excess money or to come out of the DMP. What happens if I tell Payplan everyhting but then "instruct" them to keep the payment offer the same - can I do that?

Thanks v much in advance.

sourcrates

A DMP is an unregulated agreement, which basically means there are no rules, you can pay what you want to pay, you could argue that your outgoings have gone up as well, if payplan don't like it, go self managed, and pay the creditors yourself.

monkeyboy129

Thanks. I think my money will have gone up by more than the increase in outgoings though.
If I go self managed do I then just going back to paying the standard interest rate?

dazla

Don't worry about it. I'm with Payplan and have had some increases over the last few years but I haven't increased what I pay them. They can't force you to hand more money over. just pay them what you are comfortable with.

monkeyboy129

I would quite happily carry on with what I pay them but now that they are regulated they are asking for statements etc.
If they are acting on my behalf can I instruct them what I want to pay them and then just go solo if they refuse do you think?

dazla

monkeyboy129 wrote: »

I would quite happily carry on with what I pay them but now that they are regulated they are asking for statements etc.
If they are acting on my behalf can I instruct them what I want to pay them and then just go solo if they refuse do you think?

Of course, you can do whatever you like. Just because they are regulated doesn't mean they can demand more money off you. You can always go self managed even

monkeyboy129

Sounds fair enough.
But I ought to shy away from actually misleading Payplan though surely? Just give them all the info and then tell them what I am prepared to pay?

timbstoke

As much as ignoring communications is rarely a good idea, as long as they're not threatening to kick you off the DMP unless they receive bank statements etc, I wouldn't bother responding at all - just let your payments keep going out as normal.

monkeyboy129

I know what you mean - I was planning on telling them I had no statements (which is true - I cant get them) and then telling them to carry on as normal.
If they start to insist then there isn't much I can do about it and will have to come off anyway!

I suppose I am their client and not the creditors so they are supposed to be working in my favour. They cant disclose the statements to the creditors anyway so whats the point?

dazla

Honestly you are are worrying over nothing. You decide how much you want to pay, not them. Give them payslips if you have them. They still can't force you to pay more...and I'm with Payplan

Lips_and_Lashes

I've not got any experience with PayPlan but if they do insist for bank statements and that you pay all your excess money then aside from the self-managed route, you could always start a DMP with Step Change.

I'm with Step Change and at their yearly review all you do is update an income & expenditure form.

All the best .