Payplanplus yearly review after pay rise

Meatloaf1981

Listen, these things can easily cause anxiety when it simply isn't necessary to feel like that. Payplan are there to help you service your debt and pay it off. They periodically review your payments to ensure they are still affordable to you and, if you can, you can then increase your payments. What they will not do is DEMAND you increase your payments or boot you off your DMP. The agreement is informal and between YOU and your CREDITOR(S), not with Payplan.

Payplan are simply the intermediary who can help you establish a repayment plan and they will review it periodically. You will find if you go self managed, your creditors will request this of you in any event. The difference there is that you may have to do that multiple times during the year as each creditor may request a review at a different stage.

If you are finding that your DMP is not allowing for regular savings that are manageable and allow you to save for an emergency fund then the DMP is not quite right for you yet and probably needs tweaking. I would suggest you discuss this with Payplan if you're having issues, or revise your affordability calculations to factor this in for going self managed.

I am now self-managed and other than the initial anxiety of sticking your head above the parapet, you will find that you can manage it well yourself if you are disciplined and if you control your fears about dealing with your creditors yourself. You will find it is a lot easier than you imagine it to be and most creditors, I have found, are very understanding and easy to discuss the matter with. Remember, they want you to pay the money back, they do NOT want to have to write off the whole debt if you're pushed into bankruptcy so it is in their interests, in the main, to make sure your debts are serviced by you. If you can afford to pay more but simply don't want to because your want more to SPEND rather than to SAVE, then it would appear to me that you have yet to break the spending habit cycle that may have landed you in debt in the first place. I would advise caution before simply refusing to increase your repayments if you are able. Long term, it is in your interests to get things paid off sooner.