Debt management plans

phildamb

Hello all,

I'm looking at going on a debt management plan at some point via payplan. Based on thier recommendations I have now moved my bank account away from any of my creditors.

I was wondering if anyone had any experiences of using payplan for debt management as Im not too sure of what to expect with them.

I basically need to free up about £600 a month to be able to afford to live (rent,council tax etc) which is why Im going down that route but Im not bad enough to need an IVA.

RAS

Hi an welcome

Two thing.

1. There are loads of folk with experience of payplan and i am sure some would be able to tell you about their experience.

2. In the meantime, go to southern scouser's stickie for first time posters on the front page of the forum and put together your SOA.

This will help you to work out what you can afford in the short-term and help people find ways of reducing your expenditure and the gap between that and your income.

MrsTom

I am with Payplan. They are useful as they are an "official" debt management people, but I have found that I still had to negotiate quite a few of my payments as they didn't do anything if my offer of a monthly payment had been rejected. They sent all the initial offer letters to my creditors and then I had to pick up the pieces where they were rejected. I have about 10 creditors in total and for about 5 of them i make additional payments to meet the minimum amount they they would accept - it was these additional payments that I negotiated myself.

They can also be difficult to get hold of and don't always return calls, but once you have a case manager you can communicate via email which is easiest.

Despite some problems, i am happy to be with Payplan as they don't take a fee for their services and all the money I pay them goes to paying off what i owe.

Good Luck