Do I stay with Payplan?

Big_John_246

Hi :hello:

I am in a debt management plan with Payplan, I have 2 insurances with Payplan that they offered there were 2 kinds of insurance.

I have also read that people have claimed this back which you can see in this post; https://forums.moneysavingexpert.com/discussion/5194917

I have just had a look at my PP account and found that I am paying the following;

Premium Securities Payplan Cover My Payment 03/06/2015 £9.91 OK
Premium Securities Payplan Cover My Life 03/06/2015 £5.00 OK
Premium Securities Payplan Cover My Life 03/06/2015 £5.00 OK

So I am paying £19.91 since Dec 2009 so a quick calculation makes 68 months x £19.91= £1,353.88. :eek:

If I tried to claim this back it would pay back six of my creditors and leave two. :T

Payplan are meant to get people out of debt as quickly and affordably as it can. But paying expensive 'insurance' on top of monthly debt payments means it is fundamentally failing on its primary objective. :think:

I do suffer with dyslexia and have trouble understanding things like this so how would I know if it's suitable for me.

Would you advise to change my DMP to another company if I make a claim?

Would the Debt management company I move to help with the claim???

Hope some of you can advise.