Payplan

gibbyni

Hi I have been in payplan for about 2 months now and its all going well. My question is how long does it usualy take to see if they can get interest frozen?

We have 2 current accounts and 2 credit cards with the halifax and a few orhers (IF, Barclycard, Cetelm, First Trust) that are on it. The only ones to freez interest is our halifax current accounts. So at this minute im paying my monthly balance but its being outweighed by all the interest and fees. Has anyone else had this problem?

Also on another note, were self employed, thats what got us into this to start with, but things have been going good for the last few months. So what im thinking is instead of telling payplan about the extra every month do i just let it build up every few months and then tell them i have a lump sum to pay. I know a lot of creditors will accept a lower figure to settle the debt. Does this sound like a good idea?


Thanks

gibbyni

any help on this would be great

yellowmonkey

gibbyni. With Payplan myself and my creditors have all stopped interest. 3 months on now and i think it depends on your creditor as mine are First Direct/Egg and Argos.

Good luck

ym

gibbyni

yellowmonkey wrote: »

gibbyni. With Payplan myself and my creditors have all stopped interest. 3 months on now and i think it depends on your creditor as mine are First Direct/Egg and Argos.

Good luck

ym

How long did it take for them to stop interest, payplan say they have sent letters but no answer yet.

yellowmonkey

About 2 months. Bear in mind that your creditors are under no obligation to stop/reduce interest when you are in a DMP. Mine have been quite good but if Payplan are on your side your have a good negotiator in your corner

ym

elsieo

hi. I went with payplan 4 years ago. We had very big debts but were referred to fcl by unison who told us this was are best corse of action. I have to say we were very pleased to start. No more threating letter or phone calls. Two and a half years on the debt had doubled. Some debtors had stopped interest some just added late payment charges or sold on debts etc. We were completely unaware until ccj's started to arrive. Citazens advice at the court stepped in and we referred for an Iva. Accountants looked at all the paper work previous to payplan and since and said we should never have been advised to go with payplan and they should of picked it up to. We lost our home and are struggling to rebuild our credit records.
Sorry to be harper of doom but we had substantial debts so may be very different.
Actually I came on this to ask any one if they thought I could complain re this bad advice and who to and about which people??
Please take care with payplan we stuck to our agreement and were completely transparent but we lost a lot.
Thanks

rayday2

I am not sure you can complain officially, do payplan have charitable status? But I totally sympathise with you, especially as you thought you were doing your best. Maybe someone will come along who can help you re the complaints avenue.

What did Payplan say when it got to the court stage?

yellowmonkey

Sorry. You said you started with Payplan and then were referred to FCL????. Are these a fee charging company??. Seems to me from reading your post that your problems began when you were referred to Fcl. Please never go with a fee paying company and to anyone out there thinking of going with Payplan /CCCS or any of the FREE companys my advice is GO FOR IT:T

Payplan have been brilliant for me ,and for others,on this board. Do so with confidence as they know what they are doing

ym

rayday2

Or alternatively do your own DMP with the national debt helpline letters and payment calculator for the control freaks who cannot relax letting other deals with things - that is the main reason I do my own DMP!

yellowmonkey

rayday2 wrote: »

Or alternatively do your own DMP with the national debt helpline letters and payment calculator for the control freaks who cannot relax letting other deals with things - that is the main reason I do my own DMP!

As well as being FREE :T . Not as brave as you ray. Need all the help i can get :rotfl:

ym

rayday2

Being a control freak gives you sleepless nights! I have more files, spreadsheets, postage labels than Richard Branson I am indeed a very sad person!