StepChange Vs Payplan

NotMrsBrown

Hi all, after reading numerous accounts regarding StepChange and PayPlan I thought I would put my current situation out there for some extra advice please.

This week I have been in conversation with PayPlan who have offered me to enter an IVA.  I understand the implications, and the benefits of doing so outweigh the cons.  So, I was going to go ahead, and then freaked out at the lack of security when sending my documentation (Passport, bank statements, payslips etc).

I then decided to go through the same process with Step Change in case their way of receiving documentation is more robust and secure.  I also understand that StepChange are a charity and therefore don't take 'payment' from the amount agreed to go towards the creditors.  Note, that I haven't had the conversation yet with them about the IVA as this is at an earlier stage of the process than I am with PayPlan.

My question is.... What would you do?  Go to PayPlan at the risk of a seemingly flimsy documentation gathering system, but who have been nothing but helpful and informative. or...

Continue with StepChange?  In which case why so?

Thank you in advance

MalMonroe

Hi and welcome,

StepChange is the way I would go. In fact it is the way I went. I was in debt through no fault of my own (relationship breakdown) when I applied for a DRO 9 years ago. I don't remember having to send my passport to StepChange. In fact, I didn't have a passport at that time. (Couldn't afford one.) I didn't have to send any receipts or bank statements either. All I had to do was tell them, over the phone, my incomings and outgoings and details of all my creditors.

I would definitely have a conversation with someone at StepChange if I were you because, even if you don't decide to go ahead with them, it's a free phone call and free advice and they are very understanding and non-judgemental. They listen and then they go through your options with you. For me, there was only one option, which was the DRO. I was allocated my own adviser and she helped me every step of the way until the application had been submitted and even then she said I was free to contact her at any time. 

I cannot recommend them highly enough. For me, they were lifesavers. 

https://www.stepchange.org/contact-us.aspx

You can also get free advice from National Debtline : https://www.nationaldebtline.org/

and Citizens Advice : https://www.citizensadvice.org.uk/debt-and-money/help-with-debt/

One (among many others) thing I have learned from this Forum - never pay for debt advice.

I hope this is helpful. Many of us on this forum have been in similar situations and have survived too. 

NotMrsBrown

Hi, Thank you so much for the information.

I'm sorry you have had to go through the process but I am grateful you are able to share your experience.
I will take your advice and speak with them very soon.

fatbelly

If you're considering an IVA I'd talk to both, and also talk to another insolvency practitioner, maybe one from https://www.trustfolio.co.uk/

All IPs take fees - stepchange and Payplan included

sourcrates

Can we just go back to the basics first, are you a homeowner with fairly large debts, say over 30k, and can`t go bankrupt as you want to keep your house ?

If your not, then why are you thinking an IVA is a good thing ?

Giving us a quick run down of your personal circumstances, your total debt, and your income/expenditure will help greatly in deciding if an IVA is the right choice, or not.