Offers of payment through Payplan

Bigdi

Hi all, can anyone tell me of their experiences with creditors who will not accept an offer of payment through Payplan? My first payment(s) is due out now and just wondering what sort of response I'm likely to get and what happens if they won't play ball? Feel better anyway just for getting finances in order and my neck out of the sand!

CCCS_Alan

Hi Bigdi

Normally on most DMP the creditors may push for extra payments over the first few months but normally settle down once they are getting regular payments. Even if they do this, stick to your guns and make the payments you can afford through your provider. As long as your SOA is modest the creditors will normally accept the offers, and hopefully stop the interest and charges to allow you to clear your debts in a reasonable time period.
As the agreement s not legally binding the creditors may pass the debts on so make your provider aware if they do this to make sure your payments are going to the right people.

Good luck with the plan

CCCS_Alan

emteebull

Hi Bigdi

I had a similar issue with some creditors digging their feet in and not wanting to accept the payments from Payplan. I just kept explaining my situation and refering them back to Payplan. In the end the all accepted although some of them passed the debt on to other people who accepted straight away.

emteebull

Sea78

I also had a bad experience and it took over 6 months for them to finally stop interest etc. but they won't send the money back so just you carry on paying Payplan and hopefully it'll be sorted sooner rather than later!

Sea xx

monkey22_2

Hi Bigdi,

We've been in a DMP with Payplan for 3 years. It took a long time for all our creditors to come to an agreement, 18 months in the case of HSBC!:eek:

In our experience it was better dealing with DCAs once the accounts had defaulted - they were happy to deal with Payplan, all interest was stopped, and our offers accepted.

If your creditors start hassling you to make extra payments (trust me they will) you can ask to contacted in writing only - this is much less stressful than dealing with some monkey in a call centre every day, some of whom get very aggressive.

They'll say "if you could just make a payment today of £xxx we can stop your account going to default for another 3 months. If it gets defaulted your credit rating will be ruined...blah blah"
In the end we were ASKING them to default the account and hand it over to a DCA.
We know our credit rating is b**gg**ed for the next few years but the point they couldn't grasp was that
a) part of the terms with Payplan is that we don't take out any more credit.
b)we don't NEED any more credit because we now have enough money to live on because we're not paying huge amounts of interest!

So hunker down and stick to your guns. DON'T make any additional payments unless through Payplan, and give them a call if you need advice, they're very helpful and reassuring.

Good luck,
monkey22