Background: My wife and I have an ongoing IVA with Payplan. I am a psychiatric nurse, and was working for an NHS trust. I contacted Payplan some months ago to ask what would happen if I took early retirement. My case officer told me I would have to pay, from my lump sum payment, the equivalent of my remaining monthly payments ( and my wife''s also ) to clear my IVA. This would of meant a payment of approximately £12000. After some consideration I decided to take early retirement in order to clear my debt. My decision was made on the basis of the information my case officer gave me. On retiring Payplan informed me I would have to pay 50% of my lump sum ( approximately £28000 )and continue paying my monthly payments until the end of my IVA term. This mean
Nature of dispute:If this information had been given to me when I contacted Payplan in the first place I would not of considered taking early retirement. I feel that this misleading information has led to me facing a financial loss, as well as to a great strain emotionally. I will offer to pay the originally quoted sum of £12000 and to continue my payments, but Payplan say they cannot accept this.
I have now been applying for full time posts in the private sector to ensure I am able to continue with payments to my IVA, and am awaiting references and CRB check to start my new post.
Dates of relevance: Retirement date 28.09.2013
Original telephone call to Payplan regarding retirement was either January or February, unsure of exact date.
I take it you didnt get anything in writing as to what would happen to your lump sum? General advice is to have any phone calls backed up by email or letter as you will struggle to prove you have been misinformed. Stand your ground with them but I think they have you by the short and curlies!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
This forum is not an authorised authority to deal with complaints about IVAs or the IPs supervising them. You should follow this up through the usual Payplan complaints department, and if you get no joy there then ultimately to the IPs regulator.
They probably recorded the call, write and ask for the transcript as it may help with your complaint. If it's recorded all they'll need is the phone number you were calling from.
Please can I ask that you contact me with the details of your case (including relevant contact information and your Payplan reference details) so that I can begin to furnish the correct department and personnel here at Payplan with the information.
Payplan rang me today. They are sending me a transcript of the original call, but don't seem to think they have done anything wrong. They are continuing with my offer of £12000 as a full and final offer, but say if I want to continue my IVA I must pay the £28000 they asked for. They are not expecting the creditors to accept my offer, and say they expect them to opt for making me bankrupt. Any advice? By the way, thanks to all for your support.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
