Jut made my first call - advice please

[glen1971]

Just called Pay Plan regarding looking at IVA..... I have around 60k worth of unsecured debts to 6 creditors - Goldfish loan £24k, Abbey loan 15k, Citibank C/Card 5k, Barclaycard 6k, Mint c/card 7k, finally overdraft with Nationwide 3k.

After going through my figures they came up with a sum of £600 which can be offered to the above creditors, now i live in Scotland so as i understand the arrangement will be for 3 years....not the standard 5 for England...so that is 600 x 36 months £21600 Is it feasible that this will be accepted? as this is around 35% of original debt.

I will have my call on Friday to go into detail on my finances with payplan - anybody have any views on this company - they seemed very helpful on my initial call.

Finally, i have no record of missed payments for any of the above, indeed apart from the amount of credit i have on at the moment i have a "good" credit history - will this count for or against me.

Thanks for any advice -

Glen

[aguise]

Hi Glen and welcome to the forum. You will be going for the scottish version of an iva which is a trust deed. you can get reviews on companies from iva.com., this will include payplan.
I had no missed payments leading up to my iva, as many others, so it shouldnt go against you.
Remenber there is no reasonyou cannot get an opinion from another company, in facta good idea to be able to compare.
All the very best to you.

Ang

[glen1971]

Thans for the quick reply Aguise. I suppose i should also mention that i have no equity in my home and that i have around £5k worth of shares, i suppose i would have to surrender the value or is there anything i can do to keep them.

[aguise]

I am not a technical expert Glen but would think the shares are an asset which will need to be disclosed. I would think the only way of keeping them would be to ask a family member to buy them from you, then this would go towards the trust deed, and then for them to allow you to purchase them back after the trust deed is finished. Only a guess there so wait for other answers.
Just make sure you understand all aspects and that it is the best solution for you.

Ang

[SharonR]

Hi Glen
I am with Payplan, and I have had no problems at all with them. They are always very supportive and understanding.

It is always the best idea to shop around, but if I am being honest, once I had told my debt story to Payplan I could not face going over it again with another couple of companies.

Good luck
Sharon

[ianmillington]

Does anyone know whether Payplan are authorised to do Scottish Trust Deeds, which requires a presence in Scotland I believe?

Ian

[Adam Davies]

Hi
Welcome Glen
Do take a second opinion from another IP once you have spoken to Payplan again
Regards

[MelanieGiles]

Ian

The rules on acting in Scotland are changing with effect from 1 April 2008, so I guess Payplan are just gearing up for the future.