www.iva.co.uk

Posted: **Wed Sep 23, 2009 3:36 pm**

Hi...I've been speaking to Vincent Bond and Payplan and both have advised me to go with a DMP. Payplan have cut my expenditure back (from that advised by VB) by £150 (this includes an allowance for broadband which I need for work). This is alot of money. If I decide to go with VB, will the creditors also be inclined to reject my expenditure budget? Thanks

Posted: **Wed Sep 23, 2009 3:56 pm**

When you say they have cut your expenditure back - do you mean they have told you that you cannot have various allowances? This is a dangerous practice, and you do have to question how the advice from two similar firms can be so different. Please do not enter into any form of agreement that you do not feel you will be unable to afford, and you certainly should not have been told that you cannot have your internet expenditure - especially as this is essential for work.

Posted: **Wed Sep 23, 2009 4:26 pm**

Yes..they have cut back allowances for house emergencies (repairs etc), entertainment, broadband and meals at work.

Posted: **Wed Sep 23, 2009 4:29 pm**

You need to go with who you feel comfortable with. If Payplan are cutting your allowances by too much then you're going to struggle.

Posted: **Wed Sep 23, 2009 5:37 pm**

Hi
Payplan will stick to CCCs guidelines rigidly as they are actually financed by your creditors. A good commercial company will have your interests at heart first and foremost rather than the creditor interests.
Regards

Posted: **Wed Sep 23, 2009 5:49 pm**

Hi debs, I would seek advice from another company. Your expenditure shouldn't be "cut back" - these items are necessities for you.

Posted: **Wed Sep 23, 2009 6:00 pm**

I would gather three opinions and then choose the right solution for you. Make sure you can live with the expenditure as you need to maintain a lifestyle during your DMP.

Posted: **Wed Sep 23, 2009 6:07 pm**

andydavie can you just set me straight on the subject of ip firms being financed by the creditors.
if im paying ip fees same as everybody then why do they need financing from the creditors as well.
are these incentives to get back as much as possible from the person going into an iva.

Posted: **Wed Sep 23, 2009 6:23 pm**

I think it's just the CCCS who are funded by the creditors as they are a charity.....

Edit, just reread it, maybe Payplan are part of CCCs....I'll shut up now and await confirmation from the experts!

Posted: **Wed Sep 23, 2009 7:27 pm**

CCCS and Payplan are totally seperate. They are both funded by the creditors though if you do a DMP, so although you will repay your debts in full, the creditors then pay money across to them as fees.

If you do an IVA, it is you who funds them, NOT the creditors.

Posted: **Wed Sep 23, 2009 7:49 pm**

thanks for that jan
i understand now

Posted: **Wed Sep 23, 2009 9:31 pm**

I think that Payplan use the Common Financial Statement rather than CCCS guidlines Andy - but I could be wrong on that. Do you have Payplan in your radar for an interview soon?