www.iva.co.uk

Hi
http://www.mirror.co.uk/2011/03/30/stop ... -23025098/

The Daily Mirror are giving fee paying Debt Management Companies another hammering.

Regards

How unfair that ALL DMP companies are being tarred with the same brush here.

I was with one and they were fantastic - got all my interest and charges stopped and I knew exactly what was going to my creditors and what the fees were.

There are some rogue firms out there but also some good ones.

nice to see payplan getting some good publicity they helped me become debt free.

Payplan are a good company and not fee paying for DMP's, but there are some good fee paying companies out there who may well suffer because of this adverse publicity.

Decent journalism is just too much hard work and trash sells papers. It's easier for them to tar all with the same brush.

Par for the course I suppose - just not fair.

What a shame that they haven't clearly identified which 'rogue' companies. The Daily Mirror Money Matters (link under 'Recent Coverage' on this page) published Andy's 'A - Z of getting out of debt' which included reference to this website and recommended contacting an Insolvency Pratitioner. That was 2009 so I maybe management has changed during that time.

Fair enough that Payplan get a (sort of) good mention, but this still rankles:

“I heard about a firm called Payplan, which doesn’t charge fees for their debt management plans. They get their money from creditors."

All of the reputable firms, technically, get their money from the creditors, one way or another.

On Tuesday Manicfriday posted that he had been in a DMP with Payplan and while he had paid in £9000 only £4000 had come off his debts. Many reputable feecharging companies would have had the interest and charges suspended and even allowing for their fees, the debts would have come down by a greater amount.

While you can argue that using a 'free or charity' organisation means more money goes to creditors it is also arguable that you get what you pay for.

Must admit it did put me off when I first started looking at doing a DMP, the fact that a fair bit of the money I paid in would go towards the companies fees. If I'd paid in £9,000 and only £4,000 had gone to my creditors I wouldn't of been very happy which is why I do my own DMP which to be honest has been very simple to run and maintain and at least I know every penny I pay is reducing my debt!

Its very lazy journalism.

From my personal experience I could not thank Payplan enough, they supported me right through my iva and were there for me when I needed them most during difficult times, my IP worked very hard on my behalf for which I am truly thankful, I found the staff at Payplan very easy to talk to, efficient and treat me as a person not a number. I would recommend payplan to anyone starting the iva journey.

I agree with Michael - my fee paying company was great and I knew exactly who had received what.

Whilst Payplan have been great with the IVA I don't know how they would have been with a DMP.