Property News · October 8, 2011

A shock ending to my PayPlan debt plan


My repayment plan was due to finish in November, but I’ve just found that I still owe £4,000I have been with debt management company PayPlan since January 2007. I was due to finish the plan in November but I have just found out I owe a great deal more. It appears I was not receiving letters from the creditors to say they were unhappy with payments, and late fees had been applied. I thought PayPlan was dealing with my finances but it appears it wasn’t. I have never missed a payment, but since looking into this I have found out that, over the years, PayPlan has made numerous late payments on my behalf. I looked up my file on Equifax and found my credit rating is no better than before. I have taken this matter up with PayPlan and it accepts no liability for it. My starting debt was estimated at around £9,750.40 and the total I have paid to date is £10,560. Now my estimated remaining debt is £4,086.53 – but until 3 September it stated I had around £143 left to pay. JS, Thanet, KentPayPlan, which offers free debt management plans (DMPs), was quick to dust down your file and peruse its contents but it took a while to get hold of all your creditors. Managing director John Fairhurst told us PayPlan itself was not to blame: “DMPs are informal arrangements and creditors are not compelled to freeze interest and charges. This is explained to clients when they choose a DMP. In the majority of cases creditors do waive or significantly reduce charges. JS’s case is not typical, especially given her record of regular payments. Anyone in a DMP should be made aware of any charges being applied during the plan.” Continue reading…

Source : theguardian.com
Read more…A shock ending to my PayPlan debt plan

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