Hi Lorryjo1983.

They're a pretty well known commercial provider of IVAs, protected trust deeds and informal free-to-client debt management plans. Many creditors refer their clients to them when they get into difficulty with repayments.

Speak to one of the experts on here before deciding. I wish I had before signing mine.

TD Assistant thanks for your response.

Gillian - are you with Payplan just now?

Payplan have advised that I go into a trust deed and have sent me the forms to act on my behalf and contact creditors. I'm a bit worried as I've never heard of them and I'm scared there's any 'hidden extras' like having to pay an extra year or something. I know that its the best option as I can't meet monthly payments. They have asked for bank statements but my partner left us in January and this is where the problem started. His wages were paid into my bank and all bills got paid. My bank statements for the last 3 months don't really show how I'm not managing at the moment. Do I cancel Payplan and deal with someone on here or do I stay where I am and go through with it? What to do?!

Hi Lorryjo

My advice to everyone is to have a face to face meeting to discuss all available option and see what best suits you. Then ensure that all matters are discussed, agreed & confirmed in writing before doing anything.

The bank statements are not that big an issue in the circumstances you describe.

If you ensure there are no unknowns or grey areas then it is far easier to make the right decision.

Mark

I've cancelled all my direct debits as instructed by Payplan so I need to do something quick but I don't know if Payplan are the best people to go with as its all done over the phone and forms sent via post - there's no face to face meeting as you say. Is it possible to cancel Payplan as i've not signed anything and meet with your company Mark?

Hi Lorryjo1983.

Is there a particular debt solution that has been proposed to you by Payplan?

Yes, a trust deed.

Hi Lorryjo

of course. I'm out and about this week, so I'm sure I could meet up with you for a chat. Very informal (honest) It will give us the chance to look at options and see what works best.

Cancelling the payments shouldn't be an issue and you can deal with things as quickly or as long as you wish.

Mark

Hi Lorryjo,

We are a national company offering a range of different solutions including Trust Deeds. We help more than 100,000 clients each year into a debt plan and have a very good reputation with clients, creditors and voluntary organisations.

Although we do not currently offer face to face meetings like some other organisations, the advice that we can offer over the phone will provide you with all of the information that you need.

You should have already been assigned a case officer who is available for you to talk to about any concerns that you may have.

Many Thanks
Gemma

We started going through Payplan to organise a debt payment plan. Whilst going through the process they started doing Trust Deeds. They kept pestering us, telling us to think about Trust Deeds obviously that would make them more money.

Well we did think about a Trust Deed. We found this forum, called and met Mark, signed shortly afterwards and I haven't regretted it for a minute.

I have no idea where Payplan are based, but I have a feeling that its a foerign call centre. We never spoke to anyone with a British accent. Even if it is down South, it concerns me that they are dealing with Scottish Trust Deeds. Seeing as some of the major creditors don't know what a Trust Deeds is, i'm happier dealing with a Scottish representative. After all Scots law is different!

Also, I believe that Payplan are financed by the financial institutions so I would worry that my best interests weren't being taken care of.

As for cancelling your direct debits to your creditors, don't worry. We cancelled ours about 5 months before we signed our trust deed. We got loads of calls and letters but it meant we could use the money we would of paid, to get ourselves in a better position for 3 years of trust deed (ie buying essentials for the kids, repairs etc). They might of threatened legal action but we knew we would sign before that could happen. It didn't prevent either of our trust deeds being protected.

My advice...speak to one of the guys on here.

No Lorryjo, I was with Invocas. I got discharged last year in February and am still waiting for my trustee discharge. When I went into a trust deed, I picked the biggest advert in the Yellow Pages that said a lot about caring and helping you sort things out. While they've done this, the feedback the experts is they aren't pushy, very good at communication and where possible, carry out the discharge process in a timely manner. Had I not been so panicked and emotional at the time, I would have done more research and probably come across this site and the experts who contribute to it. It would have changed my decision on who I went with.

You should sit and try to write down all the questions you would want answers to when setting up the trust deed. Anyone you talk to should be happy to answer these before asking you to sign anything and you shouldn't feel rushed. Things like what are acceptable things to have listed as expenditure, do you have to pay a fee for the trustee to relinquish interest in equity (none of the experts firms do this), what is the projected timescale for discharge upon completion of payments, what options are there for realisation of equity, what percentage of any bonus or overtime would be paid over to the trustee. Don't think that any questions is simple, stupid or something that should be obvious or you should know. Write everything down and sign with whoever gives you the answers that make you feel most secure about things.

Hi Gillian

Your post, personally, is almost the definitive guide to how things should be conducted.

I fully appreciate there may be variations from firm to firm, however if you draw up a huge list of every question. Ensure EVERY thing is confirmed in writing & all values etc confirmed, then you should be ok.

Mark