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Euan Johnson

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Review of the PayPlan, Debt Solutions:

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Relatively okay

They do stop creditors from contacting you, but I have an IVA and my husband arranged his own repayments with his creditors outside of sn IVA. His creditors are not adding interest, are flexible to reduced payments etc and he retains a good bank account and a really good credit rating, I will have repaid more than my original debt and although paid off in 5 years I really wish I hadn’t gone to the Iva route where I have bad credit rating a basic bank account my employer knows via a credit check. I think you’d find creditors more reasonable to your own arrangements than you think and wouldn’t feel like a second class citizen who has to declare every single penny you have or spend. My husbands repayments are a 3rd of mine snd so although he’ll be paying it off longer than my 5 years (which I’m nearly at thd end of) it would be more affordable & less shame of an IVA in place. I just want rid of this now. You aren’t going to get away with only paying a percentage back - if you have to reduce or miss a payment they’ll just add it to the end of your plan which extends your end date and makes it feel like a debt trap. If you need creditors to stop hassling you as it’s causing depression or stress hen that is the benefit of Payplsn involvement but other than that make your own arrangement for repayment with your creditors Reviewed on: 6th August 2021

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