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Review of the PayPlan, Debt solutions:

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Remove the stress

In 2019 our business unfortunately had to close due primarily due to late arrival of goods, the goods being faulty upon arrival and a change in management system resulting in loss of CRM. Inevitable poor reviews lead to a halving of turnover. Many of our suppliers, faced financial loss due to the business closure- potentially very stressful for all parties. The liquidators suggested we should look for professional advise to deal with the creditors, especially those with personal guarantees. We approached Payplan, and from day one we were made aware of the potential claims that could be forthcoming and action we should take to give as much as we reasonably could to hopefully satisfy the creditors. The process selected being IVA’s I found my wife could not cope with creditors at the door. Payplan took control of the situation, stopping direct contact, whilst still keeping the creditors onboard. Payplan must do an awful lot of work behind the scenes and when the day of the creditors meeting arrived, I know they had to do a lot of negotiation. All the effort eventually resulted in successful IVA’s. Looking back, one of the main things that gave us some comfort and reassurance was a single point of contact at Payplan, from initial discussions through to the IVA meetings. Business failure is an extreme pressure on any family business, and you quickly realise how little you know of the processes. Payplan’s control and understanding certainly helped our family through those dark days Reviewed on: 11th August 2021

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