Payplan

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Take control of unmanageable debts with PayPlan’s support. Offering a range of affordable debt solutions, PayPlan’s free, confidential advice and sustainable debt solutions are available to anyone who needs support.

 

 

 We’ve been helping people in situations similar to yours for over 20 years, and during that time we’ve developed a wide range of practical, long-term solutions that can not only help to manage your debt, but also enable you to live your life.

 

 

Our debt solutions

Our range of debt solutions means we can provide you with a solution for any circumstance. If you choose a structured plan, like a more formal Individual Voluntary Arrangement or Trust Deed (for Scottish residents) or perhaps a more flexible Debt Management Plan, we can tailor it to fit your circumstances.

If you choose one of our structured debt plans, you’ll commit to paying off your debt (or at least a proportion of it) in affordable monthly payments that are generally less that you are currently paying. Whilst this might mean your repayment period is longer or your total repayment is higher, it could allow you live happily within your means and stop creditors from knocking at your door.

 

IVA

An IVA (INDIVIDUAL VOLUNTARY ARRANGEMENT) is a formal agreement between you and your creditors – the people you owe money to.

It works by you agreeing to REPAY A PERCENTAGE of your debt in affordable monthly payments over a given time (typically around five years), and they agree to write off any outstanding debt once your final IVA payment is made. If you have an unsecured debt of £7,500 or more, an IVA could be the right choice for you.

It’s a practical, easy-to-understand debt solution that enables you to manage your debt WITHOUT WORRY or despair. As an IVA is a legally binding agreement between you and your creditors, there’s no chance of any nasty surprises along the way. By embarking on an IVA, you will be entered into a public register and your credit rating could be adversely affected.

And, although your monthly payments may be lower, your repayment period could be longer – this will largely depend on the percentage of debt your creditor is willing to write off. A PayPlan Individual Voluntary Arrangement can only be offered to English, Welsh and Northern Irish residents.

 

DMP

One of the most unsettling aspects of being in debt is dealing with the demands and threats from your creditors – the people you owe money to. By taking advantage of a Debt Management Plan from PayPlan, we can help REDUCE THE WORRY by dealing with your creditors for you.

Enabling you to concentrate on repaying your debt at a realistic, affordable rate completely FREE OF CHARGE, meaning everything you pay goes to your creditors. It could be the right solution for you if you have more than £5,000 in unsecured debts and are struggling to make the repayments.

No matter what circumstances are causing your current money worries, it’s important for you to take POSITIVE STEPS to resolve them sooner rather than later. And, although your regular repayments may be lower, your repayment period could be longer and the total amount payable higher.

Like the majority of debt solutions, entering into a Debt Management Plan will affect your credit rating and as they are not legally binding agreements, your creditors do not have to accept the proposal.

 

Self-employed IVA

Running your own business can be hard work and you can do without the added struggle of managing a debt. That’s why PayPlan has a debt management solution tailored especially for the self-employed. It’s called a Self-Employed IVA(Individual Voluntary Arrangement).

A clear and straightforward way to clear your debt with regular, affordable payments, a Self-Employed IVA is a legally binding agreement between you and your creditors. It helps you to avoid bankruptcy or liquidation by you taking responsibility for PAYING OFF PART OF YOUR DEBT over a fixed period.

To qualify for a Self-Employed IVA, you must have a viable business with a debt of £10,000 or more. It’s a practical, easyto-understand debt solution that enables you to manage your debt WITHOUT WORRY or despair. (Self-Employed IVAs are not available in Scotland – read about our alternative debt solutions for Scottish businesses).

Starting on a Self-Employed IVA means you will be entered into a public register and your credit rating, and as a consequence your business, could be adversely affected.

Your monthly payments may be lower but your repayment period could be extended – this will depend on the percentage of written off debt your creditors are willing to accept.

 

Trust Deed

Similar to an Individual Voluntary Arrangement (IVA) that’s available to all other UK residents, a Scottish Trust Deed is an agreement between you and your creditors – the people you owe money to.

It works by you agreeing to REPAY A PERCENTAGE of your debt in affordable monthly payments over a given time – usually around four or five years. And your creditors agree to WRITE OFF any outstanding debt at the end of your Trust Deed.

If you live in Scotland and have an unsecured debt of £5,000 or more, a Trust Deed could be the right solution for you. It’s the preferred solution for many people as it enables them to avoid Sequestration (bankruptcy), and all the unsettling consequences that come with it. By embarking on a Trust Deed, you will be entered into a public register and your credit rating could be adversely affected.

And, although your monthly payments may be lower, your repayment period could be longer – this will largely depend on the percentage of debt your creditors are willing to write off. And remember, we don’t just provide Trust Deeds. We can offer other workable solutions for Scottish residents, including the government-run Debt Arrangement Scheme (DAS) and the more informal Debt Management Plan.

 

Bancruptcy

Simply put, bankruptcy can occur when an individual’s debts are greater than his or her assets. Declaring bankruptcy means an individual is financially insolvent and can be relieved of outstanding debts. It is often considered as a last resort for people with serious and ongoing debt problems.

A court will only make a bankruptcy order once a petition has been presented. A petition is made either by you or by a creditor to whom you owe an unsecured debt to the value of £750 or more. Once a bankruptcy order has been made, the official receiver will give written notice of the order to a number of organisations; this will include the order being advertised in the London Gazette (an official publication containing legal notices) and your local newspaper.

There are certainly disadvantages to bankruptcy that you must be aware of. Once you are made bankrupt, you will no longer be in control of your assets. The only things you may keep are items or equipment needed for work or items needed for household purposes, i.e. bedding, furniture, clothing and other basic household necessities.

All other assets will be disposed of by either the IP (Insolvency Practitioner) or the OR (Official Receiver) for sale, they will use the monies to go towards the fees and costs and expenses of the bankruptcy and then your creditors.

 

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