Has anyone ever used PayPlan for help with debts?

Question

Please could you let me know how you found them and whether they helped. Thanks

Answer 1

Hi i used payplan for about 3 years...I found them to be quite good...they negotiated with all my creditors and got all the interest stopped on my credit cards and loans....I however think that they must of been charging me some sort of money...I remember thinking that the payments outstanding didnt seem to be going down very quickly and i always wondered if some where down the line they had added their charges on without me realising...Probably my imagination but if i were you i would get them to write down what they are paying each creditor each month out of your repayments to them.

Hope this helps and good luck...

Answer 2

Never used them but they are recommended by a few banks and other financial institutions in the UK.

Answer 3

I don't live in the UK, but I have used a similar plan here.  You can't put anything but credit cards into the account.  They talk with your creditors and either decrease or drop the interest all together.  Then, you have a set monthly fee that has to be paid and will probably be automatically be taken from your bank account.  The credit cards won't be any good anymore, but you will see the balances drop really fast.