Payplan - www.payplan.com

Payplan

Payplan has been helping people in debt since 1994. They're based in Lincolnshire, not a million miles from where Maggie Thatcher grew up and Payplan is currently one of the largest commercial debt help organisations in the UK. They are best known for their free debt management plans which is the reason they are featured on our homepage, despite not being a charity. They also offer advice on IVAs and bankruptcy. They claim to help, advise, support and provide solutions to more than 100,000 people for free, each and every year.

Who would we advise you talk to before Payplan?

Read our review of the UK's best debt charities.

The Problem With Being In Debt & The Companies Trying To Help

  • There are 3.4 million UK adults in serious debt
  • The average debt is £25,115, although 9% of people have debts of over £60,000
  • 91% are paying off credit card debt
  • Women are even more affected by serious debt than men, with 75% saying they are not sleeping because of debt-stress, compared to 61% of men
  • Despite these high levels of stress, 15% of people still have not talked to anyone about their debt problems
  • Almost 48% of people in serious debt pay for their debt solution, although there are lots of free alternatives
  • A fifth of people on debt management plans will take more than 10 years to pay them off
  • Over 10 years, average charges add almost 20% to the cost and nearly 2 years to the repayment period
  • The suffering caused by debt stress and the unnecessary fees often paid can be avoided

Our Solution

To ensure that you get the right advice, we provide free access to expert charity debt advisors who provide unbiased debt advice. This helps those in serious debt to avoid advisors who charge excessive fees or feel it is reasonable to extend the period individuals are in debt beyond what is reasonable and logical.

Our Mission

  • To stop those is debt waiting month or years before talking to an trusted professional advisor
  • To stop those is debt being sold expensive debt management plans and instead helping them get access to free alternatives
  • To get anyone struggling with debt to Talk About Debt and not suffer unnecessarily

 

Find Out More About The Debt Solutions Considered

Solutions
Debts Written Off
Legally Binding
Interests & Charges
Residential Status
Fees
Notes
IVA
Yes - Average 58%
Yes
Stopped
Tenant or Homeowner (Eng/Wales)
Yes on average around 20% of the payments you make to creditors
Typically you must have debts over £15,000 and be able to offer yourcreditors about 20% of the value of the debt back over 5 years.
Debt Management
No
No
Many Freeze
Tenant or Homeowner
Yes
In a Debt Management Plan, you will be required to repay all of your debt in full.
Consolidation
No
Yes
New Rates & Charges
Tenant or Homeowner
Yes
Consolidating your debts generally means you'll pay more back over a longer period of time.
Bankruptcy
Yes
Yes
Stopped
Tenant or Homeowner (Eng/Wales)
Yes - up to £700 depending on your circumstances. You may also be subject to a 3 year Income Payments
You need to think carefully about all the affect bankruptcy will have on your home and your employment.
Debt Relief Order
Yes
Yes
Stopped
Tenant
Yes - £90
You must have debts under £15,000 and have little in the way of assets

 

Payplan Reviews

If you call Payplan after visiting this website or have dealt with Payplan and would like to share your experience with the Talkaboutdebt community, please click the button below and create a Payplan Review.

 

Add a Review
Average Rating:
3
Rated 3/5 based on 30 customer reviews.

What others have said

Please remember that these reviews are the opinions of people visiting our site and so can be very different from our own views.

Am getting towards the end of my 32 months of a Dmp with Payplan. They h
Reviewed by:
Rating:
3

Would reviewer recommend this organisation? No
Am getting towards the end of my 32 months of a Dmp with Payplan. They have been good right up to my end of plan, things are not so good now. 8 weeks and no contact from the terms team, a slightly rude message when I enquired about the change in my end date which has since disappeared from my messages. Am now only 13 days from my estimated finish date and no contact from the terms team at all. One creditor I know added on all interest and charges. They are government owned. I am tempted as I am that close and they don't seem to be bothered anymore to end the plan myself and tell them that their poor end of plan detail is the reason. I should have been offered an IVA according to other debt charities I have contacted.
They are helpful and doing this has relieved a lot of household stress b
Reviewed by:
Rating:
3

Would reviewer recommend this organisation? Yes
They are helpful and doing this has relieved a lot of household stress but I have found that some companies, especially the big banks are still charging interest - one bank, half of our monthly repayment is interest. However they have stopped charges and fees, just interest remains. Ive had to ask payplan several times please to try and stop the interest for us and I feel at times they havent automatically done this and I feel its their job to ask and try to get this done. please check how much of your repayments are interest and ask if they've tried to stop it.
With Payplan for three years and approaching the final payment when:- I
Reviewed by:
Rating:
1

Would reviewer recommend this organisation? No
With Payplan for three years and approaching the final payment when:- I contact them 8 weeks before my final payment date they "contact" my creditors the day before. They ask me to contact my own creditors to get details of interest and charges despite claiming they do this on a regular basis throughout the plan and despite me informing them from day one of my plan that one of my creditors was charging a massive amount of interest. Go to the CCCS. Payplan don't actually give a monkeys.
I have been doing some research on Debt management companies on the webs
Reviewed by:
Rating:
0

Would reviewer recommend this organisation? Yes
I have been doing some research on Debt management companies on the website and found Payplan tonight. I emailed my details and within 2 minutes i had a call from them. The lady was very nice and friendly and considerate as i was feeling anxious about my situation. She expalined my questions in full and made an appointment for someone to call me back to help solve my debts. I then got a text with my appointment and what i information they would needed within minutes after the call. Excellent so far! Will update!
I called pay plan, only to be fobbed off by their staff and sent in emai
Reviewed by:
Rating:
1

Would reviewer recommend this organisation? No
I called pay plan, only to be fobbed off by their staff and sent in email, of which it tells me I have to contact creditors myself!!!!! They work on behalf of the lenders so therefore have their best interests at heart. It has made it very hard for me, as someone who has little knowledge of debt management plans, to understand what I am supposed to do. It seems to me that they enjoy feeding off of the vulnerable. I have seen exactly the same reviews in this site as I have on others-looks like their staff are very good at writing their own positive reviews!
We are a couple in debt because we spent too much money, lent too much t
Reviewed by:
Rating:
5

Would reviewer recommend this organisation? Yes
We are a couple in debt because we spent too much money, lent too much to the wrong people, then suffered ill health. We have been with PayPlan for two years, just had our DMP 2nd review which was painless. They are a nice bunch, never judgmental, always on our side. They never promise anything they can't deliver but are efficient and soothing. They are not a charity, but as they are a financial services company I suspect they make their money on selling insurances and other financial products which they do not hard sell to their debt customers. I suspect they pay for looking after the likes of us from the interest on the short time between receiving the payments and paying out to the creditors. If so that's OK by us. They are welcome to it for taking the awful burden off our shoulders and making us feel human again.
Been with PayPlan for 4 years + and my DMP according to their wonderfull
Reviewed by:
Rating:
1

Would reviewer recommend this organisation? No
Been with PayPlan for 4 years + and my DMP according to their wonderfully innacurate website was due to finish in February 2013.Yesterday I received an email informing me that one of my creditor outstanding balances was actually 40% higher than the figure on PayPlan's website after factoring in interest and charges! No doubt this will prove to be a similar scenario with my two other creditors.Only consolation is that I was expecting this as there are many stories on the web of PayPlan clients coming to the end of their DMP only to find out they owe more than they thought.Moral is don't believe anything on the PayPlan website and better still don't have anything to do with Payplan at all.
We could not breath with our debts before we contacted payplan. After sp
Reviewed by:
Rating:
4

Would reviewer recommend this organisation? Yes
We could not breath with our debts before we contacted payplan. After speaking with payplan a big weight was lifted of our shoulders. Dont expect it all to go away over night because the first year is tough, We had 17 creditors and only 2 declined, so we sorted out private arrangements with them instead. The other 15 accepted the offer and stopped all charges and interest and caused us no problem. Once we mentioned payplan to many creditors backed of and were most helpful. Over the years many of us have got in alot of trouble with credit cars and pay day loans. Alot of companies have now noticed there is a gap in the market for debt management and will charge a fortune on top of your installments. Please if you dont get accepted by Payplan do your homework
I used payplan a few year back and found their service good to begin wit
Reviewed by:
Rating:
2

Would reviewer recommend this organisation? No
I used payplan a few year back and found their service good to begin with but then realised that only one of our debts had the interest frozen, the rest were still adding interest. This meant that our debt was building up and not going down. In the end we had to look at bankruptcy and decided to use the service of the bankruptcy clinic.