Author Topic: Payplan settlement figures - Is it a con ????  (Read 2101 times)

QPR

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Payplan settlement figures - Is it a con ????
« on: Jan 23, 2012, 01:06:20 PM »
Good Afternoon All

Just wondered if anyone has experienced the same situation as below

I contacted PayPlan to settle all my debts. They contacted me with the settlement figures that my creditors were happy to accept. (These were partial not full payment figures)

I was happy with these, so I transferred the required amount to PayPlan and they said they would settle on my behalf.

However, I just received a letter from one of the creditors saying thank you for your payment of £200. Your account is now settled.

For this particular creditor, PayPlan gave me a settlement figure and took £700 from me to settle ??????????

Now, im wondering if they have done this for all my other creditors and I have actually paid well over what I should of.

I have contacted PayPlan but they are yet to get back to me.

Has anyone else had this problem

Any help is appreciated

Cheers

James Falla

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Re: Payplan settlement figures - Is it a con ????
« Reply #1 on: Jan 25, 2012, 02:40:07 PM »
Hi there QPR
 
Payplan are a commercial debt management company and as such I would be surprised if they did not make some kind of charge to do settlement negotiations on your behalf. Did you ever have a written contract with them? You should have had some written terms and conditions which should have clearly spelled out the fees they would take. If not this would be very strange. Their Ts&Cs should also be on their website so I would have a look there.
 
Having said that the amount that they seem to have charged you does seem excessive (if you have paid £700 to achieve a £200 settlement). Worth investigating....
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Simon Wyllie

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Re: Payplan settlement figures - Is it a con ????
« Reply #2 on: Feb 14, 2012, 06:29:05 PM »
Hello QPR.
 
As a mainstream advice provider I'm sure Payplan will be happy to provide you with records of any transactions they have negotiated and executed.
 
I'd expect that they would also be happy to be entirely transparent with you about their fee structures.

James Falla

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Re: Payplan settlement figures - Is it a con ????
« Reply #3 on: Feb 15, 2012, 06:44:39 PM »
Did you ever get any additional information about the charges that PayPlan made QPR. I would be interested in hearing what they said.
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