Your views and questions.

Moderators: TalbotWoods, JaneClack

By Pandora
#472095 Hi. It is coming up to 8 years since I started clearing my debts of just over £50K with Payplan. They have been fantastic the whole way through and I am finally seeing the light at the end of the tunnel. My goal is to be debt-free by October 2015. My query is what happens during the final few months of paying Payplan? I have 9 creditors in total and am basing my total amount owed on the estimated figures given by Payplan - but I have a feeling I owe more to a couple of the creditors owing to interest being charged earlier in the plan although all interest has now been frozen.
Also, what happens after the very final payment is made? Will I get confirmation from Payplan that my plan has ended, and what happens if a creditor says I still owe money after that?

Thanks

Pandora
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By JaneClack
#472096 Hi - the first thing I would suggest you do is contact your case officer.

What they do usually 6 months before the plan is projected to end is to contact all the creditors to find out the exact balances and then work with them from there.

I should say that from now onwards every creditor is contacted serveral weeks before the annual review so that the case officers in Payplan support can work with the client to look at both sides - ie any new budget expenses or increases in income together with the exact amount owed. This way there should never be any unpleasant surprises when it comes to collecting final balances 6 months before the plan is due to end.

If balances were updated during the plan, this should not be a problem.