Thames Valley Housing Association

Welcome to PayPlan – Free debt advice and support

Here at PayPlan we really do understand how debt can make you feel and how it can affect you and your family. But what makes PayPlan different is that we try to help you in a way that allows you to live a normal and happy life while you are repaying your debt.

For more than 20 years we’ve helped thousands of people with their debts while they get on with living their life. We can provide you with helpful and practical advice and guidance on a number of debt solutions.

By talking to PayPlan you will be showing that you really do want to do something to help solve your debt issues, and this in itself can help foster a better relationship with your creditors.  

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• Answer a few simple questions
• Choose help by phone or Online
• Get your personalised debt solution

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PayPlan can help you!

We could offer you a solution that will reduce your monthly payments with the potential of freezing interest and charges, and even writing off some of the debt.

The options PayPlan can offer

The options PayPlan can offer vary depending on your situation, and there is no obligation to progress if you do not wish. We will simply talk through the different solutions to help you decide what is best for you. For more information on the solutions we offer/advise on, please see: DMP IVA Self-employed IVA DRO and Bankruptcy.

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What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

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What is a Debt Management Plan?

A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.

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What is a Self-employed IVA?

A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

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What is a Debt Relief Order?

A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.

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What is Bankruptcy?

Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.

PayPlan is here to help you

Some of the debt solutions we provide advice on include:

IVA

An IVA works by you agreeing to repay a percentage of your debt in affordable monthly payments over a given time (typically around five years), and your creditors agree to write off any outstanding debt once your final IVA payment is made.

DMP

A DMP is an informal agreement between you and your creditors whereby you agree to repay your debt in reduced payments that are more affordable for you.

Self-employed IVA

This debt management solution is specifically tailored for the self-employed. It works the same as an IVA in which you pay what you can afford for a set period of time and providing you keep to the terms of your agreement, your creditors will write off the rest of your debt at the end.  Self-employed IVAs were introduced so you can pay back your debts while still operating your business. 

Trust Deed

A Scottish Trust Deed is similar to an IVA and 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.

Bankruptcy

This can occur when an individual’s debts total more than their assets. Declaring bankruptcy means an individual is financially insolvent and can be relieved of outstanding debts.

For immediate and free debt advice please call PayPlan free on 0800 716 239  or use our Debt Help Form to submit your debt problem online.

Please note that not all of these debt solutions may be right for you, so to have a full assessment please call us or click on the ‘Get advice now’ button below.

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