PayPlan (Scotland) Limited

If you choose to enter a Trust Deed with PayPlan, it will be set up and managed by PayPlan (Scotland) Limited.

They’re here to make everything as simple as possible. They’ll support you from start to finish and help you through anything that happens in between.

While you’re in your plan, your support team are here to:

• Make sure it’s affordable – they’ll work with you to update your budget to make sure that you can stick to it.
• Speak to your lenders – they’ll deal with the lenders included in your plan on your behalf. If you get any contact from them after your plan starts, let them know.
• Manage your plan – when they receive your payment, they’ll split it fairly and send it to your lenders. This is usually monthly.
• Help you stay on track – they’ll have regular catch-ups with you and make sure that your plan is running smoothly. If something changes, for better or worse, they’ll do everything they can to help you find a solution.

Trust Deed Fees & Charges

All Trust Deed companies charge a fee for managing a Trust Deed.   Your lenders agree to these fees to support PayPlan (Scotland) Limited in managing your plan. PayPlan (Scotland) Limited only charges fees if you and your lenders agree to your plan.

The fees and charges are taken from the monthly payment you make into your Trust Deed and are spread out over the duration of your plan. You won’t pay anything on top of these.

PayPlan (Scotland) Limited operates a transparent fixed fee cost, based on the payments you make into your Trust Deed.   This covers all the fees and costs associated with your Trust Deed; there are no hidden fees. They’re required to split these into different types of fees:

• The fixed administration fee – This covers the cost of setting up and preparing your Trust Deed.
  • This includes working with you to get a detailed understanding of your current financial situation, preparing the paperwork, speaking to your lenders, and making sure it goes ahead on the terms you’re happy with.
  • The Fixed Administration Fee is £2,500.
• The Trustee Fee – This covers the ongoing managing cost of your plan.
  • This includes collecting and distributing your monthly payments, helping and supporting you throughout your plan, dealing with your lenders and answering any questions they might have, completing reviews of your financial circumstances, providing annual updates to you and the companies included in your plan and completing the steps to conclude your Trust Deed
  • The Trustee fee is 20% of the payments you make into your Trust Deed. This is taken from your payments and is of no additional cost to you.
• Outlays – This covers any other costs associated with managing your plan.
  • These costs are paid from PayPlan (Scotland) Limited to third-party companies for the required expenses of administering your plan. This includes the costs of insurances, registrations and may also include payments for the provision of additional services to provide the best return for the companies you owe to.
  • These costs are approximately £800. They are taken from your payments and are of no additional cost to you.

PayPlan (Scotland) Limited is a limited company registered in Scotland, Register No: SC400113
Registered offices: Edinburgh Quay, 133 Fountainbridge, Edinburgh, Scotland, EH3 9BA. 
Licensed Insolvency Practitioner: NT Payne ACA FCCA MIPA MABRP Licensed by Insolvency Practitioners Association (UK).