A question for everyone with an IVA

[doublemummy]

evening everyone,
I am making my final decisions as to which way to go and how to progress forward.
My question is to everyone who is currently within an IVA... what are the differences between going with a private company or a charity to represent you?

Many thanks

Katie

[kallis3]

Hi,

There are no.charity companies in an Iva. All companies charge you fees including Payplan and CCCS which I tbink is what you are talking about

[doublemummy]

Ok thank you - yes thats what I was getting at really. I feel so clueless

[Foggy]

The main difference is that Payplan and CCCS get a fair chunk of their funding from the banks, other than that it is down to personal choice and your knowledge of the experience of others. Cruising around the forum should give you an idea of the latter and a visit to www.iva.co.uk will point you in the direction of a few firms to chat to, see who you feel most comfortable with and allow you to compare advice.

[12 months to go]

hi doublemummy

im with DFD and have always found them to be superb; im 5.5yrs into 6 yrs agmnt

Also, Melanie Giles who posts on here morning , noon , night & early morning !! comes very well recommended from her clients posting on here

hope this helps

[vince666]

My advice would be go for a smaller firm where you have a chance of actually speaking directly with your Supervisor and receiving a personal service - there's a few firms represented on this forum that fit the bill. If you read some of the recent posts you should be able to work out which firms they are.

[kallis3]

I tried to post several times after my first post but my phone was playing silly b's!!!

Speak to several companies before making a decision and go with your gut instinct as to which you feel happiest with.

It is very bewildering when you start out. Don't worry about bombarding a prospective IP with questions, they are used to it and you need to get everything right from the beginning.

The forum is also here for anything you want to ask.

[doublemummy]

Thanks for your replies everyone. Going with gut instinct and think i have made my decision. Eeek scary times ahead, but hopefully better times ahead long term

[Broke of London]

That's great news. It's such a feeling of relief to have that support.

[artemischild]

I see its quite plainly

1) use a firm who gains money from your creditors - they don’t work for you so therefore don’t have your best interests at heart, you are NOT the customer the creditors are. (this seems to have been raised recently in regards to DMP’s where the longer your made to pay the more companies get in return from the creditors you owe)

2)Use a 'fee paying service' and you are the client, they work on your behalf however still have a duty to maximise your return to your creditors, however you are their client and should also be working in your interest.

What I am unsure of is are fees worked out on an ongoing basis as in a % of your monthly your or are they set for the year/5 years so you pay a set and agreed amount?

Arty

[kallis3]

All IVA companies charge fees for an IVA. There's only Payplan and CCCS that don't charge for a DMP.

I think my fees are a set amount and it was written down in my proposal as to what they would be year on year.

[Rosepetal]

hi, it is daunting,well done for facing that you need help. take your time,read up.

take care who you go with. we decided on Melanie Giles, McCambridge also have v good feedback.

have you got a new bank account set ready away from creditors? it must be a "basic" account.

post ?'s,you're not alone.

[kallis3]

RP - it doesn't have to be a basic account. If you can get a full account prior to the IVA then do so.

I have a basic Nationwide account but I also still have a full Barclays account. Barclaycard were a creditor but the account has remained open and I always make sure there is some money in there so I can use it again properly once the IVA is completed.

The only thing you shouldn't have is an overdraft.

[Rosepetal]

hi kall, what do you mean by "full"? we were told it had to be a basic bank account ie no overdraft etc.

[kallis3]

No overdraft but I mean a 'normal' account with a debit card and cheque book.