Adverts

[Adam Davies]

I,ve noticed that most of the adverts for IVAs have changed with only a few advertsing a certain percentage write off.However in the Daily mail yesterday I noticed an advert from Spectrum,who offer IVAs, stating "Beware of companies who claim to be able to write off 75% of your debt ".
This seems a strange move because as we all know it IS possible to write off 75% of your debt,we had a forum member quite recently who had a IVA agreed at a 25p dividend.
Not sure if the whole advertising of the IVA is as good as it could be quite yet.It must be very confusing to somebody just starting out down the debt solution path.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Qikichi]

My favourite is the 'little known legislation'. Considering the amount of adverts for IVA's I don't think it's 'little known' anymore.

[Skippy]

Avoid Spectrum!!! They were on Watchdog a while ago having conned (for want of a better word) an autistic man out out about £2k.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
Yes I would agree with you on that one but the main problem is that the average person only hears about the "good bits" i.e we can stop interest,write off a large part of your debt and it will not cost you a penny........almost too good to be true.However what they do not hear is that you must be insolvent,it will have a huge effect on your credit file and you must be prepared to pay back as much as you possibly can over a five year period,whilst living a very spartan lifestyle.Don.t get me wrong I am a huge fan of IVAs[obviously !!!]but its so important that people know exactly what an IVA entails and this responsibility must come down to the firm that arranges the IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Sadsack]

Hi
I agree with Andy. There are various companies out there who offer you the world on a silver platter, all your worries will be over, none of your creditors will contact you again and all you have to do is pay "x" every month for 60 months!!!! Then you are debt free to start again!!! And it all sounds wonderful! Only it isn't. I am of the opinion that the majority of the companies out there offering this "wonderful service" merely have "sales personnel" answering the calls. (COMPANIES ON THIS SITE EXCLUDED). They give you the whole scenario of how great your future is looking, but fail to inform you that is could quite possibly be a living hell for 5 years.

Sure, we will be debt free in 5 years, but at what cost to ourselves and our families.

Sue

[tracy.h]

Hi
before i understood what an iva actually entailed,being in debt each time i saw one of these adverts i thought that sounds to good to be true,i must admit when i first looked at getting help with my debt problem i went on line and the first company i came across was the dreaded debt councillors,[synergie] and i did fill out one of there forms thank god they didnt ring me until after i found a descent company or i would have been another one of there casualtys,but the sad thing is advertiements don't give the facts so desperate people grab at a chance to clear there debts but do not know the hardship that goes with the iva terrotory,and the commitment between yourselfs and the company that you are dealing with.
If you are lucky and find a reputeable firm then the benefits of 5 years hard work are fully rewarded but as i see daily on this forum sadly this isnt always the case,so as they say never judge a book by its cover always read whats inside especailly the small print

[freelili]

I also filled in a form with synergi, they phoned and were very positive about my case, I gave them my email address and they said they would email me that evening, they didnt. I must have checked my emails a hundred times that evening, desperate to hear from them. The following day I filled out another wizzard thingy and a man called me back and promised to send the stuff through the post, which I recieved the next day, then Synergi rang back, they had got my email wrong. I was keen to get the process started and ended ASAP, like most people do, so I wnet with the company who had posted the stuff (Accuma). I had a lucky escape.

I too saw the spectrum thing on watchdog, skippy.

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[Welsh Boy]

Andy
I think it comes down to a point raised at the debt evening namely regulation. As long as companies can sail close to the wind they will do so, no doubt there are good companies and individuals out there but they all tend to be tainted by the same brush. Tony

[ivoriva]

Well, a standard of quality that is easily recognised and verified by the public would be a good start. One that could only be achieved through proper independant audit that shows good practice and standards have been adhered too, and the publication of IVA success rates may also help - though the danger of this is anyone with a slightly complicated case maybe overlooked.

[Welsh Boy]

Ivoriva

What I was referring to specifically is regulation in relation to advertisement, IP`s I do know have very strict codes of practice and are heavily regulated, it`s the daft adverts and we all know who they are that need to be looked at, some of them are bordering on being misleading.-Tony

[ivoriva]

Sorry, I had gone slightly off topic with my previous comments...

Yes, you are right the advertising needs regulating but there is always some slight truths when it comes to advertising. Afterall they are advertising for business and what business really advertises the negatives? We tend to find negatives that have to be put on a advert are always little disclaimer type texts at the end of or during the advert that are well out of view in comparison to the message they want to get across. Its a really tricky one as it is possible to get 75% of debt written off in a IVA, so they are not really breaching a rule if they say 'get upto 75% of your debt written off'. Its not so much the advertising but what happens when a potential client then requests further information from such companies - as thats where a client needs to make proper decisions and to mislead at this stage is far more severe - so thats where most regulation needs to be targeted. Afterall, the creditor can advertise all the wonderful things a credit card can buy without showing you all the terrible things that can happen if you dont keep up with the repayments. You only find out how hard that is and how long it takes, and the consequences to life as you knew it, when you are already upto your neck in it.

[iva experts]

All,

It is true that advertising on TV can be slightly misleading, which is why it is so important for any individual seeking debt advice to call at least 2 or 3 debt solution companies to filter out any ill advice.

Hope this information is of use

Regards. IVA Experts