doesnt leave me a lot to live on for 11 years

[meamin]

Hi, need some advice please!! just been accepted with a company called gregory pennington to sort out a IVA for me but bit concerned and worried!!.... Does any one know if this company is trustworthy? also the payment they have asked me to pay each month doesnt leave me alot to live on, also its for 11 years, i thought IVA's were for a max of 5 years? really would appreciate any help and info please

[scaredkez]

melanie i am no expert, i am sure some of the experts will reply soon , can you explain why its going to be 11 yrs, you must be realistic in your outgoings and disposable income, until we have further information we can't really help
kerri

[meamin]

Hi thanks for the reply!
My IVA is for aroung £21,000 and they have asked me to pay £214 a month for 11 years and this only leaves me with £50 a week roughly for food, petrol and looking after my child as living on our own. Do these figures sound about right?
Dont know whether to phone around other companies to see what figures they can come up with or are most places likely to quote the same?

[camiva]

Check this out very very carefully. It seems very strange to me. Give Thomas Charles a call.

[handyman]

Melanie don't contact that company again untill you have spoken to an expert. An iva is for 5 yrs. This sounds very dodgy.

[Skippy]

You definitely need to get a second opinion as that sounds really strange, and totally unsustainable. My IVA was arranged by Thomas Charles and they were excellent.

Good luck, and let us know how you get on.

Four down, fifty six to go until freedom!

[freelili]

Hi Melanie

I am not an espert either but from what you say this sounds like a DMP. It could be that you do not have enough creditors to qualify for IVA. Plus you have a relatively low amount of overall debt.

Could you post your total debts broken down with what you owe each creditor? A DMP isn't quite thae same as an IVA, therefore its important to check this out. it also sounds like its unrealistic over 11 years! Do post back and hopefully an expet will come forward.

Good luck and best wishes

LILY

[finebridge]

Hi Melonie

It sounds from the information posted so far that you have been placed in a debt management plan not an IVA. There could be a few reasons for this including the level of your disposable income and the make up of your creditors.

I agree with the others, there is nothing to be lost by checking out other firms. It is a big decision, sorting out your finances, so don't rush into anything you're not entirely comfortable with.

Kind regards
Brian Baker

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[MelanieGiles]

Melanie

That arrangement sounds unworkable to me. I do not see how the £214 has been calculated, and what you are being left to live on will be unmanageable. As Brian says, this is definately not an IVA - or if it were to be it would not be acceptable to creditors.

There are a number of insolvency practitioners who will take on a case with low disposable income, so I suggest you shop around a bit more before committing to this. Can you let us have a list of your creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[meamin]

Thank you all for the replies!!
Have now contacted Thomas Charles and they seem really helpful and hopefully can sort my debt out!
Was just a bit worried with the other company after reading most IVA's are for around five years and not 11, think i jumped at the offer too quick as am quite desperate to sort my finances out asap.

[neverending]

Melonie
Yours definately sounds like a debt management plan where you end up paying the full amount owed back.Good job you found this forum and you have done the right thing asking for advice.
Gregory Pennington provide a banking service via the Royal Bank Of Scotland and are certainly reputible however they have not been acting in your best interests in this instance by the sound of it.
Regards