doing the maths myself , IVA via Synergi

[raj]

In doing the maths myself for my proposed IVA via Synergi if I total my amount owed to creditors and subtract the value of my ISA which I will redeem, subtract the amount I have paid each month to date for 8 months which they want on top of the next 60 month payments and then total the amount they want for 60 months it is more than the original debt total. Yet the creditors are to get 83p in the pound. So, I am expected to pay 100p in the pound to include Synergi fees. I have been told that I must decide to accept or decline by Friday 8th Feb, 2007 as this is 14 days from the original creditors meeting. Please advise me on how to progress as it seems rather strange to me that all Synergi have done is increase my debt. What would happen if I declined? What would happent to the £9500 I have already paid? Thanks in advance.

[MelanieGiles]

Hi raj

I do not understand why your IP firm have already collected 8 payments from you? Can you explain this please, as it seems to me that they have been preparing your IVA for 8 months? That seems a very long time - is there any reason for this?

Can you confirm the following to me:-

1 The value of your ISA to be cashed in
2 The amount of your monthly repayments
3 The fees the IP firm are proposing to draw
4 The total value of your creditors

At present the make-up of the numbers is looking a little odd to me, so get back as soon as you can and I will be able to advise more.

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

[coco]

Hi Melanie,

I can confirm that this must be standard practice for Synergi as they took 8 months for mine too.

51 payments to go
(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[scaredkez]

i think everybody who has had dealings with synergi should write to the insolvency practitioners association like i have done and outline your concerns, if enough of us write and ask why are they taking so long to get to a creditors meeting, is it because they want to make sure they get their fees beforehand? they will surely intervene i will let you know when i have a reply from the association also, but i think it is worth it all those that have suffered at the hands of synergi as they do seem to be putting these iva's in palce to suit certain creditors knowing full well the debtor cannot possibly meet the monthly payments and the only person winning in this situation is synergi as they keep all the payments as fees.
kerri

[freelili]

Raj, this is blunt but;
if its not too late, PULL OUT of synergi and go with another company. I know that you have already paid a substantial sum but if there is a way to dump them do so. Thomas charles are a good company. There is not a good word on this forum about synergi, they have caused a lot of people a lot of added stress/fees for doing almost nothing.

Good for you Kerri, I am so glad you have done that.



LILY

[scaredkez]

i am glad too that i have wrote the letter, i have just asked them to look at the length of time taken to get to c/meeting
charges i enclosed them also
and why won't they give me a copy of chairmans report and a brief outline of all correspondence and outcomes, i do feel others should write too even for peace of mind as so many more people are joining the forum who have had bad dealings with this company, and if we stick together then hopefully something will be done about the way they are operating the iva process.
kerri

[freelili]

They are probably banking on the fact that their 'victims' will be ignorant about the process and perhaps ashamed, preferring to keep the problem to themselves. Desperate for an answer and hounded by creditors, 'victims' are easy meat for them. I hate injustice dont you? I really hope others will complain and they are exposed and avoided, maybe they'll even go bankrupt, ah? We can hope. Thank heavens for this site.

LILY

[DebtDummy]

scaredkez, glad to hear you filed that complaint. If more people did that maybe the IVA process would become regulated. I am still confused how we both used The Debt Counsellors and you received Synergi paying upfront fees and I received a private IP paying no upfront fees.

Please keep us posted, kez.

All I have left is my humour.

[neverending]

Hi Scaredkez
I am glad that you are making a formal complaint about Synergi,I think you and me agreed that they are simply stretching out the application process in order to guarantee a large payment[for themselves] in upfront fees.There also seems confusion as to wether these payments go towards the 60 month term or are in addition to the 60 months.
Keep posting please