I do feel that too much emphasis (and responsibility) is being placed on the IP having to explain all the ins and outs and what happens if scenarios. There are far too many variables to be able to anticipate all situations likely to arise during the term of the IVA.
I must admit that, when I looked at IVA's, I was given far more information than when I took out a mortgage (or, indeed, when I got married!!). Mind you, I also did more research !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy, anyone in any debt solution is only there because of an advice failure when deciding what and when to borrow and on what terms. There should be a lesson in there somewhere when disparaging the need for more effective advice when deciding how best to get out of that situation.
Melanie, I think Tina has already posted a working definition of front-loaded fees.
I'm in an IVA and don't feel it was because of bad advice, pure greed more like it! change of income didn't change lifestyle simple as. All my own decision and fault.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Lesley, you made decisions knowing it was going to end in tears - your choice. Most people in debt solutions didn't know that's where their decisions and the accompanying advice would take them.
But as you keep mentioning it TigerTiger - and as other forum posters are reading your posts - please let us know what you mean, and what you feel may be wrong with the way IP charges are levied.
Tiger Tiger, I disagree that anyone in a debt solution is only there because of bad advice regarding borrowing. I knew exactly what I was borrowing - it was my choice, no one else's. I'm sure many people were the same as me so I don't think you should generalise.
I knew exactly what I was borrowing ... and had plans to repay it -- but the change of government and the austerity measures lost me £7k per annum. I doubt my lenders could have warned me about the pitfalls of a banking led crash (or a con - dem coalition!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TigerTiger
Lesley, you made decisions knowing it was going to end in tears - your choice. Most people in debt solutions didn't know that's where their decisions and the accompanying advice would take them.
Bit of a harsh reply there to Lesley! Most people, in my opinion, know what they are doing when they take on more and more debt. I certainly did and have not regretted the option I took to clear our debt.
We all assume our lives will continue as they are when we are happily spending more than we have. Until you fall ill, made redundant or the banks shut their doors on you.
Skippy, every decision to borrow is matched by a decision to lend. The regulators believe that to be an unequal relationship which is why there are rules regarding 'responsible lending '. The onus is on the lender to ensure the borrowing is both affordable and sustainable. I was , however, talking about advice failure in the most general terms - simply to underline the importance of at least considering different scenarios. Most of them are pretty obvious at the borrowing stage , but for those that fall foul of them, a failed debt solution is then the last thing that's needed. That being the case, advice on the potential pitfalls of a product like an IVA that few people on entering will have had any experience of is , I would say, essential. Michelle, the original poster to this thread, says she's most upset at not being told at the outset she could end up paying more than she owed into the plan. Foggy on the other hand thinks its impractical to get advice covering all eventualities. I suppose there has to be a balance struck somewhere and the debate should maybe centre on that.
Tiger Tiger, I guess most things in life fall to a balance being struck somewhere along the line. All we can do is to be as well researched in our choices as possible and to be open to alternatives as situations arise over the term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I've just had completion certificate from Grant Thornton. I too was told six months. I emailed and, as there had been a delay since full and final settlement as I was with Blair Endersby before they were taken over by Grant Thornton, I asked if six months was the average time. I then received certificate within two months. I've found them helpful from day one. Hope you get it sorted!!
IVA started Sept 09. Glad to be on the way to being debt free
