Hello, this is a note to all really. Your IVA should really go through in 8-10 weeks and should you find it is taking longer, it is usually down to the fact you may well have been referred to an IP via a Debt Management Company.
Often, people with debt problems do not immediately enter into an IVA, by and large it is by referral. When this happens, often the Debt Managemnt Company will ensure that you start to contribute with immediate effect, usually your disposable monthly income.
Often the client pays this because the Debt Management Company has reassured them all is okay. However, the problem lies in the fact that often you will pay between £200 and £300 for 3 months before an IP is even contacted. Additionally, the IP then charges you fees. Very often your fees from an IP are deducted during the course of the IVA. The delays often happen becaused the Debt Management Company in question are charging you due to the fact you have problems, and then passing you to an IP. At this point, Debt Management Companies usually get a commission from the IP, industry standard being between £500-£1250 per case. Considering the fees already taken by the DMC at the outset, this can prove a very costly excercise for you.
Debt Management Plans and IVA's certainly have a use and help people in tremendous ways. However, just be aware that you should if you have usually over £18,000 of debt ring an IVA company first to avoid the referral process.
If you need any free advice, and it is free, please do not hestiate to contact me for assistance. Wishing you all the best and hope this post helps.