Hi
I have started the process to set up an IVA with a comp CAB recommended, I am in debt 48k not including morgage and 2nd charge is IVA the best way for me to go?
An IVA may be a good option for you but it all depends on your circumstances. What, if any, equity do you have in your property and what did your provider say to you when you spoke to them?
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I'd contact one or two more firms for advice. They will explain all your options to you and advise as to the best one for you.
Visit www.iva.com or look at the expert link on the left hand side of the page. Lots of IPs are on there and they come recommended.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Thankyou for responding to my question.
We are in a neg equity of approx £35000. Local CAB is Torquay, and the comp they recommened was Bishop Fleming.
I've looked at their website and they do have their own IP. They haven't asked for any money upfront have they?
I still recommend that you give one or two others a ring to see what they say. Their advice is free.
Visit www.iva.com and phone one or two. It can do no harm.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
CABs seem to be semi autonomous and we have had recommendations from some. They do not get paid and not all of their referrals are IVAs but we do not charge anyone for advice given on other options. It may be that this firm has helped their clients in the past and does some pro bono work so I do not see a problem in the CAB advising someone to see an IP and if they can recommend one personally that too is fine.
There is too much bad advice given by so called advice agencies and it is good to the CAB advising their clients about IVAs rather than just throwing them a self help DMP pack.
Thankyou for your advice,
The IP are asking for £2-2500 if we have not paid that before the IVA is started they will add 3 months at the end of the 5yrs to pay what ever is outstanding! I have since spoken with Andy Davie who has given me his advice and opinion, it would seem that this is not standard practise.
Most IP firms do not charge up front fees and are paid from the contributions made to the 'pot'. If the IVA is not accepted the IP will not be paid so IP firms will not put forward cases that are unsustainable or certain to be rejected.
It may be worth speaking to a some other IPs as if your IVA is viable there is no need to find £2,000 to get the paperwork started.
I quite agree with Andy. That is a ridiculous amount of money to have to pay upfront, considering as well there are the normal fees to pay.
I would change companies as soon as possible. You will get sound debt advice from Andy.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I know the IP at this firm, through my office in Plymouth, and they are a reputable company - however they would be more involved in corporate work than consumer debt IVAs - hence the possible request for a payment up front. The consumer debt marketplace does not really favour this type of fee payment these days, and you may like to look around at other companies who may be more attuned to what is generally accepted.
I don't want to discourage you from using this firm, as they are good, but I guess that you don't have that sort of money to pay - and most firms would not actually ask for it.
However good their reputation asking for that amount or any upfront in advance fees is ridiculous. I suggest you go to a firm that does not. Visit www.iva.com for reviews on other firms and select two or three and ask about up front fees.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Hello again, thankyou for all your comments and advice. I had a long conversation with Andy Davie who has given me great advice and support. Both my husband and I will be appling for IVAs and I know from the comments on this site that the fun!!! is only just beginning. I appreciate this forum were I can come to get support,help and advice in the coming months which I am sure I will need. Thankyou x
