How much longer is acceptable?!

[lily]

Hi Woody

There are some really good IP's and some really bad companies, from what I understand, some good companies ask for a couple of months upfront to show committment before the IVA goes to creditors meeting BUT they promise to refund it if the IVA is rejected. I fear for you because.

a) If you are paying them (for doing nothing, it seems so far) What incentive do they have to speed things along?

b) There are some companies who will have a go at unrealistic IVA's and will take your money as they stand to lose, ZERO. (Synergi springs to mind).

Please can you get onto the company and ask, what the hell is going on and what will happen to the money you have paid so far?

Can you name the company as one keeps coming up time and time again.

Are you happy with the company so far? I think not, have they helped in reducing your stress and creditor contact, I think not. Have you got value for money so far, again, no.

I would dump them right now and go with another compnay, I know you have made payments but I wouldnt throw good money after bad. Get them to send your stuff back and take advice from a decent IP. Yours, if you dont mind me saying sounds crap.

I feel for you and it makes me mad when youre £1000 pounds out of pocket and nothing has been done, it should take around 6-8 weeks to set up and cost nothing until its accepted.

lily

[MelanieGiles]

Let me just dispel one myth here - at the risk of being voted Miss Unpopular - there is nothing radically wrong with IP's taking money up front for services they have provided. An IP will spend a lot of time putting together an IVA proposal, and so long as they do their jobs properly, is there anything wrong in charging some of those fees in advance?

I rarely charge up front fees - but I suspect that we will all be reviewing our charging policies as a result of market forces over the next few months - and when I started doing IVA's over 10 years ago, it would be rare for any IP to take an instruction without being paid for the work done.

Try and find a lawyer or an accountant to do work for you without payment, and you may be a better person than I!!

Woody - the thing you need to ask your IP is whether they have a policy of returning your money if they do not get the IVA accepted. What did it say in the engagement letter you signed?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lily]

Just read your last post.

Dont feel bad or stupid, how were you to know.

If you name them others on here can avoid them.

Why would they be cross with you?? You should be the one who is megga cross with them.

lily

[Woody]

Thanks everyone! Sh**! What am I doing! Thanks for all your advice! I guess I've been scared to pull out because I just didn't want to be back to square one! I think my Creditors think I've been lying to them for months telling them my affairs are in the hands of an IP as they've heard nothing at all. I'm usually not such a stupid person but it is dawning on me now that I may have been? GOD!
The name of the IP is not one I've seen anything at all about on here. They probably dont flippin' exist!!!
OH MY GOD.[:(]

[aguise]

Wooody Dont panic a lot of companys do ask for payments upfront, not the best way but does not mean they are not doing there job, what is of more concern is the lenghth of time they are taking to arrange your meeting and to have done the work so far. Just phone them and ask when your meeting is going to be as it has taken a long time so far and you are being hassled by creditors. Hopefully it will not be long. As for the upfront payments some do ask for this mine did ask for one to show the creditors we were willing . Others will re-emburse you, it would have been better to make sure if the iva fails that you would get the money back, but dont worry it does not mean anything is wrong just not the best way to do it.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[lily]

Melanie

Youre not unpopular for taking fees for doing your job,I personally would trust you completely. I am just concerned that this is synergi taking 8 months worth of payments for nothing like they have with other forum members.

lily

[MelanieGiles]

And if you are really not happy with this company now - do you really want to work with them for the next five years. Go with your instint, ask for the money to be returned to you and find someone to act for you you have more trust in,

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Woody]

Thanks Melanie and Lily, our last posts all clashed I think. I am somewhat relieved by Melanie's input as things seem may be not quite so bad. At risk of looking more stupid than ever, I work in a law firm and therefore in my experience asking for money on account of costs is an everyday usual practice and like you say Melanie, we wouldn't do work without payment up front so it just didn't seem unusual to me.
I'll phone them up tomorrow and ask them if they've done anything since receiving my signed proposal and I'll also ask them what happends to my money if the proposal fails (god willing it won't fail!). I dont think I had a terms of engagement letter, I just had a booklet thing explaining IVA which I had to rip the back page out of and send back. - Someone's gonna say that's a bad sign aren't they - I can feel it!!!
Thanks for all your replies!!

[lily]

Woody

This is your own choice, not mine, this is a very important thing in your life, five years is a long time, just make sure youre totally happy with what youre doing, being back at square one does not sound nice, I Know but its better to be sure you are doing the right thing while you still have the choice.

lily

[MelanieGiles]

The booklet is a standard document that all IP's use and are obliged to issue under statutory guidance notes. You should have received a formal letter of engagement - I am sure that the solicitors in your firm do the same thing - and if you have not received one of these then this would send warning signals to me.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Woody]

And if you are really not happy with this company now - do you really want to work with them for the next five years. Go with your instint, ask for the money to be returned to you and find someone to act for you you have more trust in,

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

I dont think I knew I wasn't happy with the company really until I started this thread! I think I didn't know if I shoudl be happy with them or not! Now I'm thinking not!! I'll phone them tomorrow and check out the latest. Looking at studff now, they never answer my letters or emails! Oh my god, I think may be I've been blind or something. I think I just thought that they were really really busy, like I am in the lawyers office, and that they have a million clients not just me. Once it's through do I have to have a lot of involvement with them over the 5 year period or is it just a matter of paying them each month?

[Sadsack]

We all have to sign the little booklet and rip the back page off and sign it. You are not stupid Woody, so put that right out of your mind. I too paid £1,000 "up-front", stopped paying my creditors, but my IVA went through within about 7 weeks.

I agree with the other posters, I would contact your IP as I suggested and if their answer is not satisfactory, ask them to refund your money. If they have in actual fact contacted your creditors, by your postings it seems not, then you might have to just let it go and try another IP. I know this is a stressful time for you, but you have to start thinking positively now that you know we are all on your side.

As another poster has recommended, go onto Melanies web page, and contact her. I bet that your IVA will go through in 6 weeks!!!!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Woody]

The booklet is a standard document that all IP's use and are obliged to issue under statutory guidance notes. You should have received a formal letter of engagement - I am sure that the solicitors in your firm do the same thing - and if you have not received one of these then this would send warning signals to me.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[xx(]Oh dear. The queaziness which subsided slightly a couple of posts ago has returned with avengence (sp)!!

[MelanieGiles]

But do you make time for your clients Woody - and do you think you would have many left if you ignored their correspondence and messages? If it doesn't feel right, then it probably won't be right - at least take a second opinion which will not cost you anything.

There may not be a need for much onward involvement with your IVA once the arrangement is accepted, but when things go wrong you need to be able to deal with people who will act in your best interests as well as the creditors.

Are you with one of the larger firms? And how did you find them in the first place - personal recommendation?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Woody]

OH GOD! The more I think about things now the more I keep wondering why alarm bells haven't been ringing until now!
Everytime I'm about to type something I think how blind of me!! ... See they found me, I didn't find them! As explained at the beginning of the thread, Debt Matters said they couldn't help me and referred me on to some independent chap who then referred me on to this company! My god!!
I'm not even gonna mention any of this to my husband until AFTER I've phoned them tomorrow and got an update!!!