I have contacted debt free direct regarding my debt of approx £90000 owing to 13 creditors. Taking into account my family and outgoings they seem to think i would be paying back around £275 per month. After reading other postings this seems very low. Does anybody agree? I'm new to all this and very scared.
You need to have a chat with another IP and give him/her details of all your personal and financial circumstances and particulars.
Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.
They will give you the appropriate advice and it is free.
Let us know how you get on - DFD may be correct but taking free advice elsewhere (and avoid anyone who asks for upfront fees)is the answer.
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.
hi
That is a low return for an IVA,however as David has said before on this forum if it is the best deal on the table then creditors will accept it.
Take advice from another company or two befor committing
Regards
It is workable with a low fee - and most IPs would be prepared to look at this for you. My firm would take a case on at that sort of level - obviously we would need to look at the creditor profile to see if common criteria could be met - and DFD seem happy with it so why not?
Thank you. He did say that he has had a few cases where he was not so sure of what the outcome would be but that ours definitely sounded feasible and he was very positive that it would work.
I will but we are still in the very early stages, just getting all the paperwork together to send off. How long does the process usually take, its just that we are going on holiday at the end of May (booked last year I hasten to add!). Do you think it could be sorted by then? Also what happens to our wages going into the new bank account in the meantime. Do we need to save out of them for when payments would start?
If we had those documents my firm could meet that timescale. Check with DFD that they can to, otherwise as indicated take advice from another firm. Let us know how you get on.
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.
Hi, I have been reading reviews for DFD and they dont look good. I sent all the paperwork off to them yesterday and dont know if it now too late to change to another IP. Any advice please?
All you need to do is to tell them you have had a change of mind, and are considering other options. Then you can contact another company - or two or three if you like - to compare the advice given and level of customer service.
You can change companies at any time up to IVA approval.
Check out the companies at www.iva.com and give a couple a ring.
You need to be happy with the company you choose as you are with them for a long time.
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
