In March last year I approached Debts UK -Debts org.uk for assistance regarding an IVA. I filled in all the forms and supplied all the details and they confirmed via Synergy UK that I qualified for an IVA. I continued to deal with Synergy but due to a change in circumstances I pulled out in April and asked them to put my case on hold. They charged me no fee for the work done. I may now have to go ahead with this after all but would like your opinion before I approach them again. Have you heard of them and if so what is there track record, their fee scales and above all are they competent in these matters. From speaking to their advisor they seem to be. However what concerns me is that whether they are fair on fees charged for administering my IVA account and that I will not end up paying more to them in fees each month than I will be paying to creditors. This is not the object of the exercise.
I have these doubts follwoing further research and articles in the daily newspapers especially yesterdays Times.
My honest opinion is to look elsewhere. Synergie have had bad press on this forum and some people have lost a lot of money to them. They are well known for taking months to prepare a proposal and taking payments all this time, which may or may not be refundable if the IVA is rejected, and may or may not be part of the IVA.
I would contact any of the experts who post on this forum as they are reputable. Their contact details are in their profiles in the experts section.
There are a lot of firms out there who are better for IVA's.
Either visit www.iva.com for a list of companies and reviews, or click on the expert link. The professionals listed on there come highly recommended, and will give you sound advice. They will go through all your options with you.
Last edited by kallis3 on Mon Feb 02, 2009 1:34 pm, edited 1 time in total.
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
When choosing an advisor - it is often helpful to try a couple of different firms just to get balanced advice and be able to compare the customer service. Have a look at my blog for tips to ask providers when you are speaking to them.
The creditors have very set view on what they will or will not accept as the Insolvency Practitioner's fees for acting as Nominee and Supervisor of an IVA. You can rest assured that whichever IP you choose to have act for you, your creditors will get much more that your IP gets in fees.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Nice to see you back - I was only thinking about you the other day, wondering where you had gone.
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
Will try and keep posting on the form though when I get time. I do feel it helps people to know that they have somewhere to look for free unbiased advice.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Nutr - it depends on the mix of your creditors as to what an IP is able to charge for his/her nominees fee and also the continuing supervisors fee. All of this in any event comes out of the pot that you pay in monthly contributions. This is in respect of a protocol compliant IVA. Have a discussion with one or two practitioners who will indicate the costs and their fees to you.
Last edited by David Mond on Mon Feb 02, 2009 1:52 pm, edited 1 time in total.
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.
