font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by thisusernameistakenNot all IPs are crap and not all do an IVA just to line their pockets... Sometimes an IVA IS the best option and Bankruptcy is not the way to go.
Nicely done, longslog.
What's become very evident to me over the last couple of years is just how bad some IVA companies are. They are supposed to be 'trained and regulated'? I would struggle to correlate that with some of the utter misinformation and outright lies that are told to some people in IVAs.
It's also become clear that a significant proportion of people in IVAs don't fully understand what they've entered into, for example people selling homes without understanding that equity will be snapped up by the IVA, devious practices around how the '85%' rule is applied to valuations/mortgage assessments and, as you've highlighted, the pressure tactics to take on more debt in order to get out of debt...! All of these things are onerous for the debtor and serve only the IP's pockets at the end of the day. Paradoxically it's in their interests to keep debtors in an IVA as long as possible in order to milk every penny from them.
Much of the industry is a dodgy cesspool and even when you make the right move to avoid a crap IP you find yourself dumped with one through no fault of your own and with no say in the matter whatsoever.
I said to a friend the other day that if I were in the process of looking at an IVA now I would probably decide to take the bankruptcy option based on the latest protocols and practices, despite the more significant ramifications.
Failing that if I were to do an IVA I would want it written in that I will not be sold on and if the IP were to cease trading that I be allowed to approach an IP of my choice.
The disparity between good and atrocious IPs is stark, and widening.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa ThomasNot all IPs are crap and not all do an IVA just to line their pockets... Sometimes an IVA IS the best option and Bankruptcy is not the way to go.Absolutely Lisa, I very clearly said that there's a growing gap between the good and the bad. There are many good IPs but unfortunately there seem to be fewer out there as time passes and the less scrupulous firms try to 'buy up the market'.
Have a good w/e
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