IVA COUNCIL

[MelanieGiles]

Oh really! Do you know that IP's are one of the tightest regulated professions in existence Neil! Who is it that has suggested the need for higher regulation to you?

[OPTIMIST12]

Given that the whole premise of an IVA is for a debtor to pay back to their Creditors as much as they can reasonably afford (of the money that we knowingly borrowed from them) it seems a bit strange to suggest a "good" standard of living and holidays are acceptable!!!

A reasonable and basic lifestyle - yes - but is not the whole idea to repay the max possible over 5 years in return for a (sometimes large) percentage being written off??

And - more regulation??? - everyone receives a copy of their proposal from their IVA Provider before they agree to it and this sets out the whole situation re fees / payments etc. - if you dont like the look of it or dont agree with it then you dont HAVE to sign it!!! No-one is obliged to go with any particular provider.

This is where the whole "mis-selling" thing falls apart in my humble opinion - surely there lies with the debtor a responsibility to do some research to make sure that they are happy that an IVA is the right solution AND that they are happy with the proposal package put forward by their provider?

Hi neil277 - my MONTHLY food / household allowance is £140 for one person. Thats about £35 per week - which I think is the norm as per the CCCS guidelines?? Didnt quite understand your figure quoted - is it £163-50 per WEEK for 3 people? - that does sound very high for food / household? Anyway - would like to wish you good luck in your journey to debt freedom. It is a long road for all of us!!!

[neil277]

Hi

Debtline told me that higher regulation is needed as there are some good IPS but also there are a lot of crooks out there, i have to look at all aspects and if it meens paying this month into my IVA then i will.

First i need to look for a property in Kent as this is still quit a nice area to live, at this moment we have to live on £200.00 per month for three people this is totaly wrong and must change, debtline state per month housekeeping budget = single person £152 to £195 couple £260 to £325 and each child £87 to to £152.

All letting agencies wont touch me and my wife cannot get a credit checked because she does not work. My mind is in two minds but my heart tells me not to rush.

If anyone has a link for a budget sheet or have a budget sheet they have done i would be happy.

Regards.

Neil

[MelanieGiles]

It is interesting to see that "Debtline", whoever they are, are now becoming a commentator on the standards operated in my profession. Did they really use such unprofessional comment as to label some insolvency practitioners "crooks"?

[super_smudge]

May I just ask Neil if you are curently in an IVA?

[sammyj]

I to have received a letter from the IVA council stating I had been miss-sold my IVA.

I called them and gave them my contact details as I was quite concerned. I was then called by UK bankrupty Ltd, after a half hour conversation with them, I was told I had clearly been miss-sold the IVA and that bankrupcy was a better option for me. I was told that they would deal with it all for me for £1050 + £458 bankrupcy fees. They adviced me to stop my IVA payments and pay it to them instead.

I have since received about 6 calls from them in the last 3 days. This started to ring alarm bells for me and have today been to see the citizens advice bureau, who have adviced me to continue with my IVA and have confirmed that everything the bankrupcy UK / IVA council have told me about being bankrupcy was lies.

UK Bankrupcy are calling me tomorrow at 6.00pm. I think I will ignore the phone because if I speak to them I know I'm going to get really angry with them for the worry they have put me through the last few days and to think I actually called my bank to cancel this months IVA payment( Luckily I was to late to stop it).

Sam

[MelanieGiles]

It would be helpful Sam, if you can bear to take another call from these characters, to find out why they feel that your IVA was mis-sold. We are trying to get to the bottom of some of their criteria, and that would be useful feedback.

Also I would be very interested to learn what they actually do for the £1,050 - so again if you could find that out I would be grateful.

[sammyj]

They said I was miss-sold my IVA because I earn less then £15,000 a year, I don't own my home ( I'm renting) and because my partners earnings were including in my income but the IVA is in my name only.

They stated that the £1050 ( 7 monthly payments of £150) was for them to file my bankrupcy petition for me and to get the bankrupcy closed earlier then the 12 months (he said on average they get them closed after 7 months). They said they then help you rebuild your credit.

Sam

[Skippy]

Rubbish - I wanted to say something else but Admin wouldn't like it! It's not possible for the IVA Council to arrange early discharge - that is at the discretion of the Official Receiver and is a privilege rather than a right.

I went BR last year and I really don't understand how they can charge £1050 PLUS court fees to file BR papers. How on earth do they expect anyone to pay £150 a month after they are BR - I hardly think the OR is going to allow it as an expense!

Did they say how they help to rebuild your credit? As far as I know the only way to do this after BR is to get your creditors to mark your account as settled and wait for the BR to drop off your file.

Right, I'll get down off my soapbox now! As you can probably tell the IVA Council and UK Bankruptcy make my blood boil!

[MelanieGiles]

Why does that mean you were mis-sold an IVA? What stupid comments to make. Do you feel that you were mis-sold the IVA when you first approached your IP for advice? Abd are you happy with the way your IVA has been conducted?

So if they are charging you their fee over 7 months, do they mean that you do nothing in that period - don't pay your IVA, don't talk to your IP and at the end of that when you have paid their fee they will help you file for bankruptcy - having caused you a whole heap of grief in the meantime with a failed IVA.

This firm actually makes my blood boil. They have absolutely no influence whatsoever in getting your bankruptcy closed earlier than 12 months - that decision lies entirely with the OR. In my honest and professional opinion, these parasites ought to be drummed out of town for the bad advise and actual mis-selling that they engage in.

Andy - is it not time for iva.co.uk to take this matter up with the OFT?

[sammyj]

I'm really annoyed about the way they made bankrupcy sound like a more attractive solutions. I asked if I would loose my car or anything in my home, he said no as my R Reg fiesta was not worth more then £1500. He said I wouldn't loose anything and would only be bankrupct for 7 months.

[MelanieGiles]

They are salesmen, and have a cheek to accuse professionals like me of "mis-selling". Unfortunately, there are a lot of innocent people who fall prey to this sort of marketing, but I am glad that you have thought about things carefully and made a decision based upon your own good common sense.

As an aside - a car worth only £1,500 would be safe under bankruptcy proceedings so long as it is being used for work purposes.

[Skippy]

Something really needs to be done about this - never mind people being mis-sold IVA's, they are mis-selling bankruptcy as far as I'm concerned!

Sammy, your car may be safe, but you would have to prove to the OR that you need the car to enable you to do your job. You may only be BR for 7 months, but no-one can guarantee this. Even if the OR put you forward for ED your creditors may object.

If you're happy with your IVA I would ignore the UK Bankruptcy - as Melanie says they and the IVA Council are parasites and they are feeding off people's misery.

[Skippy]

Sorry Melanie, you type much faster than me!

[MelanieGiles]

But your post is just as valuable Skippy!