IVA question.

[MelanieGiles]

I simply don't think you are dealing with an IP firm at all - and if you have not spoken to the IP themselves, I would be getting quite worried if I was going to be paying an unknown firm a large sum of money every month.

[rockstarloz]

I have discuseed bankrupcy but just can't loose my house. My dad had paid in 10,000 and it just would not be an option for him to loose that.

[rockstarloz]

I have found my IP now so all seems above board. I don't want to lose my house to bankrupcy and my Dads money he has in the house. If it is rejected are DMP's fairly straight forward or are the creditiors more likely to opt to make me bankrupt??? I really don't want to lose my home!!

[size5]

DMP's are fairly straightforward and you would think that the creditors would prefer a return rather than running a risk of potentially no return through bankruptcy. They have advantages in that changes in payments, whether increases or decreases, are very easy to arrange and the DMP process itself is very painless from the setting up point of view.

The disadvantages are that there is no guarantee that interest will be frozen or that further action (ccj, charging order, even bankruptcy) will not be taken. That said, in most cases in my experience, creditors are likely to play ball in the long run.

Regards.

[MelanieGiles]

Who is your IP going to be as a matter of interest?

[rockstarloz]

Thanks. Its Paul Moorhead. Have you had any experience of him?

[indebtforever]

you are not tied to anyone yet if you havent signed why are you going to a firm that charges upfront fees when some dont and if its rejected you lose zero

[MelanieGiles]

Mr Moorhead is an IP with a firm called Probitas, but I am unsure what link there is with the company you are dealing with.

[rockstarloz]

Thats strange. I have not actually spoken to Paul himself just some of his employees.

[MelanieGiles]

Is there any intention for the IP to speak to you personally about your case at all?

[rockstarloz]

all the paperwork is signed from him but I expect he will ring me after the creditors meeting. Is this strange practice?

[MelanieGiles]

Well it's rather late by that stage! I speak to or meet personally all of my clients at least once prior to the creditors meeting - it's for my benefit as well as theirs, and personally I would not pay regular money to someone I had had no dealings with personally. But if you are happy then this is no reason not to go ahead.

[rockstarloz]

Thanks Melanie, everything seems fine and they seem very confident. I did notice a couple of mistakes in my figures, i.e council tax was down as £74 rather than £95 and they had my home and life insurance down as a bit more. I shall ring them on monday. I just spoke to HSBC and told them I was doing an IVA and the person I spoke to was very polite. He told me I had charges which will be taken on the 1st of August. He said I needed to include those in the plan I was taking but I assume as my creditors meeting is on the 29th of July this does not really matter at this stage. Its gonna be the longest 2 weeks of my life!