iva's , not what they seem?

[anais743]

I have come to terms of late that an iva may be the solution to my problems,I have larhge unsecured debts but a reasonable amount of disposable income and a desire to make the best of my situation and get things sorted.

reading some posting over the last few days though ive read some right horror stories that have now given me doubts . Payments increasing double fold without warning, wrong payments being taken by the IP, no consideration taken of increases in living when doing the annual review. Is this the reality of IVA's and are they are bigger risk than most people like to think, or are there just some rogue IP's out there?

thoughts

[pbeck]

I would hate to think there are still rogue IPs left in our profession, the horror stories are probably due to peoples' IVAs being handled by unqualified junior staff who themselves are new to the whole business.

If you go to an "IVA factory" i.e. large company churning our hundreds per month, the actual IP will have next to no input on your case. These companies' business model relies on them being able to run a highly automated IVA service with cases being dealt with mostly by junior staff.

[Adam Davies]

Hi
The nature of this forum is that you will read many horror stories.
From personal experience I can tell you that an IVA is a wonderful vehicle to help you address your debt problems.
By using this forum you can gain knowledge that many people entering into an IVA do not have.
Take your time and choose an IP that you feel comfortable with.
Service from your IVA provider is key,not just pre IVA but post IVA
IVA.com will give you reviews of different providers
Regards

[MelanieGiles]

You have to put this all into context and also the spirit of this website. The majority of people posting on this site are in trouble and are looking for support. The majority of people in IVAs are perfectly happy with their arrangements, and their relationship with their IP, and therefore have no need to seek external support.

Philip is right - you will find that you deal with your IP directly more in a smaller practice, than a large one. But my firm is probably in the top 20 firms in terms of numbers, and I still speak to all of my clients personally - and the majority of IPs that I know do. So I guess a lot boils down to finding the right firm in the first place.

Don't be put off by some of the horror stories. An IVA is still the best form of repaying creditors if you have surplus income and it is important to you to see them paid - but over a realistic timescale which gives you some incentive to work towards.

[Soulgrowth]

I think that an IVA is a brilliant 'tool' for helping one to deal with one's debt issues in a morally conscious way. The problems seem to arise when the unexpected happens ... job loss, health problems or, in my case, the past coming back to haunt me.

Debbie

[J-DOUBLEYA]

All the best advice has already been mentioned. There are still some rotters out there who mis sell debt solutions for their own ends.

research the IP and or the company that you are using before signing anything. Free always sems better than Fee but there is a saying that goes, you get what you pay for !

Make sure you understand exactly what you are agreeing to. You cant cover everything but you can cover as much as you are able to. Make sure that you can go the distance - ASK questions, ASK ASK ASK - dont be afraid to. Every company will big themselves up - get an impartial opinion or look around this forum you will soon find a suitable starting point.

Good luck

[Martin2011]

Hi Anais, it's true that IVA may not be the best solution for everyone, all our circumstances are different to a lesser or greater extent. As with any complex arrangement there will be problems in a minority of cases from time to time, it's innevitable, but that doesn't mean at all that IVA as a solution isn't a vauluable and life-changing opportunity for many many people. Don't be put off by the fact that on occasion IVA's have their problems, carefully weigh up your own situation and options, seek good unbiassed advice (as you'll find here) and make the decision you feel best suits you and the future you want to achieve. Wherever that takes you I would wish you all the very best in finding the right way forward....

Martin

[aguise]

Hi Anais I have been in my iva for 14 months now and i am still really happy about the decision we made. As said a lot of those on here come because they are searching for an answer to a problem. Choose a good IP, dont accept low I and E put what you need to live a reasonable existence, dont forget things right down to prescriptions and dentist. Dont accept a payment you cant manage or be pushed to a higher one. If you have the 50% overtime clause then pay it each month and then you wont get a shock as some do at review. No you cant go on foreign holidays, or out every night, but for us we do more since the iva as the overtime 50% is ours than we ever did. Those happy in an iva dont really need the forum so you will hear more of the problems. You are already researching it well by asking these questions, so carry on until you are sure. You wont go far wrong IP wise with Melanie.

Ang

[jpj]

Anais... A lot of problems in an IVA extend from people having little knowledge of what they are entering into, Knowledge is power,and the more time you spend on this site the more you will learn what should be in your IVA to suit you,and what shouldnt!
Due to this site I can now speak to my IP regarding any problems I have and can steer my Ip into sorting the problem the way I want it sorted, by getting good info from this site regarding the issue in hand!
Im 20 months into my IVA and dont regret it one bit. Often an IVA isnt a choice...its either that or bankcuptcy,and in my case with a house and a business it was an IVA or nothing!! Beggers cant be choosers!!

[maxdebt]

I can close my eyes and remember this time last year with horror. My credit card bills huge, lifting money from one card to meet the minimum payments of the others! I lived in a state of permanant panic!! All gone now thanks to our IVA and an interest only remortgage [:D] Things are tight yes but there is a certain satisfaction to living within a budget and we eat well (I am in there tossing old ladies aside to get bargains at the reduced meats etc in Asda!) For us an IVA was, and remains, the best solution

[jpj]

Just for the record the forum does not condone the beating up of old ladies in order for one to meet their food expenditure budget for the month LOL
...but it is a jungle out there...and only the fittest can survive!! )

[elizabethr]

I am still in the stage of deliberating about an IVA but must admit since finding this forum I feel a lot more comfortable. I know that debts must be paid but the forum has stopped me beating myself up about it. Just for information - I really don't think its all my fault - I am the main earner, 2 girls (one at uni on at high school), husband who developed a serious disability just after we married ( I married a toy boy to push me around in my wheel chair and look whats happened!!!)so I have had quite a few stressful years as 24 hour carer and main earner - feel like I have all the responsibility but this forum had made me feel better. Its highly likely I will go the IVA route if possible but still gathering information. Like the rest said I think its invaluable to ask questions, get information so you can be prepared. I spoke to Payplan about DMP (they didn't tell me any other options) and they were trying to give me a budget that didn't take account of various things and I know would have been "hell" so would have failed.

[Jinx]

Hi Anais

Each of us is an individual & whatever caused us to be in the position we're in, We're all in the same boat. I'm halfway through an IVA. Its frustrating and hard work at times but I'm in a better position now than I was!

My only advice is look at all the options and balance that against your circumstances. I wish I went in with my eyes open!

Good luck with your decision!

[louisa.s]

Just wanted to say that doing an IVA was a life defining moment for us and we are so much better off for doing it. Now almost 22 months down and loving it. For the first time in ages we are in control and although there are some horror stories on here, there are also many more positive tales and support and if it wasn't for this site I don't think would have been so organised and proactive about our IVA.
We're with Grant Thornton and our payment didn't increase when we had our first review. I think you need to get your I&E right from the start and infomr your IP if there are any changes in circumstance. The first few months will never be easy mainly because we've never had to stick within a budget - we just stuck it on the card!!!

If an IVA is suitable for you then I would say go for it but make sure you have taken advice from 2 or 3 IVA firms/IPs to get a feel for which one would suit you and to ensure that you fit the criteria as it is for 5 years!

[james.c]

dont be put of by reading peoples worse times.

Alot of who use this forumn, know that an IVA is a positive thing to get out debts.

Me included when we have a bad day we tend to use the forumn as a place to let out our frustration, but we dont write every time when we have a good day, if we did you would see thousands of excellent reports