My IVA

[DalG]

Hello everyone!

I am currently going through the process of an IVA with Synergi.

This is a list of my creditors

Halifax - £25,000 (2 x loans)

Halifax credit card - £9500

Monument - £4000

GE Capital - £2700

GE Money - £7500

Barclays - £600

IKEA - £600

At the moment, Synergi are proposing a repayment of £423 a month, which according to my rough calculations works out about 31p in the pound

Can anyone advise me as to whether they think that the IVA will be accepted. Im having sleepless nights over this! Plus i have read that Synergi aint the greatest, but they have been great with me. Is anyone else with Synergi.

Many thanks - Dal

[ivoriva]

Synergi do not have a good reputation from peoples experiences here!

I can see one problem with the above, that is halifax own a large majority of the overall debt (something like 70%) - therefore they have a casting vote (ie its all down to them, just about!). This isnt normally a good basis for an IVA.

Also - are you paying upfront payments to synergi?

[DalG]

Synergi have been great with me. Very thorough and everytime i speak with them they have reassured me that everything is going to be fine.

As for Halifax i have been nothing but upfront with them, they realise my situation and have been quite good about it. Surely this is a sign that they are willing the accept the proposal?

Ivor - i am due to pay the 1st payment at the end of June, though they have not yet set up a standing order. I have also read that if the IVA fails i will not get that money back? I do plan to speak with Synergi re this but as i have said they have been great with me.

Dam im confused[:0]

[ivoriva]

If the proposal isnt successful, it is unlikely you'll get any payments back. As far as I know, synergi dont operate on a no win no fee basis. There is a definate risk with this proposal as one creditor has all the power.

Also, dont forget your creditors wont get the proposals until about 16 days before the meeting date is set. Only then will they know all the details of the proposal, and where they stand in influencing it. The people you speak too at halifax are highly unlikely to be those that will actually make the decision come the day.

Judging by what others have said about Synergi, and that there is definately a potential problem with your proposal, I would be very cautious about handing any money over just yet.

These are my own opinions, would anybody else like to comment on what I've written?

[DalG]

Ivor, i respect your point and thanks for replying. Like i say, all i can judge Synergi on is the way they have dealt with me and right from the off they have been fair and straight up with me.

[ivoriva]

No probs, do keep us in the loop and keep posting. Hopefully someone else will come along and give their views shortly. It maybe worth posting in the 'New Today' board as well to make your post more visible.

[Skippy]

Have Synergi given you any idea when your creditor's meeting will be? From what I have read on here the average wait is 8 months and you will most likely been making payments all that time which will not be returned. Please read Scaredkez and Coco's blogs. If Synergi have said that you will get the money back in the event of the IVA failing please make sure they put it in writing, otherwise you will be unlikely to see that money again.

Sorry to sound so negetive, but I personally feel that Synergi should be struck off.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[DalG]

Hi Skippy thanks for the reply

They have said it would be in about a months time as im quite far down the process. I have read Scaredkez's blog and it does differ with the way i have dealt with Synergi. For example there was never mention of meeting face to face plus i have dealt with the same person since i first started the process.

However, i will be speaking to them regarding this payment i have to make and as all there calls are recorded (!) i shall be getting official confirmation as to where i stand.

[aguise]

Hi Dal Welcome
Can I ask how long it has taken to get to the opoint you are at now.

Ang

[DalG]

2 months.

[aguise]

Hi again
Well at least that is not like the others I have seen going for 8 months etc and taking huge amounts of money they dont give back. I agree you can only speak as you find. Lets hope they have looked at their methods and have improved, but please be careful about making payments to them, cover all posts to make sure you will get it back.

All the best
Ang

[tracy.h]

Hi DalG
To be honest it is your choice if you are happy with Synergie then stick with them,but we can only advise from what other posters have experienced to there cost with this company.
Why not tell them you are not happy makeing upfront payments and see what there reaction is.
I would always advise trying 2-3 companys before commiting yourself.If you decide that you do want another opinion then its still not to late to talk to another company.
I would just say i wish you luck in whatever you decide to do.

Tracy

[Adam Davies]

Hi
It,s really hard to advise without the whole picture but the main problems that forum members have had with synergi has been the time scale.However yours seems to be progressing at an acceptable rate so I suggest you hang in there.However I would get an expected timescale from Synergi in writing so that you can keep an eye on things.
Good luck and keep posting.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[iva_squirrel]

Good evening Dal,


Richard Branson once said "I rely far more on gut instinct than researching huge amounts of statistics." If you have a positive feeling about dealing with the company working on your IVA then I guess you should listen to your gut feeling.

By the way £423 per month sounds like a good offer to me.


Good luck.


Julia Simavi

Shortlisted for Best UK Debt consultant by Credit Show 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net