Needing advice

[bluesky]

Hi All,

My financial situation is so poor that it would appear I have no alternative but to attempt to enter into an IVA with my creditors.

I've spoken to a couple of debt management companies and had meetings with one in particular. They have presented a solution which seems relatively straightforward and ,although difficult, fairly painless.

I'm cynical about this and feel that such a major thing can't be anything else but immensely difficult. I'd be grateful for people's views on debt management companies - should I keep talking to them or seek to arrange the IVA myself?

Also, if an IVA is agreed with creditors then who admisters this? Is a special bank account set up to channel all revenue and payments?

My final question is - how long does it take to put an IVA in place?

Thanks for taking the time to read this and any help/advice will be gratefully received.

[MelanieGiles]

Hi here and a warm welcome to the forum

You will need to contact an insolvency practitioner and not a debt management company if you wish to enter into a voluntary arrangement - although some companies do "double hat".

An IVA can be put together very quickly, if you have all of your financial information readily available. If you currently bank with a company to whom you owe money, you will need to open up an new bank account with a non-creditor bank, and the insolvency practitioner you choose to represent you will act as Supervisor of the arrangement.

Good luck with your search.

[bluesky]

Hi Melanie,

Thank you for your reply.

I believe the debt management company I've been talking to are IPs as well. Is there a way of checking their crdentials? Is there a national association with affiliated members?

My bank is one of my creditors but I do have a building society current account that I can make use of. Trouble is I have a pension fund with my bank. I'm not sitting on a fortune and it's several years since I paid into it but it is a five figure amount. Can my bank or creditors take my pension?

[banjoplayer]

Hi Bluesky, The way forwards is to speak to an Insolvency Practitioner, for example "Melanie Giles" who has already answered your post, there are many professional IP's that post on here so have a chat to a few of them it will cost you nothing.

Decide who you feel most comfortable with and take it from there, The IP you choose to work with will do all the hard work, you just need to be completely honest with them about your situation, have all the relevant paperwork they may ask for, i.e Bank Statements, Payslips, Rent or Mortgage Accounts etc.

Please read about the various IP's on this forum they all come very highly recommended.

Best Wishes BP

[bluesky]

Thanks BP

[kallis3]

Can you tell us who the company is, we may be able to advise as to whether they have a good reputation or not.

In any case, I recommend that you visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way foward for your circumstances.

Make sure you are happy with who you chose - 5 years is a long time if you pick the wrong firm.

[bluesky]

Hi Jan and thanks for your message.

I went to iva.com and both companies I've had contact with appear to be well-rated so thank you for the advice.

[kallis3]

Good luck with your application - let us know how things are going, and don't forget that you can come on here for any advice and support any time.

[bluesky]

Thanks Jan,

I'm certainly glad I found this forum.