New Girl-empy purse

[broke as]

IT WORKED!!!! hoorah

Hi Everyone

Hope everyone is ok. Just want a bit of advice really. I'm currently in the process of setting up an IVA. I have received the proposal from the IP and boy oh boy its freaked me out. All the paperwork!!! its the Terms and Conditions that are frightening as I dont understand them. Did anyone else out there get worried about these are did you just sign away?? Im just scared theres something hidden in there that Im gonna regret.

Im around 40k in debt from loans/credit cards etc. All over a 12 year period, living costs , bailing ex's out and now in a mess myself.

I have no assets at all just a car thats on its way out!!! Ive moved back to my mums at the grand old age of 31, shame on me!!!![:D]

For the past 18 months I have been on lower minimum payments with some of my creditors but on the normal payments with others who wouldnt accept my proposal but now a few are wanting to put me back up to the original payment and start adding interest again. Some ahve sent my accounts onto debt agencies as Ive missed a payment So I will be in even more of a mess than I am in now so had to look into an IVA. Dont want to go bankrupt as wanna pay back some of what Ive borrowed. Feel really ashamed of myself for the mess Im in. I have tossed with the IVA idea for the last 2 weeks evry hour changing my mind.

Moan over and sorry for the lengthy mail just new to this and feel like now I have someone to talk too. [:I]

[chris.g]

Hiya and well done!!! lol [:D]
If your not sure of the term & conditions ask your IP, that's what they are getting paid for. [;)]

[aguise]

Hi again. Make sure you understand everything. Go through the proposal and anything that you are not sure of write down and when finished call your Ip and ask all the questions you need. I had two sides of A4 and they had no problem claryfying all the answers for me.
No shame either be proud you are dealing with it, just look forward to being debt free.

Ang

[MelanieGiles]

Your IP should be giving you a very full and detailed interview about your IVA and explainig the implications of all terms and conditions before sending you the documents to sign. If you are at all unsure, insist on a face to face meeting so that you can be sure that you understand exactly what you are agreeing to. Five years is a long time if an error or misundertanding is made now.

[broke as]

Thanks for the advice

Im going to read into it and make a list of questions when I can find my 99p magnifying glasses (cant hardly see what Im typing here,so\apologies for spelling errors). Just worried that theyre going to try and scam me out of some money down the line. I take it that in a nutshell if you keep up your payments it should be fine. Or has there been instances where the creditors have just decided they dont want to accept the IVA anymore.

Quick question has anyone dealt with MONEYEXPERT Thats who Im going with and just wondered if they are well known

Cheers and thanks agin for the replies

[MelanieGiles]

Not sure who these people are, but they are definately not insolvency practitioners! Which is curious in itsefl if they have prepared an IVA proposal for you? Who is listed as acting as the Nominee and I can investigate a little further, and how did you come across them in the first place>

[broke as]

hi ther melanie. I originally went on moneyexpert.com and it directed me to the company. I have checked that the company is listed and it is. The name of the nominee is Paul Moorhead (MIPA MABRP). The name on the letterhead is Expert Financial Solutions.

Many thanks for your help

[MelanieGiles]

Well he works for a firm called Probitas Limited - so what link do they have with MoneyExpert? Are you dealing with Probitas, and is it this firm which is sending your proposals to review?

[broke as]

Erm well Ive not heard of Probitas Ltd.

The original website I went on was called moneyexpert.com which rang me up to see what was best for me . They took all my details and then said someone would come round to the house to go through what I need and he did like a tick list and I had to write a statement of how I have fell into debt. I have now received this proposal and the covering letter is on a letterhead with EXPERT FINANCIAL SOLUTIONS at the top. (based in Merseyside WA12 0JQ) The small print at the bottom of the page says EXpert financial solutions is a trading style of moneyexpert ltd and next to that it reads Paul Moorhead is authorised to act as an IP by the insolvency Association.

Could this be dodgy?

Once again thanks for looking into this Melanie.

[MelanieGiles]

I'm not saying any of this is dodgy, but I am confused as to who is acting for you, and therefore moreso who has been advising you and who has prepared your paperwork. As you seem rather confused about the IVA proposal, you might feel it better to take a second opinion, or call the company you are dealing with and ask for a meeting with the IP who can take you through the whole process.

I am afraid that I have never hears of any of these companies, so I cannot comment further. As they seem to be based "up North" perhaps Ian can assist?

[broke as]

Im from Sheffield and have just looked at Probitas website and they said they have IP's based in Sheffield , maybe expert financial solutions have contracted this out to him. Im going to ring moneyexpert up later as I find it a bit strange. Thank you so much for spending your time looking into this. Really appreciated


Nina

[ianmillington]

I don't know Paul Moorhead but I have heard of him.

He has only fairly recently gone into practice. Previously he was a reviewer for the Institute of Chartered Accountants.

I can't see there being any problem, but if I were you I would get hold of him and ask him to answer any questions you have on your proposal. Many of the problems that surface on this forum seem to stem from the inability or refusal of the IP to speak to their clients. If you can't get through to the IP at this stage of the proceedings, draw your own conclusions.

Ian

[chris.g]

It could be that this Probitas is using MoneyExpert.com as an agent to drum up business. You do need to find out who is actually handling your IVA though, as Melanie states. You may have to contact your official ip during the course of the IVA so it's best to know how to before you need to, if you follow what I mean.....

[broke as]

Hi there Ian,

Many thanks for your very quick reply. At least I feel better that he is human and does exist!! ha ha.

I've got to make my list of questions today and I'll give him a ring . Hopefully he will be able to pick up.

Cheers

Nina

[broke as]

Thanks Chris ,

I just look into things as I feel Im gonna get swiped all the time! lol. The guys at moneyexpert have been dead nice but I havent been in touch with them since Ive received the paperwork. Guess they'll be contacting me soon as its monday morning and they need to make their money!!!

yet again, thanks for the advice, have a good day