Paying for debt advice

[Sopty]

I wonder if someone can advise me on something, I am thinking of an IVA, but am a bit confused about advice from debt companies who charge, one company has offered a 99% success rate and a refund of all fees + £250 if my IVA fails, as long as their accept my case. Is this normal or are you better going to citizen advice, or do some of these companies that charge offer a better service and a better chance of the IVA being accepted, if so, it sounds worth the money

[go_4_broke]

Hi there,

If you want pure no-agenda advice your best bet is probably Citizens Advice or National Debtline. They should be able to tell you objectively whether an IVA is really suitable for you.

That said I don't believe either of these organisations would be able to arrange an IVA for you at present so if you want one you have no choice but to go to the private sector.

There are a fair few sharks out there so you need to be careful, but you can safely trust anyone who posts in this forum.

-Best

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

[neverending]

Hi
I must admit that the deal mentioned sounds good.I had a "free" IVA arranged and yet the service,in my view,was poor.I would be happy to pay for a service that was efficient.
If a company offers to refund your money and more if your IVAis not agreed then its going to be very sure that its going to get it approved and this is exactly wht you are looking for.
You can always go straight to an IP and "cut out" the debt management company,the only downside is that you would not get a similar guarantee of success plus how do you choose the right one ??
Debt management companies should be like mortgage brokers,giving you best advice and sourcing the most suitable product[IP]
Good luck

[MelanieGiles]

Most good insolvency practitioners do not take money off clients up front either Neverending!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ian]

Hello Sopty.

By what you say about the Company having a 99% success rate,and also saying that they wiil refund your money + £250 on top.

I think if its the same company as i used,then you will have no problem with what they say.

Its a pity you have not mentioned the Company's name, because its sounds like the Company i used,and they got my IVA through the first time.

I had 13 Creditors,around 84k, and offerd 25p In the £.

I went with ThomasCharles, and my adviser was,and still is Phillip Hunt.

So i hope everthing go's well for you.

Regards.

Ian

[Hunter1]

Just so it's clear to people dealing with TC:

You pay 2 payments to them which are about the same amountsas 2 payments into an IVA. This is their fee for doing the leg work before passing the case to an IP.

If and when the IVA is accepted then you still have to make the 60 payments to your IP as with any other IVA.

The point is TC have a vested interest in getting the IVA approved as they will have to refund you if it doesn't - so the money you pay them is well spent. If it doesn't work they get nothing.

It might seem odd to some people that you pay effectively 62 payments and you could go straight to an IP but I think it's money well spent and should hugely increase the chances of getting your IVA approved.

Hope that makes sense.

[Sopty]

Thanks for the advice, the company is Thomas Charles and it does seem that the whole process has been done managed very well.
Like you Ian, I have been dealing with Phillip Hunt, and have found him very helpful.
I can only talk from my dealings with them and my IP who is Wilson Phillips, but I have found the whole process, very professional and efficient. After talking to a close workmate who tried to apply for an IVA themselves and the problems they had, I think, for me anyway, its is money well spent, especially if the IVA is accepted (55K debt, offer is 35p in the £), if not, then I do get the fees back anyway.
I have just heard today that my meeting is set for April 18th, so wish me luck.

[Skippy]

Good luck Sopty, I hope it goes well for you. Don't forget to let us know how you get on.

Onwards and upwards!!!

[ian]

Hello Sopty.

My IP is also Wilson Phillips, so it looks like you got a good team,as like i said before they were brilliant for me.

All the best for your Creditors Meeting.

Regards.

Ian