perhaps i should look elsewhere?

[Piston Broke]

i have recently started the process of an IVA, and reading the blogs i have read about two things that i know nothing of and am slightly worried about (I will check with my administrators later, but this feels like something they should have talked thro with me already)
firstly, something called a 4th year clause - what on earth is this? it seems from the blogs that it is something that bites you in the ass and involved your house being at risk?
2. the annual review and increased income clause. My wife is currently looking to increase her hours to provide extra income, but the blogs seem to suggest this will be of limited use as the iva will take the money. as we have young children, the rest could just be taken in childcare, so in reality would she be better off spending time with our children whilst she can and enjoy them being babies?

Im sure i should know about both these things and Im wondering if i am with the right company? i havent ven submitted my final forms to the creditors, so perhaps i should look elsewhere? maybe Im stuck again? it feels like i might just be about to be expolited by a company that appeared to care at the outset, but who are becoming more remote by the week.

any advice? please!

[Viki.W]

Hey piston broke, you could always get a second opinion. If you're not happy now and feel like you haven't had everything explained then I wouldn't stay with who you are with. Who is that by the way?

If you are a home owner, you will have to release or at least try to release some equity to pay into your IVA and as Melanie has stated on your earlier post, your childcare costs will be taken into account before any extra earnings are paid to your IVA.

Maybe you could give Melanie a call, just a thought. X

[indebtforever]

yes it is a lifechanging committment no harm in talking to a number of practitioners

[MelanieGiles]

Your IP should have taken you through all of the implications which relate to your property. It would do no harm to get a second opinion just to set your mind at rest and to compare the advice given. Most insolvency practitioners would be happy to provide this service.

[Piston Broke]

thanks Melanie, i might well take you up on this when i return to the UK (Next week)

does it matter i have paid my first 2 payments to the IP? even though they havent yet submitted my case, i assume i asm quite far into the process?

[indebtforever]

you have been charged upfront fees who are you with?

[Piston Broke]

im with Thomas Charles.

should i not have been asked to pay anything? i have paid two payments of just under £600 each. this is for them to do the work and they say its no win no fee.
now im worried!

[plasticdaft]

Its not uncommon to have your IP want a couple of months worth of payemtns to take to the creditors meeting I thought. Not sure what happens to that money if the IVA is turned down??

[indebtforever]

this money has nothing to do with taking to the creditors thomas charles charge for their service and you didnt have to pay anything they are an intermediary and pass your details onto an ip that you could have talked to for free anyway.i would contact them and ask if the iva fails to be approved will you get your money returned

[Piston Broke]

they claim i will.

im feeling slightly more sad than i was to think that the service i am getting from them is less than brilliant and yet i am paying money i didnt need to.

the second payment is actually due to go today. should i stop it and move, or will it make a massive impact on the time it takes?

i guess thats why the service level has droppd - they are only really looking for sales and once converted will move on - they are a bit like scavenging rats

[indebtforever]

all they are doing is charging you £1200 quid to pass the info onto an ip i would cancel!!!!!!!!!!!!!!!

[Piston Broke]

arghhh

im totally lost in this.

given i have given them most of the info now, and completed the forms, will i have to start again? will this mean the constant screaming calls from my creditors will continue for another two mnths and if so, i will surely end up at county court before then as i will have stopped paying creditors for four months by then

**** - (sorry)

[Viki.W]

Piston Broke, I would call Thomas Charles and ask them if you were to pull out now, will you get your money back, Let us know how you get on. X

[MelanieGiles]

Have they told you which IP firm they are going to refer you to?

[Piston Broke]

no, i have no idea who will be dealing with it, and indeed i didn't know they were an intermediary.

i got to them from the ccc website, so Im feeling a bit disgruntled.

can i choose and instruct them, or will i have to take who they instruct?

my case is complicated im sure as the amount i owe is well over £100k (although this is also the amount i earn annually)

i am not taking it as a joint IVA, just me, to leave my wife out of the situation. i have incredibly supportive work who are looking to pay off my debt for me as a lump sum, but i just feel lost