To anyone thinking of entering into an IVA, DONT. Most firms will tell you that it will take 5 years to become debt free,absolute tosh. You will go through the process of living on the bare minimum of your income have regular checks on what, and how you are spending your money, and i mean every penny. Then if you do manage to complete the five years you wont get a final certificate unless you are willing to make a claim for misold PPI even if you haven't even taken any PPI insurance. You will get little or no backup from your IVA provider on the matter (for some reason alot of companies seem very slack on this issue) Over the term of the IVA have the company tell you in writing the terms and conditions of said contract and how much their fees will amount to, I think you will be shocked. Just read the problems and difficulties most people have whilst in an IVA, on this forum My advice, consider a DMP with one of the Free charitable organizations, may take a little longer but it is a far better option than any IVA that you are offered or even sometimes firghtened into taking. More regulation is needed in this so-called industry, out of which some companies and individuals are doing quite nicely "thank you very much"
I think entering an IVA is a massive decision and one that must be analysed from all angles. However, it is a decision that one must make on their own.
It is clear, iamfubb, you have had a terrible time. Some of the points you raise are valid but some are not.
I am neither defending nor offending IVA and/or IPs but I do think it should be an individuals choice.
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
I don't think this is good advise and a good image of how the process of an IVA might work, I know it's not my experience at all, I don't have any complaint on how my IVA is going and my IP looks at us as people and not a number to get money from, I am sorry your experience has not been the same it seems, which company are you with iamfubb?
Took The plunge and made the call, changed our family life and we have never been happier. Debt free and wont go back..... IVA was by far the best thing we ever did to teach us the real value of Family and money
I'm afraid that I have to disagree iamfubb2 - I have been very happy with my IVA and I knew that my payments could last for another 12 months which I am quite happy with that.
Everybody should make sure they are happy with the conditions they are signing up to.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by iamfubb2
To anyone thinking of entering into an IVA, DONT. Most firms will tell you that it will take 5 years to become debt free,absolute tosh. You will go through the process of living on the bare minimum of your income I have much more to "spare" than I ever did before entering my IVA AND everything essential has been paid for. have regular checks on what, and how you are spending your money, and i mean every penny.I have an annual check on income and general expenditure -- not at all intrusive Then if you do manage to complete the five years you wont get a final certificate unless you are willing to make a claim for misold PPI even if you haven't even taken any PPI insurance.I thought I had no PPI and they found £7k! You will get little or no backup from your IVA provider on the matter (for some reason alot of companies seem very slack on this issue) I agree - communication is often poor from SOME companies Over the term of the IVA have the company tell you in writing the terms and conditions of said contract and how much their fees will amount to, I think you will be shocked. I read what I was signing before I signed it -- all the information is there -- no shock at all. Just read the problems and difficulties most people have whilst in an IVA, on this forum My advice, consider a DMP which can last decades with one of the Free charitable organizations,Free ?? since when ?? They are paid by the creditors --- a fox guarding the henhouse may take a little decades longer but it is a far better option than any IVA that you are offered or even sometimes firghtened into taking. More regulation is needed in this so-called industry, out of which some companies and individuals are doing quite nicely "thank you very much" So am I, as an IVA'er -- I pay less each month than I did to my creditors, I pay no interest and will have around ( currently) £25k written off and will save more than that again in interest
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
My thoughts in red:-
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by iamfubb2
To anyone thinking of entering into an IVA, DONT. Most firms will tell you that it will take 5 years to become debt free,absolute tosh. You will go through the process of living on the bare minimum of your income I have much more to "spare" than I ever did before entering my IVA AND everything essential has been paid for. have regular checks on what, and how you are spending your money, and i mean every penny.I have an annual check on income and general expenditure -- not at all intrusive Then if you do manage to complete the five years you wont get a final certificate unless you are willing to make a claim for misold PPI even if you haven't even taken any PPI insurance.I thought I had no PPI and they found £7k! You will get little or no backup from your IVA provider on the matter (for some reason alot of companies seem very slack on this issue) I agree - communication is often poor from SOME companies Over the term of the IVA have the company tell you in writing the terms and conditions of said contract and how much their fees will amount to, I think you will be shocked. I read what I was signing before I signed it -- all the information is there -- no shock at all. Just read the problems and difficulties most people have whilst in an IVA, on this forum My advice, consider a DMP which can last decades with one of the Free charitable organizations,Free ?? since when ?? They are paid by the creditors --- a fox guarding the henhouse may take a little decades longer but it is a far better option than any IVA that you are offered or even sometimes firghtened into taking. More regulation is needed in this so-called industry, out of which some companies and individuals are doing quite nicely "thank you very much" So am I, as an IVA'er -- I pay less each month than I did to my creditors, I pay no interest and will have around ( currently) £25k written off and will save more than that again in interest
How much of the £7K which they "found" did you get, or was it put into the fund, and if so did it decrease your monthly payment? I think perhaps not. Ask yourself this where did it go??
Iamfubb -- I didn't get a penny -- didn't expect to.
No, didn't decrease my monthly payment --- again, didn't expect it to. (As it happens the monthly payment HAS been reduced, for other reasons).
Where did it go? £7k recovered. £2100 went to the claims company and my IP gets £735. Nothing underhand. All transparent. Don't need to ask myself, you see, I know
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi iamfubb2. I read your post with great interest. Whilst I believe you have made some very valid points, I disagree with your definite stance on IVA's, with the directive that people shouldn't take one out. With respect, IVA's are just that - individually tailored to each person's circumstances, underpinned by the relevant contract law associated with IVA's. I would definitely recommend that anyone experiencing debt problems should explore every option available to them - ideally free of charge. My IVA has been manageable, and I can honestly say that I had cause for concern/complaint twice in 46 months - both concerning delayed communication to me. I aired my concerns and frustrations on this site both times, and received invaluable support and advice, which enabled me to deal with them confidently. My I & E was manageable, and when I needed help to support my child to attend an oversees school trip and then Uni, Payplan was really understanding and permitted under payments and then overpayments over several months to catch back up. My pension, car and endownment policy were excluded from the arrangement. I was never asked for bank statements - only my payslips, P60 and confirmation of a windfall. When I suggested my F & F offer, they reduced it by nearly 30%, as they were concerned that I would be left with enough funds when I had to give up work - how right they were. I'm glad that I had the opportunity to pay in extra funds along the way, but without the stress of potentially having interest reinstated as is possible with DMP's. As I near the end of my journey, I would say I'm glad I did an IVA rather than Bankruptcy or DMP. I just hope that anyone seeking help for debt finds their way to this site. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
The point is not ALL companies are bad, and not ALL IVA's are unwarranted.
It boils down to research, know what you are getting into. When little surprises crop up ( and they will) communicate with your company. Be proactive rather than reactive, after all it is YOUR IVA and YOUR responsibility to aid it's smooth running.
It seems as though you had, for whatever reason, a rough ride, but, please, don't tar all the industry with the same brush (yes, it has some serious shortcomings -- don't all walks of life?).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Well put foggy. I'm still in the early stages of my IVA but so far so good. Yes it's tough sticking to a tight budget to start with but we are getting used to it.
As I see it we got ourselves in this mess so it's down to us to sort it out. If we went down the DMP route it would take approx 15yr to pay off as to 5/6 yr in an IVA. So it was the best option for us.
I agree that it may not be the best option for everyone. But it's a choice. If you don't like the proposal. Don't agree to it, don't sign & don't go ahead with it. We knew what we were signing & both intend to pay back as much as possible to our creditors with the help of our IP. I felt this was the best choice we had. Like I said its still early days for us & not yet had out annual review. (But not much has changed) We have already been passed to another IVA provider but our proposal was already in place so fingers crossed.
Everyone has a choice.
This forum has helped me a great deal. It helps keep me sane & also gives me info & advice. I would be lost without it.
One thing I would add is. Don't rush into anything & speak to a few IP'S before making a decision.
Good luck to all on this journey x
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Iamfubb -- I didn't get a penny -- didn't expect to.
No, didn't decrease my monthly payment --- again, didn't expect it to. (As it happens the monthly payment HAS been reduced, for other reasons).
Where did it go? £7k recovered. £2100 went to the claims company and my IP gets £735. Nothing underhand. All transparent. Don't need to ask myself, you see, I know £2100 to claims company, nice little earner. IP £735 very nice little earner. Would i be correct in assuming some claims companies and iva providers have financial and, or professinal links?
An IVA is not an easy option and nor should the decision to enter into one be taken lightly.
The full amount of debt is always with you during the term of the IVA and your hard work and determination should be to repay as much of the original debt as possible. The agreed minimum dividend at the creditors meeting is merely a indication of the least return creditors will be accept over the course of the IVA.
Paying more than the minimum back shows great courage and determination, and is a life changing changing experience that you should be very proud of.
Receiving refunds PPI or windfalls etc etc are merely extras to go towards the original debt...in your proposal documents it is written very clearly .....aim higher than the agreed minimum .....after all we all took the money in the first place believing we were going to repay so our creditors deserve maximum return possible.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Yes, Iamfubb -- nice little earners indeed, but, frankly, I don't care as I am not paying it -- the creditors are deducting it from their dividend.
Why shouldn't people get paid for their work? Incidentally, my dentist charges £17 for a 5 second x-ray, should I be lambasting the NHS ??
I couldn't be 100% definite, but I doubt any claims companies have financial and / or professional links as, for one, the regulators wouldn't allow it (not to say it might not happen in some shady corner with some shady firm). So, I would say, no, you wouldn't be correct.
Iamfubb - what has sparked this tirade this time? I recall a similar episode in the summer ( which resulted in you apologising for, in your words, "running off at the mouth" ? ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have to disagree with some of the comments on here through going through and coming out of the experience. As mentioned before on this forum, what you read, sign and go ahead with is not always true and sometimes masked. My sizable pension was not mentioned in my IVA at all, anywhere. However, I was paid an ill health pension lumpsum by my company following a stroke that left me paralysed down my left side. My IP got wind of this and then took nearly half of it, claiming it was a 'windfall'.
I have since learnt on this forum, I could have protected it. But was never told by my IP.
So, yes, you have to check, check and check the proposals and then check again. And then, read between the lines.
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
