I have signed up for a IVA with debt free direct, however i have just seen a very of putting channel 4 report about IVA companies and it has made me feel very unsure of what i have done, i cannot believe the amount of money IVA companies make, he is a link to the video
**link removed** i hope to get some reassurance from someone as im thinking of cancelling the IVA today, please help
Last edited by channel4report on Tue Feb 09, 2010 4:45 pm, edited 1 time in total.
This is an old report from 2006 and yes back then some firms charged quite high fees. This is not the case anymore and IVA Companies do not make that much at all believe me. I am also sure some of the highly respected IP's on here will back me up on that.
Only you know if you are happy with your IVA and do not forget you would of had a breakdown of the fees when you signed your agreement.
My IVA is one of the old one's and the fees are very high in my opinion - however I will be honest and say at the end of the day I will be debt free and the payment is a hell of a lot less than what I would of carried on paying if I had not gone insolvent and been servicing my normal monthly credit payments.
I would be interested to know who they are but even so at the end of the day the individual has the choice whether or not to proceed with that company and if they feel the fees are to high - do not sign!!!
Hi there and welcome to the forum.
As Rayb said, this report is close to 4 years old and alot has changed in the meantime in terms of fees and regulation.
If you do have any questions regarding fees and your IVA, do not hesitate to ask me.
Fees now are very much more regulated, and if creditors think the IP's are charging too much, they will reduce them at the creditors meeting.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ultimately your IP will reach an accommodation between you and your creditors whereby you pay what you can afford for a set period of time. The fees are agreed between your IP and creditors and are deducted from your monthly contributions. The IVAs typically last for 5 years and there are numerous statutory obligations to fulfil so there is a lot of work involved.
If your IP charges too much your creditors will object but this does not affect you or your IVA. Do not rush into cancelling your IVA proposal as a result of outdated reports and scaremongering and take Declan's advice and speak to him directly.
One and the same I presume? They always come back don't they?
I did wonder if it was genuine.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Be wary of the vultures and highlight their activities but also take notice that many have genuine concerns and misgivings over advice given, practices and price paid to the main IVA providers.
I've lost count of posts stating their expenditure budget was 'imposed' on them and unworkable.
I have encountered quite a few sharp practices whilst shopping around.
My initial debt enquiry was through 'debt advice org' an not for profit free advice point with links to citizens advice! Rang them up and gave some details, was then put through to 'someone else who could help' who took more details and would e'mail through further information. The email recieved was from the person I spoke to, but address was from 'Debt Free Direct' - Not once had they introducted themselves or informed me I was now dealing with an IVA provider?
I rang them and complained and spoke to CAB who said they do not endorse them. The Debt advice org was just a net to pull in punters!
I've also been told twice by Pay Plan that 'we can say you have a dog' to claim expense to offset any DI rises!!!
I do not feel comfortable with these practices.
Hugo, this was not a genuine poster. We have them come along every so often and usually manage to spot them.
I do have to say that Payplan never once suggested to us that we fudged the figures, although I do know that some I&E's are tweaked in order to get an IVA accepted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
In an IVA since December, Skippy.
But due to change of circumstance will have to go BR, hopefully by May.
Have become older(quickly) , wiser and more cynical as time goes on!
I take it you have stopped paying towards your IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Interesting that you are saying that your IP firm was actually encouraging you to falsify informaton on your income and expenditure statement Hugo. I wonder how many creditor representatives are reading this post tonight!
