I am meeting with someone about having an IVA and they have advised me to leave my bank and take my wages out on Friday and cancel Direct Debits. Im a little bit scared, what if I dont get accepted I will be in more trouble. Im sorry if this question has been asked before.
Hi
You need to have met your advisor before taking any action just in case an IVA is not the correct route for you.
If an IVA is suitable then yes cancel all payments and open a fresh account, this is standard practice
Regards
Thanks Andy. I have no assets and I have looked on various sites and some suggest BR is the way to go. Will an advisor suggest that route if it is the best for me? I get the feeling they will try to push me towards an IVA as they will make money from it.
Haven't heard of the firm or the two guys mentioned - don't see anything on iva.com either. Not necessarily a problem ... but ... what did they say?
As Helen mentions - IVA.com will give you a list of companies along with a series of reviews. You should/must pick a few from there and see how their advice compares to that of Tudor before going any further as it will make your decision making process clearer rather than relying on just the one view.
Nick Morgan and James Kaye used to work for a big IVA oompany - not sure if it was Grant Thornton?
Not heard of Tudor Kirk though.
Do give one or two other companies a ring though as you need to be happy with the one you choose.
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
It depends what reasons they are giving for taking the payment.
If it is (/to go towards) your first IVA payment and will be refunded in full if it is rejected at the creditors meeting then that isn't unusual.
If it is a non refundable payment for them to draft a proposal/put you forward to an Insolvency practitioner etc etc then there are numerous companies you can approach that would not charge upfront for that service.
These guys used to be the IPs at Blair Endersby and they have recently left to set up their own firm. If you are doubtful about proceeding, why not try and contact either of them for a proper chat where you may get good advice straight from the horse's mouth.
If not, then there is no harm in trying another couple of companies and choosing the one you feel most comfortable with. No-one should be hard selling IVA services in this day and age, and do make sure that you get good rounded advice about all debt solutions to enable you to make the right choice for your future.
Check what is going to happen with this payment. Some companies do request the first payment, and as long as it is going towards the IVA, then fine.
There are companies who won't charge you.
Speak to one or two more before you make a final decision.
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
Sorry Mel, I just couldn't remember the firm and for some reason GT sprang to mind!
Bruce, that's good if the payment will be refunded. I'm sure you will be fine with your meeting. Make sure that you fully understand what options are available to you, and don't make any hasty decisions.
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
It is not always a bad sign if you can not find any mention of a company as a lot of people are only keen to share there bad experiences.
IVA.com is a good place to look for reviews and as mentioned a few times already speak to a couple of companies. They all should come back with the same sort of response and then you can decide who you feel happy with.
Hopefully, once this new company is up and running and has a few clients under its belt, it will be getting some reviews on www.iva.com
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
Brucelee wrote:
I had a meeting with Tudor Kirk. Has anybody heard of them? Aparently they work on behalf of Nick Morgan and James Kaye.
An IVA is a big step, you must look at the value for money that you will get, set against the benefits. You're assets will be listed in the proposal and if you fail to maintain the plan you will likley end being decalred bankcrupt. As for Tudor Kirk, this bunch of jokers have charged a client of mine £300 set up costs, or "Costs" as they have now put it, without any kind of proposal in place. Now they won't return their calls and my client is looking to issue a CCJ. The problem is that most IVA's aren't sold (for want of a better word), correctly, but this can and often is, due to the conduct of the nominee. After all the risk of losing you're assets against a write down of only 15p in the pound (once the supervisor has added their fees), is very, very poor value. I would steer well clear of this bunch, as there is, as has been already written, plenty more fish in the sea.
