THINKING OF DOING A IVA

[johnpaul]

i am very new to this i think this site gives you very good insite advice about debt i am on the debt mangement plan at this time with gregory pennington they keep trying to ask me about doing a iva with there sister company freeman jones as anybody got any advice or coments about freeman jones

JOHNPAUL

[mikebdomain]

Hi johnpaul and welcome to the forum - I would have a look on iva.com they have feedback on most iva companies

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Oliver]

It is always recommendable to contact 2-3 companies before deciding which one to go with.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[johnpaul]

thanks at this time i owe 30k paying back £400 per month i keep getting creditor phone calls at work and nasty letters one creditor even came up to my house gregory pennington are doing a fine job but keep saying to me about doing a iva payless each month no more phone calls or nasty letters might be best for you to clear your debts early rather then being on the dmp

JOHNPAUL

[jasperyogi]

hi johnpaul.
We were in the same boat as you on a dmp but constantly being hassled by one creditor. We switched to an Iva last month and all the calls and post has stopped already. It was certainly the best thing we have done.

Why spend life worrying...when you can spend it smiling!!

[aguise]

Hi Johnpaul.

I am with freeman jones and do not have a bad word to say about them . They were very suportive whilst setting it up and my iva is running well.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[johnpaul]

thanks ang they told me that a james campbell gibson is there ip is he any good

JOHNPAUL

[aguise]

Mine is Guy Damien Withey, I have to say i have never in fact had any contact with him as they give you an ac manager that you can deal with directly, but it is all under his supervision. Cant fault anything I have done a review on iva.com have a read. They were quick with everything, as long as you get any info they need back quickly, mine took seven weeks from the first phone call, to agreement.
I agree a dmp can go on forever at least with an iva there is an end in sight.
This is only my opinion but I speak as I find and cannot recall anyone having any probs with them either.
Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[johnpaul]

thanks ang i went on iva.com and saw him on there what are the main pluses of a iva then dmp i have 4 creditors whick 3 or them put default notices in on my credit file which last for 6 years been told if you do a iva they will default you anyway

JOHNPAUL

[aguise]

Hi John Paul
With a dmp though you are paying a reduced amount , you are still expected to pay the full amount of the debt back, this can take years, also you have no protection from creditors and they can change their mind at any time and ask for full payments again. They do not have to freeze interest.
An iva once agreed gives you protection from your creditors and they cannot chase or contact you for the debt. At the end of five years the rest of the debt is written off and you are debt free. Yes your credit is affected for 6 years from the start of the iva, and you can take no credit during the iva unless allowed by your IP. You will pay more to the iva in the form of usually 50% of overtime and bonuses, and if you own propery you may have to release equity at some point. The main plus is that at the end of five years it is finished and during that time you deal only with your IP company, interest is stopped also. No creditor letters or being chased.
Those I think are the main points. If you want to post more of your debts, if you own property, and your disposable income then everyone will advise on if this may be a good option for you.
How has the dmp been , have your debts lowered and if you carried on how long would it be for you to finish them.

Ang


Please visit my blog at http://aguise.blogs.iva.co.uk/

[johnpaul]

hi ang thanks for your sound advice heres my creditors
mbna credit card £1.500+ int owing on it
mbna loan £3.500 + int
hfc bank £9.000 loan +int
lloyds tsb £7.500 +int
+ £2.500 on buy now pay laters
my manager says all in all £the figures come out at £29.997 pounds been on the dmp for 8 months
and i dont owe a home i live with my mum and dad and my salary is £12.463 per year

JOHNPAUL

[aguise]

Hi again hopefully some of the others who are good at working out the figures will be able to help advise whether a dmp or an iva would be best. I will not try as I'm no good and would probably get it wrong. Freeman Jones can also give you the answer as to which is best , ask them if you stay in the dmp how long to pay it off and if you do an iva though you know it will be five years i think the iva looks the better option, but only my opinion. They will answer your questions and if you dont understand then ask again until you do.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

Hi John Paul

An IVA ought to work out for you on the figures that you have presented - but I wonder why this was not offered to you from the outset? It seems odd that you were recommended to a DMP and now they think there is a better solution! Has anuything changed in your circumstances since you stanrted the DMP, and how much have you paid so far?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[johnpaul]

hi there melanie when gregory pennington told me that i was 5 1/2 years from being debt free i could be debt free in 5 years paying less money my manager thinks all hell could break loose at anytime even though by dmp plan as been very smooth so far he was saying about dmp fees are high in a dmp while if you do a iva ip fees are much less and while on a dmp they can come in for the full amount of money at anytime that suits them they can also put ccjs on you on the dmp while on a iva they dont as long as you make your monthy payments each month without fail you get 3 breachs in a iva its your last chance to give as much money back to the creditors as possable without anybody else finding out about it and no more nasty letters or phone calls
paying at this time melanie £400 per month dmp fees are £60.00 per month so only £340 per month goes to the creditors and they kept adding int to it

JOHNPAUL

[MelanieGiles]

I don't necessarily agree with the fees issue, but you are correct that there are many advantages of an IVA over a DMP. For anyone who cannot pay all of their debts in full within a 5 year period, and IVA can often be a better option.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp