I am a telesales rep for a financial solutions company who deal only with IVA's. We are regulated by the FCA so their are regulations to follow and I have to be compliant. I Like the role and I believe an IVA is a great solution for someone struggling with debt, but convincing people who are unaware of what IVA is and does, and that it is right for them can be a difficult task, even when after a fact find you find the solution fits them like a glove, I find have to really sell it to them, sometimes with no prevail. So I highlight benefit after benefit and i'm worried i'm selling the solution with false pretentious.
So if I tell you some of things I say and you can tell me if i'm right or wrong for saying it, and I was hoping guys could share your IVA experiences; reasons why you went on one and how it's been since coming out of one.
Uhv
So, some of the things I say:
"what I've done for people in similar situations to yourself is write off a portion of their debts, reduce their payments and clear their credit file, would that benefit you?"
"I've helped people who are looking for mortgages, bank loans and cars on finance without ridiculous interest rates, is that something you'd look for in the future?"
I was giving a verbal warning from my compliance manager for asking these questions, looking for your input.
Their credit file may take up to to a decade to be cleared.
People can lose their cars etc. by gong into an iva.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Also, once in an IVA then finance is nigh on impossible and would need the permission of the IP for anything over £500.
You cannot say how much will be written off and it is down the creditors as to whether or not they accept an IVA.
Do you cold call at all?
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
The classic lines you see advertised are "due to a government backed scheme" plus companies using the logos of major financial institutions to imply they back what they do.
An IVA is one step away from bankruptcy and these days is almost harder.
The majority of companies (not all) fail to tell it as it actually is and so mislead people.
You need to ask yourself the question "Could you live with an IP looking over your shoulder on your finances for next 5-6 years with them having the final decision on very major financial transaction, not being able to move if you have a mortgage etc. and in some cases having your partners income used to pay your debts?"
It is not for the faint hearted these days people in an IVA need to know more than the people working for the companies.
There must be a reason why they have such a high turnover of staff.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If you are in this position, read the forum, you'll see all sorts of experiences of people in an IVA, some positive some not so positive and some horrendous. The Individual Voluntary Arrangement one makes with their creditors are just that individual and no two IVA's will be completely identical, but may have similarities.
Do some research and if you do like your job, you can make yourself knowledgeable and genuinely give good advice
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
"what I've done for people in similar situations to yourself is write off a portion of their debts, reduce their payments and clear their credit file, would that benefit you?"
I dislike the promise to write of a portion of debt --- what you are actually doing is repaying an amount you can reasonably afford. If the debtor comes into an inheritance there might be no write off at all. This promise is misleading and misselling.
"I've helped people who are looking for mortgages, bank loans and cars on finance without ridiculous interest rates, is that something you'd look for in the future?"
Most people are not looking for any further credit -- the object is to get out of the mire .. not back into it !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think there is an issue here with training and the employer. The comments may be well intentioned but they are misleading to the point of being factually incorrect. An IVA does not 'clear your credit file' nor does it improve the chances of borrowing in the future.
Jason may well have the interests of the clients at heart but he should have a much broader knowledge of IVAs than he shows if he is advising on them.
Finally, Jason says he is a Telesales Rep so is almost certainly paid a commission for each client signed up. IVAs are not a commodity to 'sell' and here at McCambridge, Duffy we do not pay commission to any staff. We are all salaried and operate as advisors rather than salespeople so the risk of misselling is reduced. Ultimately it our job to explain the options and let the clients make up their own minds based on the full facts and implications and I personally dislike the idea of 'selling' IVAs.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Jason.12
I am a telesales rep for a financial solutions company who deal only with IVA's. We are regulated by the FCA so their are regulations to follow and I have to be compliant. I Like the role and I believe an IVA is a great solution for someone struggling with debt, but convincing people who are unaware of what IVA is and does, and that it is right for them can be a difficult task, even when after a fact find you find the solution fits them like a glove, I find have to really sell it to them, sometimes with no prevail. So I highlight benefit after benefit and i'm worried i'm selling the solution with false pretentious.
So if I tell you some of things I say and you can tell me if i'm right or wrong for saying it, and I was hoping guys could share your IVA experiences; reasons why you went on one and how it's been since coming out of one.
Uhv
So, some of the things I say:
"what I've done for people in similar situations to yourself is write off a portion of their debts, reduce their payments and clear their credit file, would that benefit you?"
"I've helped people who are looking for mortgages, bank loans and cars on finance without ridiculous interest rates, is that something you'd look for in the future?"
I was giving a verbal warning from my compliance manager for asking these questions, looking for your input.
I can tell you from experience if my IVA had been fully explained (ie. employment implications and still raising its ugly head after CC received and trying to clear up credit files) I would have thought a lot harder about taking it on, that's not to say I would not have, but I think some firms take advantage of people at their wits end, they only pick up the phone when there is very little option of other ways out. Be careful in what you promise people it's their future you are playing with!
