If you can change your driving instructer & dentist, why on earth not an IVA practitioner ?

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jobrunt

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Post by jobrunt » Tue Oct 28, 2014 2:55 am
If you can change your driving instructer and your dentist why on earth can't you change to a different iva practitioner?
 
 

Dougie

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Post by Dougie » Tue Oct 28, 2014 7:11 am
Because you have entered a legally binding contract with them!
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
 
 

recovering

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Post by recovering » Tue Oct 28, 2014 8:10 am
Yes, so why does that not work BOTH ways??
 
 

Foggy

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Post by Foggy » Tue Oct 28, 2014 8:28 am
I imagine the basis for this is that, by the time your IVA has been accepted, your IP has put in a lot of work and is owed the fee for this with the expectation of an ongoing income. If you ditched that IP you would need to make up the loss first. Then there would be further costs to both the incoming and the outgoing IP's in transferring the accounts, re-appraising creditors (who, as party to the agreement, would also have to give their consents). Naturally the incoming IP would have expense that would have to be met in setting up new accounts. And this is all assuming that their working practices are compatible.

It is, by no means, a simple business, but, en bloc, when a whole book of cases is transferred the costs are mitigated by economies of scale. Plus, of course, a transfer brought about by the IP is, in certain circumstances, catered for in the legislation.

All that said, I believe that there should be some mechanism whereby, in certain circumstances, a transfer should be possible when the relationship between client and IP has broken down. This would make certain firms more client friendly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Shining

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Post by Shining » Tue Oct 28, 2014 8:31 am
I agree it should work both ways but with the costs in mind maybe a clause in respect of these to ensure the IP being left is not left out of pocket.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

jobrunt

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Post by jobrunt » Tue Oct 28, 2014 9:18 am
its not the ip that i want to ditch so much,its the debt mngmnt co that he is attached to. I have written to the ip to make my complaints known but have had no reply as yet.
 
 

Adam Davies

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Post by Adam Davies » Tue Oct 28, 2014 9:59 am
Hi

The IP is technically working for the creditors as much as the debtor as the creditors control the amount paid to the IP and have to authorise this

Regards
Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Thu Oct 30, 2014 2:35 pm
Your IP should respond to you because ultimately you pay their wages. It is not good enough to ignore correspondence from clients especially if they have a complaint.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

TzeKin

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Post by TzeKin » Thu Oct 30, 2014 11:32 pm
Jobrunt...your comparison is way out of context unfortunately.I sympathise...

Choosing your dentist or a gymn is your choice to who you do business with.Even buying a paper is a contractual thing.A choice exist in who you buy from and what paper to buy.

An Ip however is a legal official assigned under the Iva legislation as an OR for bankruptcy.
By law there is no really no choice in the matter in the the appointment unlike a barrister or solicitor that you can also fire anytime.You cannot fire your ip!
The Ip is impartial to a degree but a 'win win situation' is hard to sustain that make creditors and debtors happy.
There is no recourse to a second opinion etc unlike a medical opinion.

You just have to make the relationship work with the Ip.
We were or are in an unenviable position of debt default and have agreed to abide by the Ips directives as part of debt forgiveness deed from creditors.That is how the cookie crumbles....

And when did IVAers ever pay the Ips fees.Sorry, the banks pay the ip and not us.
Doesn't the creditors have to approve the Ips fees in an iva in advance? I do not record been asked to approve the fees if I am paying the Ip.
My chairman report never mentioned fees for the IPs have to approved by me.
The Banks pay for the iva.No buts about it.
When you pay By law you get an invoice and receipt.Has anyone got one of these from the Ip? If not then you cannot be paying the ip's services.
Last edited by TzeKin on Fri Oct 31, 2014 12:09 am, edited 1 time in total.
 
 

linrog

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Post by linrog » Fri Oct 31, 2014 12:05 am
just get on with it
full final paid over 29/2/16 cc arrived 12/4/16 its all over
 
 

jobrunt

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Post by jobrunt » Fri Oct 31, 2014 4:50 am
Thanks to all. I know my comparison was not accurate but surely contracts can be cancelled by mutual consent. As for the poor ip being out of pocket!!!!!!!
I know being in an iva should not be like an holiday but this is more and more like a diy iva for me. What about my costs?
 
 

Foggy

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Post by Foggy » Fri Oct 31, 2014 10:53 am
Jo -- yes the contract can be terminated and, as such, so can your IVA. However, on termination your creditors will add back all lost interest, plus possible late payment charges and your outstanding debt will increase significantly.

Then you will need to locate another IP of choice (again running the risk of them selling you on at a later date). That IP has to be willing to take you on for a second bite of the cherry.

Then ...... the creditors would also have to agree to another IVA ......
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

urbanfox

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Post by urbanfox » Fri Oct 31, 2014 11:22 am
TzeKin, i am afraid that i have to disagree with you. The banks did not pay the fees for my IP - I paid them. If you are paying your debts 100% then you are paying back what you owe and on top of that you are paying your IVA fees and expenses. The creditors are agreeing to receive back all the debt without interest but at no point do they physically pay the IP. You could argue that the annual report received is your invoice as it states what has been paid and was has been received. Yes, we do approve the fees that are charged - it in the proposal that we sign however the creditors have the opportunity to modify those fees but again we have to sign and agree to the modifications.
I do agree with Lesley that there should be some flexibility where there is a complete breakdown in the relationship that a change could be brought about fairly for all concerned.
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
 
 

Michael Peoples

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Post by Michael Peoples » Fri Oct 31, 2014 3:48 pm
Bear in mind that those in IVAs pay for five or six years as opposed to three in bankruptcy. These are voluntary payments and form the basis of the IP fees and the return to creditors.

It is unfair to dismiss the debtors and say the banks pay the fees as this is not the case. The debtor pays the funds from which the feeds are drawn, the debtor picks the IP and therefore pays their wages and the debtor or client should always be treated with the utmost respect.

Without debtors trying to repay their creditors there would be no need for IVA firms and we would all be looking for different employment!
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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