www.iva.co.uk

Posted: **Wed Jun 27, 2007 11:46 pm**

Hi i need some help well reasurrance really,
i am about to enter an IVA with debtreducers.co.uk, i am a bit worried that they are asking for me to start payments before my creditors even agree to partcipate (which they tell wont even be until mid august. Is this ths standard practise? because i am not feeling 100% confident right now. Thank You
Terry

Posted: **Wed Jun 27, 2007 11:57 pm**

They may be asking you to make contributions, in order to confirm affordability on your part and to demonstrate commitment, but you should ask them if they are prepared to refund your monies in the event that they are not successful. A good IP will take a risk with you, as they ought to only put forward proposals they are sure have a good chance of being accepted.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Wed Jun 27, 2007 11:59 pm**

Hi Terry,
Welcome wait for MelanieGiles.
You need to hang around for a while and post some details on here.
Don't take any IVA or pay any fees (upfront)until you have read the posts on this site.
Don't worry
Regards
Adrian

Posted: **Thu Jun 28, 2007 12:14 pm**

Terry
Be careful and do get something in writing about what would happen to your money if the IVA is rejected.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Thu Jun 28, 2007 1:32 pm**

Hi guys and thanks for the rapid responce,

They have assured me that if my IVA is not accepted by my creditors, then they would give me a full refund of all payments.(i will get that in writting)

They also have agreed that i would make a payment of £230.00 per mth providing that i dont default. however reading through some the experiances on these forums their seems to be alot of cases where people are having their charges increased during the IVA.
Also they have not yet mentioned that if my financial conditions change that they would change my payments... Would they ?

Do you rate debtbusters.co.uk or have you ever heard of them?
im still a bit mmmmmm.... at the moment i have 2 children dependant on me so i dont want to make the wrong choice.

I am going to see a personal banker today to see if we can revise my loan payments as that is the only option i have before i look at an IVA or debt management.

Thank You Again Terry.

Posted: **Thu Jun 28, 2007 4:15 pm**

Hi Terry

If you are unsure about the firm you have chosen, why not take a second opinion? I am sure that this will probably concur with the advice that you have already been given, but if not then you have nothing to lose and it won't cost anything. Entering into an IVA is an important decision, and not to be taken lightly.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Thu Jun 28, 2007 4:50 pm**

Hi Terry
You won't go far wrong asking Melanie's company for a second opinion.
She's great
Good Luck on your journey
Rainbow

Posted: **Thu Jun 28, 2007 5:19 pm**

Hi Terry,

Melanie is right. You should get a second opinion you have nothing to lose and i think youll get the reasurrance you need.

Good luck,
Regards,

Michelle P.

Posted: **Thu Jun 28, 2007 9:57 pm**

Thanks Melanie

I got that second opinion by ringing the debt advice trust, who suggested that an IVA was defiantly my best option. They also recomended debt matters, who are now sending me a pack to read and discuss with my partner.

There was defiantly a diffrent contrast between them, I felt alot more relaxed and they did NOT pressure me into making an on the spot decision.

Also would an IVA swallow up my end of year bonus? (i would like to know because this is used for my christmas money!)

Thanks Again.

Posted: **Thu Jun 28, 2007 10:07 pm**

You will have to be prepared to hand over 50% of that bonus Terry. Unfortunately there is no season of goodwill in the insolvency world!

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Fri Jun 29, 2007 8:50 am**

So if i handed over (or they take) 50% of my bonus would that come off my outstanding balance or does it just get swallowed up.

Im also going to get an appointment with money advice to see if there may be any other alternatives before i put pen to paper.

Thanks again.

Posted: **Fri Jun 29, 2007 9:41 am**

The initial proposal, if accepted, provides an agreed minimum return to your creditors based on the facts as presented at that time. This is usually somewhat less than a 100% return for creditors. Therefore any further monies above and beyond what was originally agreed that are subsequently paid into the agreement will increase the return to creditors. Upto a maximum of 100% owed, +IP Fees, + 8% interest.