IVA Process Started

[Michael Peoples]

Many packagers do an excellent job and deserve their fee. If it was not for them the debtors would in most cases have never heard of an IVA or an IP and would be in unsuitable DMPs. As in any profession there are rogues and the system needs regulated but a ban on packagers would restrict choice and in my opinion would be bad for the debtor.

Although we generate most of our cases ourselves we do use packagers. We meet with them regularly to advise on changing creditor criteria and discuss each case with them before taking it on as an IVA. In the rare cases that are rejected the packager will refund the fee, help with bankruptcy or set up a DMP. We as a firm take no money from clients and all the costs are borne by McCambridge,Duffy in the event of a rejected IVA. This applies to packagers, referrals or self generated cases.

[size5]

That's fair enough Michael, and I would stress again that my point was not aimed at present company, but I do have a bee in my bonnet re his issue where clients pay out money that would be better used to get back on their feet.

Where fees are justified then there is no argument, but there are threads currently live where we are all querying the level of service provided when an IP could have been approached directly at no cost. I believe ndorka is one for example, though I stand to be corrected.

I guess this subject gets me a little grouchy, I must be getting old ala Victor Meldrew.

Regards.

[Michael Peoples]

I agree that there are huge variations in the services offered by packagers but in most cases without the packagers the clients would never get anywhere near an IP. Perhaps if IP firms refused to deal with those packagers who are exploiting their clients the services would improve as without IPs the packagers have nowhere to go to place their clients.

[size5]

Fair point.

Regards.

[Pennyless]

Just received correspondance from MBNA on behalf of my Virgin Credit Card stating they were aware of my seeking an IVA and wished to speak to me.

I telephoned the MBNA Insolvency Team and have to admit they were much more understanding and sympathetic to my situation then I expected would be the case. They also advised that in my current situation they would be more inclined to "support" my IVA application then to look at a DMP or other plan that they may be able to offer.

They also advised that it may be best for me to speak to ALL my creditors, explain the situation and see how they felt in regards to an IVA proposal, as although not cast in stone, it would give me a general idea on how the creditors would be voting.

All in all a very good conversation and all they expected is that I keep them up to speed with how my proposal is processing.

[kallis3]

Bear in mind that the majority of the time you will be speaking to a call centre, and they have no influence at all over voting.

[Pennyless]

Kallis on this occasion it was the specific Insolvency Team of which there are only 3 members. They have another Company that does their voting (by proxy) but ultimately they will give the "yes" or "no", therefore didn't see any point in burning bridges at this stage.

[kallis3]

I just pointed out that it is the majority of the time, not every time.

I know that some firms have specific departments which deal with Insolvency.

The creditor with whom I had the biggest battle with bullying calls and letters, actually didn't bother to vote at all.

[Pennyless]

I still have to get to the "proposal" stage myself so hoping to keep them all (creditors) onside just incase it all go's pete tong and I end up dealing with them on my own.

At the moment, as well as a new pair of strides, optimism is something that I also cannot afford.[V]

[kallis3]

If your IVA wasn't approved, you could always do a Debt Management Plan and get a company to do it for you.

We did that prior to the IVA and it worked for us - only thing that put us off was the length of time it would have taken for us to pay it all back - 19 years by which time both of us will probably be pushing up the daisies!

[Pennyless]

Same here Kallis....considered DMP but time just wouldn't be on my side.

[Pennyless]

Just received another valuation for my property and emailed straight to my IP.....hoping to hear that they now have sufficient documentation to take my case a stage further.....fingers crossed!

[Shining]

It's moving on Pennyless so hopefully you'll hear something very soon. Before you know it you'll look back and all this first part of your journey will be behind you. I remember when I first set out it couldn't happen soon enough and now 20 (almost 21)! months in, it seems so long ago. x

[Pennyless]

Thanks Lesley....I really hope so.

[jonmitch]

Hello Pennyless,

I'm new here and after reading the rest of this thread, I decided to post my current situation too, as well as ask for some advice while I'm at it

Like a lot of people here, I didnt realise just how many people are in a similar situation to myself and after reading these forums for only a few days, I realised that there was a lot of good help available, and so I am now in the process of doing something about my situation.

I am just starting the IVA process and am currently gathering paperwork to send to VincentBond and I have a local estate agent coming the do the house valuation on Wednesday of this week.

One concern I do have is that my partner, who is currently unable to work due to some major surgery recently, will be on the receiving end of the inevitable phonecalls from creditors during the day when I am in work. So far, all payments to my creditors are up to date, but 3 of my cards are currently over-limit, and the calls will eventually arrive, I'm sure.


I have removed my telephone number from my online profiles where I can, but is there any advice I can give her to deal with people if they call ? and if people from these companies come to the house when I am at work, what is her best course of action ?

I don't know if it makes a difference, but her name is not on any of the debts that I have, the only thing that is in joint names is our mortgage.

Apologies for a slightly rambling post, but this is something that is concerning me.

Cheers,

Jon