So why do IP's and their companies charge such high rates for taking yer money from you/me/us and just passing it on to our creditors. Seems easy work to me. If they are here to help us pay off our debts then charge us less and give more to our creditors. Okay the first bit maybe a bit involved but I've already done the hard work for them. They just call a creditors meeting and apparently "on our behalf" secure a deal with our creditors. Then for 5 or more years bleed us dry. And they call some of the DM companies dodgy. mmmmm.
Lets see how long it takes to remove this post eh
IP's don't just do work to set up the creditors meeting, they administer and supervise it for the entire term.
They do not get such large fees now, the creditors cap them.
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
If it was as simple as you're trying to make out we'd all be doing it! Insolvency Practitioner is a highly qualified profession - would you expect a solicitor to work for nothing.
I seem to remember that you were very cynical in your previous posts, so presumably you're no longer considering an IVA.
As I said, for 58 months they take yer cash with their right hand and give it out to creditors with their left. Not forgetting to skim a large slice off for themselves. And how many time have I seen on this forum that adjustments have been made to the IVA when setting it up. It nearly always involves IP fees. So they are making sure that they get their full amount. And also remember they take most of their fee at the beginning, this is to make sure they get a good proportion of the IVA payments while people are more likely to pay it. Because as time goes by people start to fail IVA's for whatever reason and then they have paid all that money for nothing. And people will still owe just as much to their creditors
If you feel that way Pugwash (or should that be alls_pent_up?) then a) why are you considering an IVA, and b) why are you posting on a forum that is here to help people??
Sorry Pugwash but I can't agree with that. They work hard for their money.
It has nothing to do with possible failure as to when they take their fees.
No one wants to see an IVA fail.
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
I can relate to what Pugwash is saying but I dont think all IVA firms are not entirely without morals. But this is a business and this forum does create business as one can see for the individuals who respond and advise, but its a sad state but people will make money on other peoples misfortune, just look at Lawyers and Solicitors for a start-its all about money for all parties
Last edited by ashb on Mon Aug 23, 2010 5:57 pm, edited 1 time in total.
I'm sorry, but I really don't understand the problem with IPs being paid for the work they do. Presumably none of the people who have a problem with the fees work for nothing?
In my opinion our IP's are worth their money - not only do they support you through the term of the IVA, answer your questions and send payments to your creditors, they are also there to correspond with your creditors when they contact you mid way through ! I am really grateful for the service I have received from my IP and their team and would be willing to pay more for it - as it has given me piece of mind !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree Skip. I certainly wouldn't be working if I didn't get paid.
As to the forum, it is here to help people. We do have IP's posting, it's in their spare time and I'm glad they are here to help with technical issues.
As to them making money from misfortune - where would we be without them? You can't do an IVA without them, and I have no intention of declaring bankuptcy and losing my house.
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
I also agree with you Luluj - I'd missed your post.
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
I can understand some peopling going 'WOW' when they see the fees, I know I did lol.
That said no one works for nothing and compared to what solicitors charge for services (I spoke to 3 for my divorce and they wanted between £2-3k! Did it myself in the end for £500) I think IP's are worth the money.
If you managed you debt yourself you'd end up paying more, over a longer period and you would have no legal protections as you do in an IVA.
1st payment Oct 2008, last payment Dec 2013. Certificate received March 2015 due to PPI claim.
Do you really think that our misfortune is not someone elses fortune? and yes some of the Ips are very good here. However I do feel its a bit sweet when I read between the lines when some Ips indirectly sell themselves here. This is a business Kallis no matter how or what you say and the fact you have been chosen to be a Administrator should ensure you dont just see one side when some of us do feel that its not all as sweet as you may make it.
