www.iva.co.uk

I am being chased for payment by a major bank beause I am not meeting my loan payments - I should be paying them £330 per month but at the moment can only afford £50. When I spoke to them (Barclays) and advised them I am making a contributon to my payments whilst I am seeking professional help from an IVA company they advised that most banks will not deal with IVA companies that charge a fee to help you with your debt. They did say they would look at my case more favourably if I was using the the CCCS because it is a government funded non profit making organisation.

I have written to all my creditors and am paying them all a much reduced amount whilst I am deciding what to do or who to use but have been doing this for 3 months and am now in the position where I have to decide which company to use. But now I am worried that an IVA would not be successful because most of the money I owe is to banks?

That's absolute rubbish!

IVA's are approved on a case by case basis, regardless of who you use. You probably spoke to someone in a call centre who doesn't have a clue and was trying to get more money out of you.

To choose an ip, why not visit www.iva.com where there are reviews of companies. Melanie Giles, who posts on here, also comes highly recommended.

As to it's success - most of my debts were to banks rather than cards and mine was approved.

thanks jan - I wondered if it was just the bank trying to stop me from going down the iva route - maybe it was

It's possible. There are so many companies and individual IP's out there to choose from.

My IVA is through Payplan, who are also funded by the creditors, but at no time was I ever told which company to use.

Some companies do charge fees to set an IVA up, they are usually intermediaries who will pass you on to an IP. I would avoid those as they will cost you money. You need to speak directly to an IP.

Probably charliesbird, if you stick around you'll learn lots of things and be prepared for them when you next speak. X

They're just trying it on and trying to worry you.

With such an important thing as you are doing entering into an IVA is is crucial that you work with a professional, and this is bound, absolutely rightly, to incur fees.

Good luck

Debbie

Kallis is absolutely spot on, and let me tell you that there are no companies that offer a free of charge service - only a couple who claim to!

thank you all for your answers - very helpful

charliesbird wrote:

When I spoke to them (Barclays) and advised them I am making a contributon to my payments whilst I am seeking professional help from an IVA company they advised that most banks will not deal with IVA companies that charge a fee to help you with your debt. They did say they would look at my case more favourably if I was using the the CCCS because it is a government funded non profit making organisation.

Hi Charliesbird [:)] MBNA told me exactly the same thing, and then didn't bother to vote, so I really wouldn't worry [:)]