www.iva.co.uk

Hello everyone

I just wanted to ask if anyone had any experience using Kensington Financial Management in Manchester? I notice they are listed as an IVA Firm on iva.com although they are pointing me towards a DMP. Just wondered if any of you new anything about them.

Thanks

Hi,

I don't know anything about them.

When you say they are pointing you in the direction of a DMP, have you spoken to them or just filled in a wizard? It is much better to speak to someone rather than rely on a form.

I would recommend speaking to one or two other companies as well.

I don't think that they do IVAs themselves. Ask them which firm they will refer you to and then you can check them out.

Why are they pointing you to a DMP over an IVA?

Yes Melanie they are. They went through the different options and angled towards the DMP. I don't think we are "insolvent enough" (another IVA firm's words not mine) to be looking at an IVA, based as I understand it on our ability to pay back our creditors through a DMP in less than 7 years

Hi Kallis

Yes thanks Kallis3, I did speak to them, and they must be the fifth organisation we have checked with. I agree that online forms are only a guide - a good start perhaps to the whole process, but only a start

There are only certain creditors who apply that criteria - so I would continue to shop around if I were you. Do you have MBNA or Northern Rock as significant creditors?

It would be helpful if you could post a list of the banks and how much you owe to each one, together with how much you feel you can afford to repay.

I know somebody who is using Kensington for a DMP. They were full of all the right ideas to start with, which seemed so they could get the business, but once signed up and payments started they have not been very helpful at all. The monthly payments distributed don't seem to add up and some have been missed so the person concerned has had hassle from creditors when the situation was supposed to have been being "managed" for them. Phone calls to them didn't really get anywhere and some of the staff where very unhelpful. In this case it seemed to be "we have your money and we are not going to do anything for it now". Other people may say different.

It is frustrating when you get good service from a company in the early stages, to be faced with indifference later on. Perhaps your friend should put in an official complaint about the poor service she is currently receiving.

The sooner that proper regulation comes to the debt management industry the better in my opinion.

Hi DTT,

Kensington do not have yet there own IVA division but refer (presumably for a fee) to another IVA firm.

My advice is to "test" whether them stearing you towards a DMP is the most appropriate solution in your particular circumstances.

It is also good to check with an IP and give him/her details all your personal and financial circumstances and particulars.

Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with. They will give you
the appropriate advice and it is free.

Hi Melanie

Thanks for the information. Our mortgage is with Northern Rock, and one credit card is with Virgin (MBNA) I have sent full details through to your website just now, I hope to hear from you later

Thanks

We will get back to you just as soon as we can DTT.

Thats great Melanie

There is some information I don't think I included on the enquiry form. Our property is worth about £170,000 and we have a mortgage of £142,000 outstanding

Thanks
Duncan

I will make sure that we record that Duncan. Thank you for letting me know.