I’m in a serious amount of debt. I’ve got excuses, but it’s my own fault.
The long and short of it is I’ve looked at IVA and Bankruptcy.
To be honest I think Bankruptcy is probably the way to go, but the only solid thing in my life for several years has been my motorbike, and the OR would make me sell it.
So I’ve made enquiries with an IVA provider. Pareto,
I’ve spent a good two hours on the phone, income expenditure how I got in the mess etc and it all sounded very hopeful, until I was sent an engagement letter.
In which it states I would waive my 14 day cooling off period and if I changed my mind I would owe them £2000 before submission to my creditors. After that it would go up. Also they want the first estimated payment to put in their account, even if the creditor meeting hasn’t been set up, and my council tax for this year will be paid through them.
Is this normal?
Thanks for any advice. I was getting excited that there might be light at the end of a 5 year tunnel, now it looks like someone with a torch trying to empty my pockets another way.
Help!!! Please?
No its not normal ... stay clear of any IVA Company that tries to get you to waiver your cooling off period and be wary of those wanting the first period in advance.
My first payment was just under a month after my IVA started as this was the best date for when I got paid.
Look for advice from other IVA Companies .. one or two good ones post one here.
Some of the smaller firms are better and more personal - look around on here and you will see who has been recommended.
Our first payment was also made in a month to tie in with payday.
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
Agree with the above. Most reputable firms will not charge for work done before the IVA is accepted. nor will they expect you to waive your rights. Many will ask for the first payment to be in hand prior to the meeting, simply to start you off as soon as possible. However most of these will waive this and allow you to pay after the meeting, at a date suitable to your circumstances (often soon after payday), as long as the first payment is made within a month of the meeting date.
Have a word with a few other firms to find one who you are happy with --- you will need to work together for a few years !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I’ve spent another two hours on the phone to Payplan this time. Also seems promising, but early days. Gets a bit of a slating on trustpilot though.
I’ve also had a direct email from a chap called Kevin White, who also talks a good story.
I’ve had enough of repeating the same story and numbers. I appreciate it’s not going to be easy, but I just want to find someone reputable and get the ball rolling.
Who are the go to people in this?
Tia
Al
Payplan get slated all the time, try Stepchange we found them to be great from start to finish. I don't think everyone who seeks advise from them are retained in their in-house IVA dept so it might be down to their criteria but you mention your debts are large and ours were massive so give them a try. There is never any negative feedback on here towards them and I've been on here 8 years
Good luck.
IVA completed with StepChange.
Last payment Sept 2016 CC Oct 2016
I was with Stepchange myself and had no problems with them, they helped with the expenditure allowances adjusting them if I got pay rises and when my car failed and I needed to find a way of buying another one but they only have one IP so you may never get to speak to them direct and there are also cases of Stepchange passing some cases onto another IVA Company if it is not going to be a simple case.
Payplan be aware that if you have a partner that works, even if they are not in the IVA themselves, they will be expected by Payplan to contribute towards the IVA rather than the standard thing of them just paying their correct share of the expenditure.
Have a look around posts on this site and you will find some smaller ones that can give a more personal service ... there is a couple that post regularly.
Sorry I forgot their names ... old age .. Lisa Thomas and Michael Peoples are two of them ... details can be found on the IVA Experts on the top left of the screen.
Keith White, not Kevin ??? Certainly knows his stuff. Lisa Thomas of Neville's and Michael Peoples of McCambridge Duffy are also known to treat IVA's in the manner they were intended. Payplan and Stepchange are both funded, in part, by the banks. Stepchange, if they do not farm you out, run a fair IVA. Payplan have their own way of doing things and are more creditor centric.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I’ve had a very pleasant chat with Keith, and a one with Ronan at the Cambridge Mcduffy place.
I’m now in danger of drowning from to much information overload and the edges are starting to blur with who is who.
Why does almost everyone want you to start the same day?
It’s a mahoosive step, I know it’s better than the alternatives, but actually pulling the trigger on one is still a bit terrifying.
Sorry if I’m just bumping my gums
AceMelon wrote:I’ve had a very pleasant chat with Keith, and a one with Ronan at the Cambridge Mcduffy place.
I’m now in danger of drowning from to much information overload and the edges are starting to blur with who is who.
Why does almost everyone want you to start the same day?
It’s a mahoosive step, I know it’s better than the alternatives, but actually pulling the trigger on one is still a bit terrifying.
Sorry if I’m just bumping my gums
The reason they are seemingly in a rush is twofold ..... one, at the end of the day, they are a business and know you will be likely to chat to others ... they want your business and two, more importantly, by the time most of us get round to talking to an IP we are on the verge of being hounded by a creditor, or two, and they need to head them off.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
AceMelon wrote:I’ve had a very pleasant chat with Keith, and a one with Ronan at the Cambridge Mcduffy place.
I’m now in danger of drowning from to much information overload and the edges are starting to blur with who is who.
Why does almost everyone want you to start the same day?
It’s a mahoosive step, I know it’s better than the alternatives, but actually pulling the trigger on one is still a bit terrifying.
Sorry if I’m just bumping my gums
One to avoid would be NTF, I had 4 years of hell and then the final month an angel saved me.
Peesonal experience I would recommend one of the smaller firms. After 6 years on here the firms who are most helpful are Macambridge Duffy and Lisa Thomas. Freeman Jones seem to be very fair too
.. Lisa Thomas and Michael Peoples are two of them ... details can be found on the IVA Experts on the top left of the screen.
