The whole thing seems such a mess. Please help

[Adam Davies]

Hi
Your present IVA is clearly wrong for you.
Take the advice that has been given and talk to an IP.Your present IVA will fail if you continue not to pay and this will leave you free to look at another IVA,if the new debts push up the amount owed to warrant an IVA,DMP,or bankruptcy
Regards

[joh71262]

They sound more like loan sharks than an IVA company.

I owed £32k and my repayments are £250 a month for 5 years. Of that I think about £7k was fees and the rest goes to the creditors.

[louisa.s]

You don't sound far wrong there Joh71262!

Please seek alternative advice as your current situation is not working for you and causing you unnecessary stress and it certainly doesn't sound right.

If you could post the name of this firm it might actually help! I don't mean to offend you when I say this but are you definitely sure you are in an IVA as I would have thought a good IP would not have recommended an IVA if your debts were £15,000!!!

And to second Joh71262 we were £48,000 in debt and our repayments over 5 years began at £357 with fees of £7,000.

lou

[MelanieGiles]

Which firm are you using? And did you have a proper meeting with your IP before putting the proposals together? Do you have assets which would be at risk under bankruptcy proceedings? If not, then this may be a more preferable route for you to follow.

[zchr1]

Is it okay on here to mention the company name?
Also I do not have any assets that would be lost if went down the bankruptcy route. But! I do work for a very large and well know solicitors in London. However I am admin staff/reception and have no legal undertakings with them i.e. I'm not a solicitor. Would I loose my job if I went down the bankruptcy route?

[chris.g]

It's ok to name the company you are with , zchr1. Regarding your job, you will have to look at your terms of employment, you should have a copy, and check carefully if there is anything in it regarding bankruptcy and continuing employment. Failing that you could contact the HR dept of your employer anonnomously, and ask for them to confirm whether it would put you job at risk declaring bankruptcy.

[zchr1]

Okay then, the firm that was dealing with my IVA was Clearstart. I was not happy from the get go with them because they wanted so mcuh money every month. Now my IVA is due to fail I have to start quickly in finding a decent IP to help.

[MelanieGiles]

It is a shame that you are only now realising that things are not right with the IVA you have agreed to enter into with your creditors. A word of warning to all forum posters thinking that an IVA might be a sensible solution for them, to be sure you understand what you are signing up to in the first place. And if you don't get to speak/meet with to your IP, or a very senior member of their staff during the process, to enable them to fully explain all of the options you have available to you, and the advantages, disadvantages and implications of each route, I would be very wary.

[zchr1]

I have been on the Insolvency Pratitioners Association website and cannot seem to find any of the names of IP's on this forum, listed? How do I know if anyone is true?!I'm so upset about everything I feel Ican't trust anyone.

[MelanieGiles]

That is because I am licensed by the Institute of Chartered Accountants in England and Wales and not the IPA, although I am a member of the IPA!

A better place to look is on the Insolvency Service's website under "Find an IP", and can I assure you that every IP who posts on this forum is absolutely genuine.

You can also check out the various IPs on this site on iva.com - a comparison website.

[Reviva UK]

Hi zchr1

as we are conversing on this and the Br site I thought I should let you know that I am actually in London on Tuesday so if you need to see someone face to face and have a coffee I am about.

Just a thought as it might help you clarify your situation

[ianmillington]

For info I am licensed by the IPA and you should find me on there and the DTI.

If I were you I would take up Pauls offer to meet if you can.

ian