2nd IVA.

[drowning-mummy]

Hi Chris, Our debts are £24,000 and we should hopefully be paying £290pm. Melanie is our IP. I believe she only takes on cases where you pay back a minimum of £250. If you are thinking of going to her then you may have to rethink your I&E.

[chardonnay]

Hi Chris,
I would seriously take the advice on here and shop around. I'm with Blair Endesby and they took two up front payments of over £500 each - that left me with no food and having to borrow money for petrol to get to work. They are also not the most helpful - I get more help, support and advice on here than I ever have from them (I asked for help selling the house and changing car and got none - they are a debt management company not an advice centre I was told!!!)The calls and hassle will go on for a while so try not to get too stessed about it - just say you are seeking professional help and that should help. Once you have chosen a company/IP to work with you usually get a reference number and that helps again.
Chin up, thinking of you,
Chardonnay

[jasperyogi]

We have been with B+E for almost a year now and my advice is DONT BOTHER. They are fantastic until your IVA is accepted then your on your own. They never get back to you when you ring for advice, and I've never even heard my IP's voice let alone seen him. Please find another company!

[zoe]

Hi there
Have to just add it is not how much you want to pay in an IVA your income and expenditure is closely scrutinised to see what you should be offering.

[Chris.z]

Have spoke to 2 now, Bainst and earnst and Freeman Jones and both want upfront payments, Freeman Jones wanted the payment immediately before the IVA has even been looked at!!

I am unsure if this is normal practice or if I have just been unlucky with the people I have contacted.

Is this normal practice???

I would have thought the IVA would have to be agreed before payments commenced or maybe I'm wrong????????.

Thanks for all your kind replies and support it is greatly appreciated.

[rayb]

Do not use Blair Endersby at all. Like the others said great when you are first setting it up but after that they are as much use as a chocolate teapot

[abc]

Is your "failed IVA" a IVA that was approved and failed perhaps due to non payment? If so creditors do consider a second IVA if the new proposal clearly identifies what went wrong with the first IVA, it may have been for a change in circumstances etc.

If your "failed IVA" was due to not being accepted at the meeting of creditors, then a new proposal would need to deal with why your creditors did not accept your first IVA proposal, this may be for a number of reasons.

For either of the above scenarios I would recommend that you see an IP face to face to undestand your options fully rather than simply submitting a new IVA which may not be accepted.

[ianmillington]

I entirely agree with Alan here, a proper post-mortem needs to be done on the first IVA so as to properly set out how the second one differs from it and thus why the 2nd should succeed when the 1st one failed. Ideally this will be done at a face to face meeting.

If your chosen IP firm wants to charge you for this meeting then run a mile.

Ian

[Chris.z]

The 1st IVA was set up hastily and as I was desperate to stop being harrassed I just chose the 1st one. Also my, then IVA firm said they specifically, dealt with NHS cases. I quickly realised I couldn't afford it and tried to vary it but got refused.

I had split with my partner and also had 8 months off sick with a serious physical health problem.

I'm unsure what people are telling me here.... Is it normal for an IVA company to ask for payments before the IVA is agreed????


Regards

Chris.

[ianmillington]

A meeting to decide whether the IP can help you should never be charged.

Once you have decided that you are going for the IVA you should then make payments to the IP but as the monthly contributions and not any form of fee. If you have paid a couple by the time of the creditors meeting that is good because it demonstrates the ability to pay. You should be able to agree with the new IP that if the creditors reject the IVA you will get these back as your legal obligation to actually make contributions only takes effect when the IVA is approved.

If, however, you withdraw instructions after the meeting has been called but before it is held then the IP may want to be paid something for services rendered.

[Chris.z]

So the suggestion earlier on in this thread that the 1-2 months it takes to formulate and get a decision on an IVA being used to get an emergency fund in place for the 5 years ahead doesn't actually happen in practice??

Regards


Chris

[ianmillington]

Should you be not paying the creditors but saving at the same time? A moot point I think.

There is nothing to actually stop you in theory as the obligation to actually pay does not become legally enforceable until the IVA is approved. However, it can help with the credibility if the nominee is able to report to the Court when he files the proposal that a contribution has already been paid. That's probably more important for a second attempt. All things being equal, in those circumstances when your IVA is approved you have 59 of the 60 to go. It's not an up front "setup" fee.

Ian

[Chris.z]

Ok Ian , thanks for that , it would just appear I have to choose the right firm now!!

The 2 I have looked at already got different disposable incomes so it is confusing already!!

Thanks again.

Chris

[kallis3]

We're with Payplan, and they have been good for us, but a lot of people on here swear by Melanie Giles, so you could do worse than look at her site

[ianmillington]

Chris

The disposable income (ie proposed contribution) cannot be acertained until the due diligence has been done on your paperwork including scrutiny of your bank statements etc, so what you have been told is quite meaningless as it's bound to change anyway when the papers are reviewed.

Have you actually got to speak to one of the IPs (or at least one of the senior managers) about the matter? I cannot overemphasise this. If your first IVA has failed, creditors will view a second attempt far more sceptically than they did the first, and will need to be convinced that it will actually work this time. The extent of the due diligence by the IP will be what determines whether or not this happens.

Ian