www.iva.co.uk

has anyone had any dealings with this company spectrum, although i have my creditors meeting set for the 14th with synergi, i had a phone call from this company, i advised them that i had applied for an iva and the meeting had been set, they asked me had i thought about what would happen if it didn't get accepted and what had my ip discussed in regards to this, started to panic a bit as i am not very confident of my iva being accepted due to northern rock, they came out to see me last night and the gentleman that came to see me said nothern rock will secure my loan immediatly on the house when they find out about the iva, this has worried me as the money used to pay this loan will be part of my disposable income towards the iva, is this right will northern rock do this even though they only found out at the last minute re my iva?
he then said but there is light at the end of the tunnel as they can set up an informal debt plan ( which sounds to me like a dmp) but would only pay into it for 5yrs £114 less than my iva would be and all my creditors would be paid back every penny they are owed as they know of this hidden legislation apparantly that allows them to do this and none of the equity in my house would be touched sounds too good to be true to me. how on earth would that be possible?
whats the catch ? he wouldn't tell me how much their upfront fee was though.
he reckons the company is a major player etc all that speel i haven;t fell for it but would like to hear any body else comments or prevent any body from being hoodwinked if that is what they are doing
scaredkez

I always think that if something sounds too good to be true, it generally is. I remember seeing a company called Spectrum on Watchdog, and I have looked on the website -

http://www.bbc.co.uk/consumer/tv_and_ra ... 1031.shtml

To be honest, I wouldn't touch them. I'm no expert, but as far as I know, with an informal debt plan your creditors aren't obliged by law to freeze interest. If there is this fantastic new legislation, how come all the other companies aren't using it? We wouldn't all be applying for IVA's if that was the case!

Perhaps I'm wrong and being hard on Spectrum, and if so I would be happy for one of the experts on here to correct me!

Two down, fifty eight to go until freedom!

Hi
Your quote"they can set up an informal debt plan ( which sounds to me like a dmp) but would only pay into it for 5yrs £114 less than my iva would be and all my creditors would be paid back every penny they are owed as they know of this hidden legislation apparantly that allows them to do this and none of the equity in my house would be touched sounds too good to be true to me"is the answer to your question.
Walk away

thanks for the replies, my thoughts are the same walk away, its very worrying when there are people out there who are in the same situation as us will fall for this.
i am being stupid at the moment getting different advice from other companies in case my iva isn't accepted, i should just sit tight and wait and see then decide what i am going to do.
scaredkez