www.iva.co.uk

Posted: **Thu Jan 03, 2008 9:43 pm**

I am currently £18,000.00 in debt and pay a debt management company £280.45 per month, but my debt has actually risen since i have been with them, due to interest etc not being stopped. Would i qualify for an IVA?

Posted: **Thu Jan 03, 2008 9:48 pm**

Hi David

I am sure that you would qualify for an IVA on the basis that creditors are refusing to stop the interest on your accounts. Which DMP company are you actually with, and have they tried to get interest stopped without success? If so, you may wish to think about changing companies as well.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Thu Jan 03, 2008 9:52 pm**

So much for "TREATING CUSTOMERS FAIRLY" policy that lenders sign up to

Dave Beech

Posted: **Thu Jan 03, 2008 11:28 pm**

I think this has more to do with the British Banking Associations Code of Conduct rather than TCF. Firms are required to review cases of financial hardship sympathetically.

Provided that £280 per month represents a fair offer based on your circumstances I'm amazed that your DMP company hasn't had more success in getting interest frozen for you. Many many creditors take a really positive view towards helping clients in difficulty but doing their best to pay debts off, and agree to freeze interest in support of this.

It does require a proactive attitude from the DMP company and it would seem that some try harder than others.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

Posted: **Fri Jan 04, 2008 5:22 pm**

The debt management company is called Payplan. Anybody heard of them?

Posted: **Fri Jan 04, 2008 6:16 pm**

There is a good argument for a n IVA due to the interst and on going charges being added. Its a pity these companies cannot do as you request and freeze every thing as you would clear the debt in around 64 months paying back the full amount, if you had an IVA approved you would clear the debt in 60 months and they creditors would recieve a dividend of around 60%, and more imprortantly to the lenders is the effect it has on their bad debt provision. They are clever Bankers arn't they

Dave Beech

Posted: **Fri Jan 04, 2008 6:24 pm**

Hi David,

Payplan are funded by creditors. This is how they are able to provide "free" debt management plans to their clients.

You can read into that and your situation as you will.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

Posted: **Fri Jan 04, 2008 9:50 pm**

Hi
But if a creditor loads the debt by 15% when it becomes part of a DMP is it free ????
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Fri Jan 04, 2008 9:51 pm**

I there such thing as a free lunch?

Dave Beech

Posted: **Sat Jan 05, 2008 7:24 pm**

Hello again.
The DMP that i am paying at the moment is joint with my wife, as some of our debts are are in joint names. Bu we also have our own debts.
My question is can we have a joint IVA?

Posted: **Sat Jan 05, 2008 7:34 pm**

Dear david f ,

You must get out of DMP and seek IVA.

Melanie GIles is a INSOLVENCY PRACTIONER.

why dont you get in touch with her or seek a reputable firm, the other one I can suggest is GRANT THORNTON.I am with GT.

IT VITAL THAT YOU MUST CHOOSE A GOOD IP.

Beast of luck.

Hara.

Posted: **Sat Jan 05, 2008 7:36 pm**

you can have an interlocking IVA with you partner you put forward individual proposals that are interlocked financialy in terms of repayment to creditors. Seek some advice from an IP as soon as you can to resolve the situation and let them explain in detail how it all works

Dave Beech

Posted: **Sat Jan 05, 2008 8:21 pm**

Thankyou.
Also my wife does'nt work as we have 2 small children, so her only income is child benefit and tax credits, does this count towards payment?

Posted: **Sat Jan 05, 2008 8:35 pm**

The iva is based on the household income, so yes the will count as part of the household income

Dave Beech

Posted: **Sat Jan 05, 2008 8:38 pm**

Dear david f,

Yes income and expenditure of the whole house hold.

It would be help ful if you can give more information about your debts.Then experts and members would be able to give advice and comments.

1)Details of all UNSECURED debts, names of the companies and the amount you owe to each.

2)Are the debts in only one name, both or a combination?

3) If the debts are in one name the other person need not enter in IVA.

4) Mortgage details.

5) Any information that you think may be helpful.

Beat wishes.

Hara.