www.iva.co.uk

Hello All, I'm new to this site and want to say hello. I am a licensed insolvency practitioner. I qualified in July this year.

My career started when I was left as a single mum and no job. I found a job in insolvency and love helping people. This led me to want to qualify as an IP.

I am based in South West and Wales and I will be happy to assist you with any queries you may have.

All the best

Sam

Hello and welcome. Have a word with Andy Davie to see about giving you Expert status.

Always good to have a new IP on board.

Hi and welcome from me. As Foggy says always good to have more professionals on the forum. x

Hi

Nice to have a fresh face on the forum, especially an Insolvency Practitioner

I will emial you direct Samand explain the procedure for expert status

Regards

Welcome to the forum Sam

Thank you very much for welcoming me, I am really enjoying responding to messages left. What is apparent is that many individuals do not fully understand the obligations they havve signed up to, which is a worry as an IP. As I advised someone earlier, a well drafted proposal should be fully evaluated by the client. I always take the time to sit down with clients to go through, in detail, the nitty gritty of the document.

It is a highly complex area and due to the nature of an IVA, a contract, it is wholly dependent upon the terms and if one party does not understand the terms it is unlikely to succeed. This may be through no fault of the individual.

Also, many people feel frustrated with the delay in obtaining their Certificates of Completion, I am going to fully research this area and post something on here which covers it. I appreciate this is down to the ongoing issue with PPI but it does seem unfair that people are left hanging.

Finally, I hope I can make a worthwhile contribution to this site. It took years to train to get to this point and if I can pass something on that is great.

Warm regards

Sam

Sam, I am afraid that I have to agree with your comments regarding people understanding what they are signing up for, but, unfortunately, some companies do not understand fragility of the client when they have reached the stage of asking for help. Many, at that time, will grasp any lifebelt offered and, from my limited experience, it seems that many companies want to sign you up as quickly as possible (whereupon you are effectively trapped) and then cut you loose to drift alone.

We are fortunate, on this forum, to have several good companies that actually see their clients as human beings and treat them accordingly --- funnily enough, these clients seem to have a less troublesome journey!

I agree, most clients I meet are vulnerble and just want a way out. If I feel a client doesn't fully understand the process I will ask them to bring a relative or friend to the meeting with me, this can often assist.

What I do see a lot of are clients who have already paid a fee to an unregulated 'debt advisor' or 'crisis manager' for the pleasure of being put in touch with an IP. Often this can amount to thousands of pounds and this is a rip off.

I write and assist in editing the R3 trade magazine, RECOVERY. All IP's in the UK are generally members of R3, I am considering bringing up the subject of Certificates of Completion to the attention of the editorial board.

As an IP we wear 3 hats when dealing with an IVA, advisor to the individual, honest broker acting for all stakeholders and then we act in compliance with the proposal. So we do act for the individual in the first instance, ie the time when they are most vulnerable. We should not forget this.

Sam

On the subject of Certificates of completion, it has been mooted on the forum, by myself and others, if the procedure could be adapted for modern times in that the IVA should, for all intents and purposes, be closed when the final payment has been made and the essential dividends distributed. The IP will then no longer act as Supervisor and the debtor could be released as planned. This would be subject to PPI investigations ( if deemed appropriate ) having already been started.

The IP would then be charged to act as Trustee for the distribution of PPI and / or VAT refunds, once these have been finalised.

That's right a former office holder, IP, will be a residual trustee (not to be confused with a Trustee in Bankruptcy) and distribute.

This is a hot topic and a headache for the larger IVA firms. It is to be discussed at the SPG forum on the 4&5 of October, so I shall keep you posted. Sam

Welcome from me as well Sam x

Welcome from me as well.

Welcome Sam and I look forwarding to reading more of your posts

welcome to the forum Sam

Paul