www.iva.co.uk

I've just spoken with my friend who has been in an IVA for a year (she only told me when I confessed what I was considering). I asked her loads of questions and her answers suprised me.
Firstly, She had no idea about creditors voting!
Secondly, had no idea what I was on about when I mentioned the remortgage in 4th year thing (I dont understand either). She said that she pays £150 pm on debts of £21k and also has to put £50pm in an isa which she must hand over at the end of the loan. She is with Debt Free Me and said she has only ever had one face to face meeting and that was that!
I'm confused...........again!

I am sure someone else will answer soon but even from what I know so far it doesn't sound like an IVA at all.

Hi drowning mummy

The decision to enter any debt solution is always a difficult one and the most important choice is who you trust to have a relationship with for 5 years. You absolutely need to get this right.

There is so much to understand that you have to rely on your IP to explain carefully as you .

Can I suggest that you check out the IP reviews on the website iva.com ( it is a comparrison website) where you will see that the IVA Bureau scores extremely well.

it will be little surprise that this is one of melanie's companies and she is highly regarded here too.

I've already made my mind up that I want to go with Melanie, as I like to know what is going on etc and Melanie seems to offer this. I just dont understand how none of this was explained to my friend. I'm worried for her as she owns a property that she rents out.

Hey drowning-mummy, it doesn't sound like an IVA to me, maybe it is a debt management plan. It's nice that you shared with your friend, I'm sure you were surprised that you are going through the same problems. Viki X

Might be worth your friend checking to see if she is on a debt management plan or in an IVA.

If it is a DMP then is certainly worth speaking to Melanie too some clear advice is always helpful

Shes off to France today, but after I sent a text, she replied saying she was in an IVA. I'm going to her house in about 3 weeks, so she said that she will show me the paperwork.

Paying £50 into an ISA and handing the lot to creditors??? Why bother to do that?? Why not save the £50 as contingency. Your friend sounds surreal??

A bit harsh when we don't know the full facts?

She's just doing what she was advised. As they are not going after her positive equity, perhaps thats why she was asked to do the ISA instead of remortgaging in the 4th year?

Can't comment on the equity part but am intrigued and surprised that - one year in!!! - your friend is unaware of the voting process?

Did he / she not receive a Chairmans report following the Creditors meeting to set out who voted yes and no and who did not vote? If not - how exactly was he / she advised that the IVA had been accepted??? What did the IVA Company say during the phone call on the meeting day?

Your friends payments of £150 per month will total £9000 over 5 years minus say - £7000???? - fees will leave only £2000 - maximum - to go to Creditors (+ the ISA which I have never heard of before). Also it does seem a bit strange that your friend has enough money for an overseas holiday during an IVA?? Not sure how that is allowed for!!! But - like Skippy says - we do not know the full picture. But would like to know how anyone in an IVA can afford a trip abroad!?!?!?

I honestly don't think this can be an IVA? I am with one of the larger IVA Providers and they have set out everything brilliantly ever since I first contacted them. No stone left unturned and no questions left unanswered. Everything made crystal clear from Day 1.

But anyway - it is your circumstances that you should be thinking about - not your friend - so Good Luck and all the best to you.!!!!