www.iva.co.uk

When just making enquiries about IVA's with the various companies who can handle this issue, will any of them tip off your creditors in the meantime that you are seeking this kind of advice - because obviously this would place you the debtor in a difficult position creditors finding out what you are thinking before you are ready.

Plus you have to give them your name and address, they could look up your credit history and find out all sorts of information about you before you are ready to instruct them or choose not to go ahead with a particular company. So they can make all sorts of investigations regarding your financial situation.

Hi,

Firstly, in my experience, you have to agree for the IP to act on your behalf, you must supply the IP with all the details of your creditors, who you owe, how much etc - IPs are professional people who are governed by regulation so highly unlikely that they would abuse the trust of the individual.

I'm sure Melanie will contribute to this thread and re-assure you of the practices employed by an IP.

You do right to make enquiries and find someone suitable to assist - please review this forum as some great advice is given.

To be honest it doesnt really matter if your creditors do find out !

Sooner or later you will have to tell them!

Your creditors deal with people with debt problems day in day out, so they are not going to be shocked or horrified when you reveal your IVA, and they cant really stop you looking into one!

I think that IP's have no interest in contacting your creditors unless you have agreed to go through with an IVA....they wouldnt have any reason to really.

Once you have made your desion to go through with an IVA then you do have to disclose everything...creditors will be contacted and your personal details would be looked into....by the time it gets to this stage though you really wont mind...its just an end to a nighmare you are looking for.





Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

Your IP will not make any form of contact with your creditors until you provide them with the necessary authorisation to do so. Also, if your are insolvent and are looking for professional assistance, you will want your IP to contact your creditors to take some of the pressure away from you.

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

Thanks to you all who responded to my post.

I wanted to take the advice of getting in touch with at least 3 companies and comparing what they say about my particular situation but in so doing I did not want to create a situation where I had lots of different companies investigating my financial situation. But as you have all pointed out they will find out in the end, this is true.

I just wanted to take the time and really look into my options and who was the best company to go with as I have heard that some people charge you, although all the adverts I have seen say that its free ie "Debt Free Direct". Plus I did not want my bank to be tipped off because I understand you have to close your bank account and open another one in order to prevent your bank from sizing what little money may be placed in your account.

I do want my particular nightmare to end, so I think I will be going ahead and approaching the relevant companies to take a closer look at my situation.

May be you could all recommend a fee good companies or IPs to me, if this is allowed on an open forum.

Thanks again.

Hi Marcia
You have already had a brilliant Ip answer you above. Also you can take a look at iva.com where they have loads of reviews of all companies.
All the best

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Hi marcia
You are doing the right thing in asking questions and contacting several companies.
Good luck

Andy Davie
IVA.co.uk Spokesperson

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

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

Hi marcia

When making initial contact with companies you will not give account numbers for your bank/credit cards, and your chosen IP will only contact creditors when you hve signed an authority for them to act.
I would make one of your contact's Melanies's company (read her feedback). I was initially with a large company and my advisor did not know me by name or remember speaking to me from one time to the next - I was quoting case numbers all the time and they would pull up my details. When I changed to Melanie and her team I was amazed how different it was dealing with them, they are always available to help and you get a more personal service.

Also I would make opening another bank account your priority, so you have one ready to go if you start an iva
Good luck
Emma

Thanks again to everyone who has responded to my post. Your advice and links have been very helpful in a situation that makes you very afraid. I have made initial contact with Melaine. I have read her feed back on IVA.com which have all been extremely positive.

All the best Marcia
I am sure you will get quality advice from Melanie and her team. Look forward to hearing how you are getting on.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Another quick question. Whilst one is opening a new account and trying to find a reputable IP or company to help you sort out your financial mess, one is still living on credit because your income does not meet your outgoings.

How can you get off the merrygoround before you have an IVA and from all accounts it does not sound like its a sure thing, it can fail. In the meantime you still have to live off credit. Plus if your creditors find out you were considering an IVA all along and continued to use their money will they not look at this at the voting stag and feel unfavourable towards your proposal?

Welcome your comments.

Hi Marcia
Your company will advise you of what to do, the norm is to either stop payments to all creditors or to make token payments until your meeting. Token payments would be pro rata to the amount owed for example to pay £1 for every 100 owed to the creditor. That way you show none preferential treatment and have the money to survive and make your iva payment if all hopefully goes well. Melanie and her team will advise you what to do.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Hi
Once you decide on an IVA and appoint an IP you will usually be advised to stop making payments to all your unsecred creditors.At the same time cease using credit as you will not need to.You are at this point off the merrygoround !!
Most people pre IVA have used credit to make ends meet upto this point.

Andy Davie
IVA.co.uk Spokesperson

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

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

Thanks again for the advice. Well we are using our credit to pay bills and feed two small kids, not buying expensive items just day to day needs.