www.iva.co.uk

Hi everyone,

I have been in the process of applying for an IVA with Thomas Charles for about 2 months now. My papers were just this week, handed to my IP. I was originally told this was to be Melanie Giles however on receiving my paperwork today, I now find it has been changed to Accuma. Does anyone have any advice about Accuma and how successful they tend to be? I feel really worried now as we have a huge amount of debt and was pretty confident having Melanie act for us. I have just not heard of Accuma and am now panicking (again!)

Any advice would be great
thanks
Andrea

Hi
From what I know Thomas Charles pass on your case to the most appropriate IP for your circumstances and given the guarantee that they give i;e your payments back plus between £250 and £500 I think you can rest assured.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hi Andrea

Is your IVA a fairly straightforward case ?

Accuma are a volume IVA processor and are a large publicly listed company.

I don't recall anything particularly bad being said about them in the forum and they do post here occasionally.

However it seems likely that you might not get the same type of service level associated with a smaller company.

If you don't like the choice of IP, why not ask Thomas Charles to justify and/or change it?

If that fails, you could also consider bailing out with TC and going direct to the IP of your choice. You may well lose any money you have paid to TC, but I doubt there is anything that legally binds you to them or their choice of IP.

-Best





Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

Hi,

I really dont know whether my IVA would be classed as complicated or not! We owe about £105k (ouch). The thing that worries me is we have debts with Northern Rock, HSBC, and a small amount with Black horse. We have a pretty good dividend of about 52p(this is before any IP fees though so this will drop).

We really couldnt afford to lose the monies paid to Thomas Charles as we have paid 2 monthly payments of £1120. It would totally destroy us to have to start again.

I just feel so stressed now. We have a lady called Lucy calling us next week so it's looking like we are going have to wait to see what she says.

thanks for your replies, they are greatly appreciated

Andrea

Andrea
Stay put.
TC have an excellent success rate,from memory 98%+
If you change now you will not only lose the money but more importantly go back time wise.
Are you paying £1120 a month into your IVA ?
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hi Andy,

Thomas Charles set the payment to £1120 after slighlty altering our budget but we are going to have to make a few modifications with Accuma as I think this is a bit unrealistic and dont want to take on a sum we cant keep up with. It wont be far off that figure though maybe a hundred pounds or so less.

What I am struggling to find out though is how much debt we actually have! This might sound a little strange but it appears some creditors who we have personal loans with will class the amount of debt as the the total sum that would have been repayable if we had completed the loan so charging the interst in a lump sum. This seems really unfair. I was under the asumption all creditors should be treat evenly showing no prefernces, well how is this fair on the creditors we have credit card balances with?

sorry to rant, I just dont see how this creditors can insist on us treating them all the same yet impose this rule of charging interest they would be losing out on.

Andrea

Hi Andrea, just to let you know that my IVA was handled by Accuma. Yes, it did fail, but that was my fault for signing up to something I couldn't afford. Accuma have been fine with me, very efficient and professional. At the beginning I was given a case manager, and once the IVA was accepted I was then passed to a case manager in a different department. If I have had to call I have spoken to the same person each time, and my IP has been very helpful. I would say stick with them. Good luck.

Onwards and upwards!!!

View my blog at http://skippy13.blogs.iva.co.uk/

Hi Andrea
The reason that I asked you to confirm your monthly amount was because it seemed high compaired to your dividend.
On a debt of 105k a monthly payment of £1120 would return about a 55p dividend and this will INCLUDE IP fees,one of your previous posts stated that it excluded IP fees.
Even if you propose £1000 a month this will return about 50p dividend and in your circumstances should be acceptable to creditors.
I agree with you totally on the personal debt figures v credit card debts,it really does seem strange that one can charge the whole interest over the whole term and the other cannot..............crazy
Finally please make sure that you are comfortable with your income and expenditure statement,its a tough,very tough five years.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Andrea,

The £2240 you have paid to Thomas Charles is basically a broker's fee for packaging the information and appointing an IP.

Therefore if you went 'direct' to an IP it wouldn't necessarily cost any more.

However I would agree with the other posts that your best best at this stage is probably to stick with TC/Accuma.

If the IVA fails TC offer to refund the £2240 plus £250 on top I think, giving you a good basis to restart if needs be.

However at the end of the day Accuma probably won't have any greater or lesser chance of getting the IVA through than any other IP and it seems your chances are good, having an excellent offer even with the awkward creditors.

In terms of your comments about the interest, I think regulations which apply to the early settlement of loans to reduce interest don't apply in default cases unfortunately.

-Best

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'