We are about to sign the papaers

[ndb]

We are about to sign the papaers for starting an IVA. We have 60k debt and can afford the repayment that out IP is going to ask for. Read the info on IVAs and had a couple of questions.
Does the IP usually manage to get the 75% to agree to the proposal?
We have to send the IP the first months payment before any agreement is secured with our creditors and the letter states that if for any reason it doesn't happen they will keep the payment to cover costs - is this legit?
The booklet said that a creditor may reject the IVA proposal but decide to make us bankrupt - is this a risk of starting all this?
We are dealing with the Relax Group - specifically Synergie - and feedback?

Thanks

[Breakdown]

Hi, I'm in the same boat as you, but with a different company, we have sent the first months payment in good faith, and will be sending the second payment next week. Hopefully our proposal should be ready by end of Jan.

I have the same worries about the 75% acceptance by my creditors, I have 11 to whom I owe £75k, but I have complete faith in my IP that she will do her utmost best for me and my hubby.

Keep the faith!

S x

[kallis3]

Hi and welcome,

The majority of the time the creditors all agree, but sometimes it depends on who your creditors are, some of them can be awkward.

Not sure about the IP keeping the first months payment if you don't get through.

Creditors can make you bankrupt, but it very rarely happens as it costs them a lot of money, so I wouldn't worry about that.

If the worst comes to the worst and they don't approve you, you will be back to square one with the creditors hounding you again.

I can't help you with Synergie, but if you are unsure about anything, I would contact another IP company to find out how you would do with them. Visit www.iva.com or you could speak to one of the experts who post on here. Melanie Giles comes highly recommended. It wouldn't hurt to get a further perspective on your situation.

[MelanieGiles]

Over 80% of IVA applications are actually accepted so you must have at least a four in five chance of getting through - and as long as you have put the very best proposal forward, you ought to be successful on the day.

Your IP ought to refund the first payment to you if they do not get the IVA accepted, most of us do, so ask Synergi why this does not apply in your case.

And in my professional opinion, nobody ought to have to pay more than one payment up front before an IVA is proposed - so if you are, question why.

[David Mond]

ClearDebt does not ask for any payment up front whatsoever. The requirement to pay is the first months installment 31 days after the IVA has been approved by creditors. Debtors should resist making any payment that is not refunded if an IVA is refused - whether they should stump up an advance of the monthly contribution prior to approval at a time when they are financially strained is a mute point. Seek out firms that don't request this. It is not too late to change your IP and it may be for the best!

[luluj]

Your IP would not put you forward for an IVa if they had doubts over it's suitability to be accepted, so hopefully all should be ok.

Here's to a more fulfilling 2009 and one that is credit card free !!!!

[Skippy]

As the others have said I would question why you won't get a refund of your money if your IVA isn't successful.

Good luck with your IVA, but if anything doesn't feel right get a second opinion. 5 years is a long time and if something doesn't feel right you're better sorting it out now xxx

[Adam Davies]

Hi
Be careful with Synergie, this forum has had many horror stories regading payments made,for many months, before the IVA is agreed.Be clear as to exactly what happes to your payments if the IVA is not accepted and how many payments you have to make before the creditors meeting.Also be sure of what happens with your payments made upto the IVA acceptance,i;e that they are included as part of the 60 months contracted IVA payments.
Regards

[kallis3]

I would certainly take further advice before committing yourself to Synergie. It's not too late to change your mind.

[Jan01]

I am with Synergi and we ended up paying 7 months payments before our IVA was approved (we started the IVA journey in the March and out creditors meeting was in the November) I have however got it in writing that the money we paid up front is part of our IVA. I do wish I had found this site at the beginning of my IVA rather than towards the end. As I didn't know that 8 months was along time before in getting a creditors meeting arranged. it seems that everything with Synergi take a long time. They are a big company and the personal touch is missing that you would get form a smaller company.

Good luck with your IVA and I hope it works out well for you.

Jan

[ndb]

Thanks for that info. We are now seriously considering looking for a different IP instead of Synergie as reading through the forum posts has opened our eyes to a lot more info we should have been given and a lot more questions we should have asked.
I followed the link and have filled in the questionnaire on Melanie's site so will hopefully see what she feels about our situation and the way we should proceed.I am 100% coninced that an IVA is the right solution - it's just about getting the right IP I have discovered.

Glad all worked out for you (in the end!) but I bet it's been a stressful 8 months.

Happy New Year.

[james.c]

best of luck to you

[Skippy]

You'll get good advice from Melanie - she's highly recommended by a lot of people on this forum. Good luck x

[MelanieGiles]

I'll be delighted to assist you with this process ndb, and look forward to having a chat with you soon. Second opinions cost nothing, and could set your mind at rest that you are on the right road.

[ndb]

Thanks Melanie. I've sent you all my details via your site so look forward to hearing from you when it's convenient.
Best wishes.
ndb