What a minefield

[kens]

My wife and i are just embarking on the IVA trail we owe £98k and our income each month is £3400. i know all situations are different we have been quoted £1554 per month by Baines and Ernst and they want £3092 as fees. i read really bad press about Baines and Ernst since we signed.We do wish that we had known about this website earlier as were all in the same boat so to speak, our boat may be a little bigger however.

Any comments would be useful.

[plec]

hi & weclome

when did u sign with them and is it 2 months up front



High hopes & skint pockets!!

[Adam Davies]

Hi and welcome

Paying that sort of figure would mean that you could pay your entire debt off under a debt management plan with no claim on your house equity in just over five years,has this option been fully researched by yourself with B+E ?
Is £1554 your real disposible income and manageable?
What is your house worth and outstanding mortgage ?
Regards

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

[kens]

Hi Andy,

Thanks for that, in answer to your question we looked at a DMP with Blair Endersby but there was no closure date and the interest may not be frozen etc.
Baines and Ernst never mentioned a DMP, i feel that before we found the forum that we were in a little knowlege and all that.£1545 is a just affordable payment and we have already taken on board the post re if it's not affordable then dont do it.

We dont own our house its rented, Yes it is two months up front

[Adam Davies]

Hi
Well you are right about the downside of DMPs in that there is no definite end date and interest can still accrue,plus creditors are free to take legal action.Interesting that B+Ernst never discussed this.
My advice on your info supplied would be to speak to two or three other companies and get a second opinion.An IVA may be right for you but I would question such a large amount upfront.What happens to this amount if your IVA is rejected ? If accepted does it form your first two payments ?
Regards

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

[MelanieGiles]

Most IP's will not ask you to pay any more up front than perhaps one contribution at the time of your creditors meeting to show willing and commitment to the IVA. I would suggest that if you find the payments now "barely affordable", that over the next five years they will become unaffordable. Andy gives good advice in suggesting a second opinion. This will cost nothing and perhaps set your mind at rest.

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

[kens]

Hi Both ,
Thanks for your sound advice as i said earlier i wish my wife and i had reserched a bit more ( Hindsight is a wonderful thing )Ive read again the T and C's and if our IVA is rejected we loose the two months up front, i'm sure then that a DMP would be mentioned.

Second opinion it is Melanie no matter how late.

[tracy.h]

Hi Kens
I would seriously look at getting a second opinion from Melanie as at least when you start your iva you will know that you got all the advise you need an iva is a long hard road but having an ip who is as fair and honest as Melanie helps you manage a viable and realistic iva.
Im not saying the opinion you have already recieved is not realistic but it is your right to feel happy and confident in the company that will be looking after you.

Good luck

Tracy

[mikebdomain]

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[kens]

Thanks to all

[hallway]

I am with Blair Endesby have been for 9 months, so far have found them to be great,I didnt get asked to pay any upfront fees,Im starting to worry now hearing all this bad press just waiting for something to go wrong or am I just one of the lucky ones.

[kens]

I have taken the advice and have sought two other opinions, i'm really impressed with Thomas Charles, mainly because of the style of handling, i did feel pressurised with B and E. If i have to cut my losses so far £600 part payment up front with no gauranteed return then so be it.

My wife and i wish to meet our reponsibilities as far as we are able but also have a life it is dissapointing that there will always be companies out there who will exploit the vunerably and the desparate.

[Adam Davies]

Hi
Five years seems like a life time on a tight budget and it is so important to have both a realistic disposible income and an IP that is readily available to answer your queries.
Take your time and make sure all your concerns and questions are answered before you commit
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