would i be able to buy myself out of the iva

[beverly_e]

i am currently in an iva if i was to come into some money would i be able to buy myself out of the iva and also can i change iva companies at all

[bagpuss]

hiya...there is such a thing called Full and Final payment...if you have come into enough money to make a offer then you would need to check that you dont have a clause in your IVA saying no F/F offers within the first 12/24 months....and then speak to your IP.

I am sure i read on here that it is near impossible to change IP's and to try to resolve any problems you have with your current IP....

whats the reason for wanting to change....?

how much of an offer do you think you could raise....?

Angie xx


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

[MelanieGiles]

If you receive enough money to pay off the debts in full, the costs of the IVA and potentially statutory interest, then you will pay that sum over to the IP and the IVA will be brought to a conclusion.

If you inherit or win a lesser amount, this will still need to be handed over to your Supervisor for the benefit of your creditors under the windrall provisions of the arrangement.

And Bagpuss is correct - it will be very difficult for you to pull away from your existing IP.

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

[Adam Davies]

Hi Mel
I wonder if customer service standards would improve if people could move IPs relatively easily ?
I would guess that in DMPs getting hold of people and having calls returned are much better compared to IVAs.It is easier to pull out and change debt management companies and as fees are paid monthly they have a strong incentive to look after you.
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]

You are probably right there Andy. I am personally saddened to hear so many of our posters expressing dissatisfaction at the IVA process and their IP's lack of attention.

When I think of how hard the IP examinations are, and how proud you are when you get your results and eventually get a licence to practice, to throw that all away by failing to attend to clients is not sensible.

But I blame IP firms more than I blame individual IP's, some of which are taking on a huge amount of work at the moment. I hope that in the future we will see the firms regulated as well as the individual office holders, some of which do not even have a shareholding in the companies they work for.


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

[beverly_e]

hi thanx very mch for that, i was thinking about changing to see if i could get a better deal but i think i will just talk to my IP and see what happens thanx again. another ? if i was to come into say half of my money that i owe will it be taken off the total or will the IVA continue as normal.

[Andrew Graveson]

Hi Andy,
Despite the logic behind service levels in a DMP I'm not sure you'd find a different profile of customer satisfaction (or disatisfaction).
A commercial DMP company will generally retain the first payment as a charge for negotiation of the plan and then perhaps 15% of each monthly payment as a management charge.
For a £200 per month case the DMP company will subsequently earn £30 per month for management. In too many cases service levels are poor once the first payment has been received.
If busy the DMP company has a commercial incentive to focus on sale of new business (£200) rather than the satisfaction of existing customers (£30). This perhaps partly accounts for the significant (more than IVA) drop-out rate that the DMP industry as a whole suffers.
Like the IVA market there are plenty of good debt management companies who are committed to good service that would not compromise their values for a quick buck. Also like the IVA market there are companies for whom a quick buck is their lifeblood.
As with any purchase it's all about finding a company with whom you feel comfortable, valued, and important.
We hear from customers of other DMP companies every week that transfer to us as a result of such service weaknesses.
I think this just reinforces the message that this site conveys so well that it makes sense to speak to several providers of whichever service you seek until you find one that feels right.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[Adam Davies]

Hi Andrew
Thanks for that.
I just thought that because a customer could up and move so easily,unlike an IVA,then it would make the provider,debt management company, more customer focused.
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

[Andrew Graveson]

Hi Andy,
It does seem that there might be more accountability for DMP companies as the ability to move is much greater. I think, like bank accounts, many who know they should move for a better deal do not bother because of the hassle involved.
In the end I don't think it matters what industry you are in. Companies who encompass good service as part of their values will win because a business is worthless in the long term without the goodwill of it's customers.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk