Asked to make two monthly payments

Get expert opinion. This is the place for new questions to be posted.
24 posts Page 1 of 2
 
 

Hotmerc

User avatar
Posts: 13
Joined: Sun Sep 06, 2009 2:39 pm
Location:

Post by Hotmerc » Sat Sep 11, 2010 6:13 pm
Hi All,

I have a question that seems to me be turned round in the IVA's favour in that I was asked to make two monthly payments equal to the amount I would be paying (£800.00) monthly once accepted. I was told at the time that this was to see that I could manage the payments. Some months after my IVA was approved I questioned this and was told the following:

"?? Insolvency Services were a seperate company from ?? Insolvency Limited (same company name but now Limited)"a company within which ?? & Partners Ltd hold a majority shareholding and as such had no connection with ?? & Partners Ltd. No funds that you had paid ware never mentioned or paid to ?? & Partners Ltd in connection with your IVA"

Your advice would on the above would be greatly appreciated.
 
 

kallis3

User avatar
Forum Expert
Posts: 76947
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Sep 11, 2010 6:19 pm
These payments will be extra to your IVA and will have been paid to the firm you initially approached for them to do the initial legwork for you.

There are a lot of companies who do this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Sat Sep 11, 2010 7:21 pm
Hi
Any payments that you made before your IVA was accepted should have been either used towards your IVA or clearly explained to you that it was to cover fees of an introducer.
Introducing companies have an important part to play but any costs should be clearly explained to the client before any monies are paid over.
Regards
Andam Davies
 
 

plasticdaft

User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Sun Sep 12, 2010 2:09 pm
Another case of introducers not explaining things clearly to people. Are these introducers in any way regulated???

I know you say they have a place Andy,but why when others can go straight to an insolvency firm would you want to or need to speak to someone who will charge you money that you dont need or have to spend???

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Sun Sep 12, 2010 3:33 pm
Hi Paul
The problem is that many people would not go straight to an IP as they would know very little about an IVA etc. If people were left to deal with just the CCCs, for example, do you think they an IVA would always be offered over a DMP when the most suitable solution ? would bankruptcy be discussed ?
Good introducers will explain all three options and many of the IVA providers will happily accept cases from an introducer.
Problem we have is that there are many companies that do not give the right advice and also do not warrant the fees they charge v the service that they actually offer
Regards
Andam Davies
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Sun Sep 12, 2010 10:14 pm
If there is still so much inappropriate or tunnelled advice out there, why on earth are the OFT and MOJ not jumping up and down about these companies - be they "charities" or commercials?

I gather that they are doing plenty of mystery shopping at the momement, but only a few firms have actually had their operating licences removed.
Regards, Melanie Giles, Insolvency Practitioner
 
 

TheMatrix

User avatar
Posts: 2171
Joined: Sat Mar 17, 2007 8:32 pm
Location: United Kingdom

Post by TheMatrix » Mon Sep 13, 2010 4:10 pm
If I had known what I know now I would have approached a IP directly.

I did not, I clicked on a banner on this site at the time, filled in the questionaire and was contacted by Thomas Charles who did the same thing.

Took 2 payments before the IVA started by cheque, believing this formed part of the IVA payments.

They did not. Even looking in the document now it says that my IP paid them £1,000 as a referral fee too. So they got money from me twice, once directly and again through my IP who I have paid in the believe the money was going to them to pay my creditors.

Still back then I would have done anything to get out of a 70K hole.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
 
 

kallis3

User avatar
Forum Expert
Posts: 76947
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Sep 13, 2010 4:24 pm
A lot of people do just grab at the first lifeline thrown to them, but they should be told exactly what they are paying upfront for.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Mon Sep 13, 2010 4:53 pm
There are many very reputable introducer firms who do an excellent job and without them many people would never hear of IPs or an IVA. They would be stuck on unsuitable DMPs whether in the private or so called 'Charity' sector so there is certainly a need.

It is wrong to mislead anyone but ultimately many of these firms earn their fees and should be up front about them.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

OPTIMIST12

User avatar
Posts: 683
Joined: Mon Aug 06, 2007 1:47 pm
Location: United Kingdom

Post by OPTIMIST12 » Mon Sep 13, 2010 5:13 pm
Some posters may remember me from way back - thank you very much to Andy Davie who has allowed me to be reinstated to the forum.

I was so lucky in regard to this topic - I really had no idea who to contact in the first instance when I first sought assistance in 2006 / 2007. It really is difficult at the initial stage to understand who and what you are committing to. I think at the time that I too saw ads from "introducers" but - for whatever reason - I did not engage with these firms. I chose one of the large INA companies - probabaly by luck rather than design - and have nothing but praise for them thus far. Many people will have different stories - I am not promoting anyone - and I really would recommend everyone to do some research before you decide who you go with. Reading this Forum will indicate many good companies.

I am now 42 months into my IVA - 18 months to go.
Last edited by OPTIMIST12 on Mon Sep 13, 2010 5:15 pm, edited 1 time in total.
47 months completed - 13 months to go.
 
 

kallis3

User avatar
Forum Expert
Posts: 76947
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Sep 13, 2010 5:15 pm
Optimist - how nice to see you back! Hope you are ok. Glad your IVA is going well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

TheMatrix

User avatar
Posts: 2171
Joined: Sat Mar 17, 2007 8:32 pm
Location: United Kingdom

Post by TheMatrix » Mon Sep 13, 2010 5:16 pm
kallis3 wrote:

A lot of people do just grab at the first lifeline thrown to them, but they should be told exactly what they are paying upfront for.
I agree, they should also be told they can approach a IP directly. But they wont tell you this cause everyone would just cut them out.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
 
 

kallis3

User avatar
Forum Expert
Posts: 76947
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Sep 13, 2010 5:20 pm
I disagree - some people are happy to let people do the initial work for them and a reputable company will always tell you what the two initial paymens are for.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

OPTIMIST12

User avatar
Posts: 683
Joined: Mon Aug 06, 2007 1:47 pm
Location: United Kingdom

Post by OPTIMIST12 » Mon Sep 13, 2010 5:30 pm
Thank you for your welcome Kallis - I will hope to pop in now and again. With less than 18 months to go (hopefully!!) I remain optimistic for a successful completion - Good Luck to all - there will be good times and bad times but stick with it please - you are doing the right thing.
47 months completed - 13 months to go.
 
 

TheMatrix

User avatar
Posts: 2171
Joined: Sat Mar 17, 2007 8:32 pm
Location: United Kingdom

Post by TheMatrix » Mon Sep 13, 2010 5:38 pm
The only thing they did was source a IP for me, they just took all the details and sent them onwards. Nothing I could not have done myself as I gave them all the information they needed to do that.

If this helps save someone else making the same mistake I did then I'd feel a lot better.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
24 posts Page 1 of 2
Return to “Ask IVA Forum and Industry experts”