been in what I think is an IVA with spectrum for 4+ years.

[gba80]

***spectrum***

Hi iv been in what I think is an IVA with spectrum for the last 4+ years.

Don't know what made me do it but I googled spectrum the other night and got nothing but different forums all saying how bad they are and are just con artists.
Iv not checked my paper work yet as its at my mums but by reading comments on here and other forums I think Im in a debt management plan.
when the rep came to my house and spoke to me bout everything and went thru all my finances (25k debt) he said id be entered into an IVA id have to pay £320 for 3 months and £62 thereafter and I should save 10k in 5years for settlement. Because the situation I was in I went with it, to be honest I buried my head in the sand and let life carry on, over the last year iv got my self together and started taking control of my life again.

Ive looked at what they pay my 5 creditors (which is sweet f a) and they take £30 admin fee. when I worked it all out iv paid them £2,400 (including the £320x3 at the beginning) and my creditors £1,536, iv paid them more than my creditors.

Ive seen comments from people saying they've sent complaints to The Financial Ombudsman and to the Office Of Fair Trading iv even seen comments from people who are taking them to court for being misslead.
I believe I was miss sold (I say sold because I believe he was a salesman not a financial adviser) and misslead in to this and charged a lot considering some companies charge an admin fee but not as much as spectrum and the the three initial massive payments that I could barley afford.
Id like to know how I stand on this and what would be the best company to help me with my debts?

sorry its so long Andy

[kallis3]

Hi Andy and welcome to the forum.

You do need to check your paperwork to see what says. It does sound as though it could be a DMP.

If that is the case then you could go for an IVA. It would mean that you have a further five years to go though.

You can visit www.iva.com for a list of companies and reviews. Give one or two a ring for free and impartial advice.

[MelanieGiles]

So where are the savings that you are supposed to be making to offer to creditors? These schemes are desperately bad - and it is about time this sort of thing was stopped.

[plasticdaft]

Not the 1st time spectrum's name has come up.

Check the insolvency register to see if your IVA is on there,but I doubt it very much!!

Paul

[liamjames]

As they describe the £30 as a "management fee" then it's almost certainly a Debt Management Plan, not an IVA. Especially if you can't remember discussing your options with an Insolvency Practitioner or waiting to hear the outcome of your creditors meeting.

Depending on your circumstances, this might be the best option for you... or it might not. At any rate, it looks like their fees for managing your plan have been outrageous.

I'd advise you to seek independent advice, preferably at the CAB.

[gba80]

thanks for the replies, going to my mums tomorrow to pick up my pack.

Melanie my savings never happened went out the window like most things like I said I pretty much buried my head in the sand nothing but my own fault really. My main debt out of the 25k is 16K and the creditors for that phoned me not long ago offering me a settlement figure they said 12k so 10k would even clear the whole 25k

Just annoyes me that the rep said im in a IVA and I probably ain't in one and iv wasted over 4 years but in till I look I cant say much really.

Bit worried tho as iv seen comments on different forums saying spectrum ain't around any more and some other company are dealing with there books now

[kallis3]

Visit the link I posted, the advice is free and impartial and you may be able to get something sorted.

I would check on the Insolvency Register though just to make sure that your name isn't on there.

[Whitegold]

Spectrum 'helped' me set up my IVA... Back in March 2005, I was 25k in debt and with nobody to turn to for support. I met up with a sales rep from Spectrum who said they would be able to set my IVA up within 12-16 weeks. I paid over 1k to Spectrum for their 'services' and they passed my case on to Wilson Phillips (now with Grant Thornton)

I was so happy that there was 'light at the end of the tunnel' and was able to sleep again that I just went along with it. I really wish I had done my research and gone to someone else, I didn't even realise that Spectrum weren't the insolvency company who I would have my IVA with.

12-16 weeks turned into a 10 month trauma and I ended up with a further 2k added on to by debt total with charges alone.

Had my IVA been set up within the timescale I was given my IVA would be over now.

I also lost my job during my IVA but was lucky to get back on track quickly.

I've got 9 more payments to go now... it seems to be getting harder as I know I'm nearly at the end... but not quite!

[MelanieGiles]

Why don't you look at putting an IVA forward now? This may be a better option than a neverending DMP.

[gba80]

I checked on the insolvency registar and I'm not on there so guess it's not an IVA. Spectrum are a bunch of wasters.

I've been thinking bout entering one now but won't my creditors be a bit peed off seeing iv only been paying them pittance for four years and laugh it off? Do you think they would entertain me with a IVA now?

[MelanieGiles]

I absolutely do - and I feel that there will be an element of sympathy for you because it appears that you have been completely stitched up and there could be grounds for a complaint to the Financial Ombudsman for poor advice.

[Andrew Graveson]

Here's a little background from the Office of Fair Trading website that you may find interesting:

http://www.oft.gov.uk/news-and-updates/press/2009/31-09

[L-E-E]

Ahh Spectrum at it again, As Melanie mentioned an IVA may seem a bad idea after all this time but realistically 5 years could be your quickest option. How do they get away with this?!?

[kallis3]

No, Mel said it would be a good idea. I agree with her. An IVA would be a good idea.

I do agree that they should not be able to get away with it.

[L-E-E]

I don’t know why I put that! It has been a long day! The point I was trying to make that whilst it may sound daunting another 5 years this may will still be the quickest route available!

Must remember to only post before lunchtime!