The advice you have been given by CCCSVA sounds a complete nonsense when creditors regularly support IVA proposals for people who have HP agreements. I would be suprised if these sort of comments were condoned by the IP at CCCSVA, who I know quite well, but if you feel that you would be best served by taking advice elsewhere I think all concerned would understand.
You will need to negotiate the ongoing repayment of the balloon payment - but most finance companies are relatively amenable to this so long as there is a plan for repaying it.
Hi Melanie
Thanks for your advice. I have contacted you directly through your website.
The balloon payment will be taken care of by my father in law who is prepared to wait for repayment until we can afford it - after IVA for example. So we would not need to negotiate finance and obviously once the intial HP payments are up then we can pay that amount into an IVA monthly payment.
Regards
That's great - we will speak to you specifically about your case, but I really don't see that the IVA will be a problem for you. We deal with people with hire purchase agreements every single day of the week!
Seems bizarre advice from the CCCSVA who seem to be getting a lot of bad press here lately. I wonder if their workload is too high and whether one IP is enough for a company that takes tens of thousands of enquiries every month. We have five IPs and are only a relatively small company so I cannot see how the CCCSVA can manage with only one.
You would have thought that a big company like that would have had a few IPs.
They certainly have had some bad press here recently.
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
We've got four IPs, and one lady who is JIEB qualified, and we are all really busy - so I do sympathise with those fellow professionals who are coping with vastly greater portfolios than mine - having said that I do like to be hands on with my clients, whereas other practitioners prefer to maintain a distance and rely on more junior members of staff. Nothing necessarily wrong with that so long as the staff are well trained and look after their clients well.
In my firms we do the full range of corporate and personal insolvency - so perhaps that is why our IP to staff ratio is much lower than some of the so called factory firms.
Hi
Quite unbelievable that he CCCs has one IP, however I do recall Malcolm Hurlston's comments that only 2% of enquiries result in them recommending an IVA ??? http://www.cccs.co.uk/Portals/0/Documen ... IJS-MH.pdf
Regards
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
