First stage of IVA went easy, waiting for the proposal is killing me off.

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Notherenorthere

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Post by Notherenorthere » Wed Sep 02, 2020 4:47 pm
Hi all,

Wondering if anyone can help me figure this out.

I've set up an Iva with credit fix and everything went smoothly until I had to wait for my proposal.

Two working days passed and when I contacted them, they called back and said something on the lines of: their practitioner could not work with HSBC or Halifax at this time and that my proposal will be coming from a different company that sounded like 'FCG', or something. My monthly payment and length would be the same it's just moving to another company.

This was troubling. My teeth began to chatter with fear.

I was reassured that they would send me a proposal in two working days (if not Friday then Monday) and that the amount I have to pay will be the same and everything.

My debts aren't as much as many I've seen on here (15k) but I still don't know what's happening. I have a new bank account and everything was set up for creditfix and I thought it was going smoothly.

I don't know what any of this could possibly mean and now I have to wait till tomorrow to call someone and get them to reiterate slowly what's happening. I'm basically horrified at the thought that my bills are wracking up and I don't know whether this is very bad news. Does this company have my bank details and all? Apparently some people working at creditfix are working secondments for this company that I can't find or really remember the name of.

I wish they emailed me the information.

Is the above standard practice?

My creditors are:
Virgin, HSBC (credit card and a loan) and Halifax.

Any help will be appreciated and I will. Post updates so that future readers can benefit from what I'm going through.

kallis3

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Post by kallis3 » Wed Sep 02, 2020 5:23 pm
I can appreciate how stressful this is for you, I don't know why CF won't deal with HSBC or Halifax, seems strange to me.

It's not too late to change companies - choose a smaller one if you do. I also don't know who this other company is.
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

Foggy

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Post by Foggy » Wed Sep 02, 2020 5:27 pm
Was it the insolvency Experts limited ? CF have recently passed another potential client on to this company which has since stopped responding. They also have links to Ebenegate -- a company in Mauritius.

The reason the IP cannot work with several creditors is that they have basically upset these creditors so much that relationships have broken down. RBS were also party to a recent court case against CF.

Personally I would halt all proceedings and find another firm.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Notherenorthere

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Post by Notherenorthere » Wed Sep 02, 2020 6:22 pm
I think I'll wait till tomorrow to atleast talk to someone and find out exactly what is going on first. They sorted this out within days this far so I hope I can get another up sorted quickly if I need to.

Is there one that you recommend from frequenting this forum? There's so many to choose from.

If there's anyone else that's been told anything like this, I'd love to here from you.

Foggy

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Post by Foggy » Wed Sep 02, 2020 6:51 pm
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Notherenorthere

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Post by Notherenorthere » Wed Sep 02, 2020 7:02 pm
Wow so I should really ask them who they've transferred it to and why... and whether I can just not sign and go for a different firm?

I can't believe I had to contact them to find out this was happening.

Would it be possible that they could hand my case to a reliable firm? I'm pretty sure it wasn't the ones mentioned in that post, I distinctly remember it being three letters but the womans accent was really strong.

Thanks...

kallis3

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Post by kallis3 » Wed Sep 02, 2020 7:23 pm
Unlikely - they are not known for being good at communication so unlikely to transfer you to someone else.

Foggy has given you some good links to look for other firms and I, for one, would not want to deal with a firm who cannot deal with certain creditors and then pass you on to someone else who does not get good reviews on here.
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

MrMole

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Post by MrMole » Wed Sep 02, 2020 9:52 pm
Hi, you should heed what's been said so far but please keep in mind that 'your case' doesn't belong to anyone right now and the only person who should pass it on is you.

Notherenorthere

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Post by Notherenorthere » Thu Sep 03, 2020 7:06 am
OK, thank you, I'll get to the bottom of what happened and tell them that i'd like to choose what IP / company I'm moved to if that's exactly what's happening. I'll be able to call them in an hour.

I'm thinking of going with Stepchange next. I really hope I can get this sorted soon it feels like an avalanche of debt can fall on me any second.

abbiesmum2003

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Post by abbiesmum2003 » Thu Sep 03, 2020 8:47 am
It troubles me when I read IVA proposals have been drawn up over a few days.
It took us weeks to look into ours. Get our budget right. Speak to a couple of companys and get different budgets etc.
One company said we had over £1000 disposable income for the IVA but another was more realistic and we had £260. This made the differnece between a successful IVA and our life afterwards...and in my opinion a failed IVA as no way we had that disposable income but they failed to do a realistic budget.
Please stop this and look around. Read forum posts to get an idea if the hurdles in an IVA and ehat you are commiting too.
Days to draw up an iva suggests to me it has not been gone through in a detailed fashion and you needto be sure this is the right path. Once you have an IVA you are commited and tied in.
Look around and tell them to hold fire.

Notherenorthere

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Post by Notherenorthere » Thu Sep 03, 2020 8:58 am
Hi Abbiesmom, thanks for your input, who did you end up going with? Was your experience okay with them?

I read a bit and had as many details as possible together when I called them, the disposable income budget and everything seemed perfect but I guess its too good to be true sometimes.

I'm seriously leaning towards stepchange but theres a million companies and meanwhile my debt is mounting up. I was able to afford the 400 or so pounds outgoing I was paying by eating light and not doing much so it feels like I've suddenly become indiana running from the boulder out of nowhere.

Foggy

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Post by Foggy » Thu Sep 03, 2020 9:08 am
As long as your IVA is straightforward Stepchange run a fair arrangement (awkward cases they also farm out at times) and are easier to deal with than most. Not my cup of tea being simply too large (and, when I was looking. all those years ago, too pushy). But we do get very few complaints about them.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Notherenorthere

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Post by Notherenorthere » Thu Sep 03, 2020 9:10 am
Hi Foggy,

You've said 'too large' a couple of times now I think...do you mean that theyve worked with the creditors too many times and are often restricted by this?

How would you go about find a smaller one?

Lahoretiger

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Post by Lahoretiger » Thu Sep 03, 2020 9:23 am
Im with stepchange no issues good comms with in 15 mins of meeting called me

Notherenorthere

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Post by Notherenorthere » Thu Sep 03, 2020 9:33 am
So my case has been passed onto a company called 'The Financial Guidance Group' who I have a phone number for but can't find any sort of online presence that looks like the people I'm after. A lot of american kind of pages and things.

It turns out, probably for the reasons stated before (It is to do with Fee structure and CreditFix take a fixed fee while other IPs are happy to take a percentage based fee).

I was assured that they were a smaller company that would be more successful with my case as their dealings with HSBC would be on better terms.

I'm considering contacting them and making sure my case is progressing and then waiting for the proposal before I make a decision to pass on them and start the process again with another company. The basics of the proposal is the same but I will be working directly with them as soon as the proposal has gone through.
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