Hi, I have only recently found your website

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catswhiskas

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Post by catswhiskas » Tue Aug 10, 2010 10:35 am
Hi, I have only recently found your website and have found the questions posted interesting. We have got ourselves in a real mess so we thought that an IVA was the way out, so contacted a company and they went through the details and said that we are ideal criteris for an IVA. But having read some of your questions I am getting confused.
The company said that we could afford 350.00 per month and for them to contact our creditors they needed an standing order set up for this amount. We have since had this amount deducted from our bank account. today I have emailed to ask them that it's definately a IVA what is being strived for and not a DMP no answer as yet. Can you let me know if this is normal proceedure. I am very worried at this moment
 
 

Adam Davies

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Post by Adam Davies » Tue Aug 10, 2010 11:11 am
Hi
It sounds as if it may be a Debt Management Plan.
What paperwork have you had from the company so far and is it a direct debit or standing order that you have set up ?
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Andam Davies
 
 

catswhiskas

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Post by catswhiskas » Tue Aug 10, 2010 11:17 am
It's a standing order and the only paperwork we have filled in is a list of creditors and our expenditure and form to give them access to our finances. Also a sheet explaining what a iva is
 
 

Andrew Graveson

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Post by Andrew Graveson » Tue Aug 10, 2010 11:26 am
What's the company name catswhiskas?

That might help us to know whether you are dealing with an IVA or a debt management plan company.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
 
 

Adam Davies

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Post by Adam Davies » Tue Aug 10, 2010 11:27 am
Hi
Have you had a chat with a representative from the company about the suitability of an IVA over your other options ? How much unsecured debt do you have ?
Regards
Andam Davies
 
 

catswhiskas

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Post by catswhiskas » Tue Aug 10, 2010 11:35 am
yes we spoke about this and he said that an IVA was the best way forward as we have no equity in the house and a 70k unsecured debt the company name 121debtsolutions
 
 

size5

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Post by size5 » Tue Aug 10, 2010 12:52 pm
That company, as far as I am aware, provide only DMP's. Therefore, it looks like you are on a Debt Management Programme and not an IVA. Certainly, if you have not been asked to provide documentary evidence such as wage slips, bank statements etc up to this point then that would definitely confirm it.

If an IVA is a more appropriate solution than a DMP then there is no need to enter into a DMP in the first place. You may, therefore, benefit form a second opinion or two. Visit www.iva.com and have a look around at IP firms and then go from there.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
 
 

Tina Shortland

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Post by Tina Shortland » Tue Aug 10, 2010 12:58 pm
Hi catwhiskas,

I would agree with the others, its best to get some more advice frmo other companies to compare what you have been told and to understand fully what your best option is.

you should never be left unclear about what you are signing up to so regardless of whether its an IVA or DMP it sounds like you need to get further help.

Size5 has recommended a good website to look at some reviews, many of which are for companies and IPs who post on here.

Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
 
 

Michael Peoples

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Post by Michael Peoples » Tue Aug 10, 2010 1:00 pm
It would not be a good idea to set up a standing order to anyone until you are aware of all your options and have decided on the best way forward for you. A quick chat on the phone does not constitute proper advice so you should certainly get another opinion before you pay out any money.
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
 
 

Shining

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Post by Shining » Tue Aug 10, 2010 1:22 pm
Hi and welcome to the forum, a great link provided above by Size 5, take a look at that and I would suggest contacting 2 or 3 companies for some FREE, impartial case specific advice. I would probably look at cancelling the Standing order until all was sorted to stop any more monies going from your account until things are clear where you are with 121debtsolutions.

All the best.

Our professionals who post on the forum also come highly recommended. xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 10, 2010 10:13 pm
Did this company give you full advice as to all of the options available to you, or did it simply put you straight into the debt management plan without any independent or impartial advice?
Regards, Melanie Giles, Insolvency Practitioner
 
 

catswhiskas

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Post by catswhiskas » Wed Aug 11, 2010 9:10 am
i contacted them and discussed the prospect of an IVA and he said that we had the right criteria for it and then I sent details of expenditure and salaries and he agreed on 350.00 he then said we needed to set up a standing order for this amount before he would contact the creditors. So no I did not know he was going to put me in DMP, I know I am a bit stupid. I wonder can I ask for my money back

I have since talked with Andy Davie and he's going to take on my case thank god there's someone who can explain it all to me.

Wil keep you all informed as to how i get on
 
 

MelanieGiles

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Post by MelanieGiles » Wed Aug 11, 2010 9:47 am
You can definately ask for your money back if you have been misrepresented, and if Mr Davie is now looking after you you are in very safe hands and he is sure to find you a good IP firm to work with in due course.
Regards, Melanie Giles, Insolvency Practitioner
 
 

orchid5

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Post by orchid5 » Wed Aug 11, 2010 9:54 am
Hi and welcome catswhiskas, i hope that you get this sorted out quickly and lay your mind to rest. The more you read about companies that do seem to pray on someone who is at their wits end etc does seem to be a common theme and people sign up to things because they just want peace of mind and be allowed to sleep at night, i hope that you do get some recompence CW and i know that if you have Andy sorting things out you couldn't be in better hands. Take care and be safe.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
 
 

deb.ml

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Post by deb.ml » Thu Aug 12, 2010 11:30 pm
Hi catswhiskas,
Hope you get this sorted.
Deb
IVA started Sept 09. Glad to be on the way to being debt free
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