I am about to enter into an IVA but am hesitant

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alan588
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by alan588 » Wed Jan 03, 2018 7:19 pm
I am about to enter into an IVA but am hesitant as the agreement is for me to pay 25k in F&F settlement, however the only corresondence I have had is from the IVA organisers, CD Fairfield, who need me to pay this amount into their account, nt sure what else I can do for Due diligence. I have checked them on the internet and cant find anything specifically bad abut them and they are very helpful the phone and email
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Foggy
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by Foggy » Wed Jan 03, 2018 7:24 pm
alan588 wrote:
I am about to enter into an IVA but am hesitant as the agreement is for me to pay 25k in F&F settlement, however the only corresondence I have had is from the IVA organisers, CD Fairfield, who need me to pay this amount into their account, nt sure what else I can do for Due diligence. I have checked them on the internet and cant find anything specifically bad abut them and they are very helpful the phone and email


Not a firm I have heard of I am afraid. Have you checked the IP out -- regulatory body membership and the like ? Also there is no need to pay anything until the lump sum IVA has actually been agreed --- most firms will accept payment within 28 days, having ascertained that it actually exists.
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kallis3
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by kallis3 » Wed Jan 03, 2018 7:53 pm
I have not heard of them - I would suggest you speak to another company to sort this out.
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alan588
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by alan588 » Wed Jan 03, 2018 8:16 pm
Foggy wrote:
alan588 wrote:
I am about to enter into an IVA but am hesitant as the agreement is for me to pay 25k in F&F settlement, however the only corresondence I have had is from the IVA organisers, CD Fairfield, who need me to pay this amount into their account, nt sure what else I can do for Due diligence. I have checked them on the internet and cant find anything specifically bad abut them and they are very helpful the phone and email


Not a firm I have heard of I am afraid. Have you checked the IP out -- regulatory body membership and the like ? Also there is no need to pay anything until the lump sum IVA has actually been agreed --- most firms will accept payment within 28 days, having ascertained that it actually exists.



Thanks Foggy, I have checked them on the FCA website where the company number registered and the FCA number match correspondence fom them, as does the Director names

Thanks again
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alan588
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by alan588 » Wed Jan 03, 2018 8:20 pm
kallis3 wrote:
I have not heard of them - I would suggest you speak to another company to sort this out.



Thanks Kallis3, have checked on the FCA website and they seem ok ie company number and FCA number match

Thanks again
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luluj
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by luluj » Wed Jan 03, 2018 8:37 pm
I certainly would not pay into their account until the iva has been approved and you have been given copy of chairmans report showing it has been agreed.

If you are unsure now us the time to walk away before IVA is agreed and seek alternative advice
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kallis3
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by kallis3 » Wed Jan 03, 2018 8:54 pm
I agree with luluj - please speak to someone else and do not pay anything across yet.
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Lisa Thomas
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by Lisa Thomas » Thu Jan 04, 2018 2:49 pm
Make sure they are licensed Insolvency practitioners.

I presume from their website Ed Walsh will be your IP?

Just check with his Licensing body that he is licensed.
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Foggy
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by Foggy » Thu Jan 04, 2018 3:13 pm
Lisa Thomas wrote:
Make sure they are licensed Insolvency practitioners.

I presume from their website Ed Walsh will be your IP?

Just check with his Licensing body that he is licensed.



Seems he is licensed to his own company (trading under his own named firm) ... possibly acting as the main firms "in house" IP rather than being employed by them. How up to date are the Insolvency Service records ?
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alan588
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by alan588 » Thu Jan 04, 2018 4:26 pm
Lisa Thomas wrote:
Make sure they are licensed Insolvency practitioners.

I presume from their website Ed Walsh will be your IP?

Just check with his Licensing body that he is licensed.

Thanks Lisa, I checked Chartered accountants in Ireland and he appears there, my rather badly worded original query was just to see if anyone knew if I would/ should receive something from the lenders to verify the IVA but as most of them didnt turn up/ call in I guess not. I have an IVA document, very detailed, completed by Mr Walsh and signed by him and all the relevant numbers check out and this firm is recommended by one of the Property Websites I belong to 'Property Tribes' run by Mrs V Warwick so I guess given all that they should be ok. I have yet to have a conversation with them about this so pending that and in the absence of any further advice from the good people of this forum I will go ahead

Thanks again

A
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sam389
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by sam389 » Thu Mar 08, 2018 11:43 am
Hi Alan - I'm just about to enter into an IVA but late in the process (creditors meeting on Monday) have some concerns. Can you tell me how it's going with them / Edward Walsh. I'd appreciate hearing from you.
Best Wishes,
Sam
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kallis3
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by kallis3 » Thu Mar 08, 2018 12:09 pm
Hi,

What concerns do you have?
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sam389
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by sam389 » Thu Mar 08, 2018 7:37 pm
Hi There,
They charged me an upfront fee of 4k which I've since been told shouldn't happen for IVAs. There's also some specific advice around not paying certain debts (even though I had the money to), which has meant I've been in slightly hair raising situation, prob too much to go into without telling my whole story. They were pretty helpful to begin with but less so once they had the money and I was then left dealing with an administrator a lot of the time who is very busy and not always able to answer questions.

I'm just hoping the IVA goes through - I wanted to hear from Alan as to what his experience was like once this happens.



What concerns do you have?[/quote]
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