Very new to all this IVA process, but was wondering if someone could answer a few questions.
I used the internet to get in touch with companys that setup IVA's and go through all your financial details.
So far I am in touch with 2.
The first is MY IVA Advisor using RMSTenon as the IP.
The second is ThinkMoney using Freeman Jones as the IP [I'm assuming].
MIVAA & RMS have said I would pay £200 per month if I got an IVA accepted, which they seem pretty certain will happen. I have their pack at the moment ready to fill in and return a lot of bank statements, payslips, loan agreement forms etc.
There doesn't seem to be any charge as of yet.
The thing with these 2 is there is no internet presence for them so I am unable to find any client reviews on them.
The only thing they have is a website for themselves, but a Google search on RMSTenon brings up sites and pdf files regarding FSA fines/penalties towards them.
ThinkMoney and Freeman Jones have said I would pay £245 per month if they got my IVA accepted, which again they seem to think will happen.
I have their pack as well.
They are asking for the first £245 payment at the end of August, but I have found that IVA's can take 6-8 weeks to be accepted and finalized. I'm assuming this payment they will pocket. And also thinking £200 would go to the IP for the IVA and ThinkMoney would take £45 for themselves every month.
I guess I'm looking for advice on who to use really.
Should I go for the free advice and setup from companies I cant find any reviews/client info about.
Or the 2 that people are aware of but seem to be charging me for my custom, so to speak?
Hi, you're doing the right thing comparing companies and seeking advice first.
I would question how any of these companies can say what your monthly repayments will be before seeing all your paperwork. Don't be surprised if the figure expected to pay differs from what has been quoted.
Personally ( and I wish we had) I would read the reviews on www.iva.com and contact a couple of the best ones.
You dont actually have to use a company to find you an IP. You could do that yourself if you so choose.
Take a look at www.iva.co.uk for a list of compaanies and reviews on each. Or each of the IPs that post regularly on the forum come highly recomended.
Is it normal practice for them to ask for so much documentation?
I've been asked for;
A copy of my V5 Logbook for my car
A letter from my parents confirming how much rent/board I pay
Last 3 months payslips or latest P60
Last 3 months bank statements
Copy of driving license
Unsecured loan info [I'm guessing loan agreement forms]
The copy of my photographic driving license is due to my passport being out of date. Which I though was fair enough.
I was dubious also about the V5 logbook, but the advisor said it was just to show I owned the car as they speculated running and petrol costs etc. for the IVA proposal and it would be used as proof that a car was needed to get to and from work [which is 20 miles away or so].
Don't worry about sending docs, as well as those alredy mentioned I also had to send copies of insurance for car, boiler and home and contents.
As Julie says it is important you feel comfortable with whoever you choose, hopefully you will have a long relationship with them...good luck
All I mean is, when you are desperate to get out of debt you can agree to anything. Just make sure if you go down the IVA route, the proposal you get, truly reflects what your income and expenditure is.
There are some great IVA companies out there who will make sure you find the best solution for you.
Wouldn't you be better off talking to an insolvency practitioner who can go through all of your details over the telephone in the first instance, before you commit to any one firm or indeed any particular route.
Some companies opearate a pretty hard sell process in the early stages, but what you need is good, clear and impartial advice about your options, from an IP or debt counsellor who really cares about you making the right choice for your future, based on payments that represent your true income and expenditure - rather than just plucking figures out of the air.
Speak to some of the companies that post on here, they come highly recommended.
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