Hi
Im new here but only here because I am getting out of IVA, It was a mistake to join in the first place. I was extremely worried and now that I look back I was uneducated and in fear of the unknown.
For me the IVA system is a con (here me out) there are some uncruplious companys out there who live of people in distress and they work just within the law to screw you.
If you want too hear more about this, i will gladly tell you.
I just want to see i am not wasteing my time here.
Right now I am so happy its all over (well nearly)
There is going to be a shake up of these companies and I know of one (no names) that will probably be in court at some time, i even received info of people resigning in this company(not that may mean anything, but it helped my 2 and 2 makes 4.
How sad that you have formed such a negative view of a process that serves to help so many people get out of debt and re-educate their spending habits into the future.
Why has the agreement which you enterered into freely and from choice turned out so horribly wrong for you?
And just a point - if you don't want to name names, I would change your forum profile name as I have just found it incredibly easy to search the IVA on line register to check which firm you are currently with.
I also have checked which company you are with, you are not with the same one as me which is good.
It is obvious you are upset with something hence the post but you really should give some more information otherwise you are just going to make people on here upset or panic unduly over your remarks. If there is substance to your allegations can you please bring some more information to the table so to speak.
When you say I am glad it's over or nearly over I am hoping you have had some luck and received some money to pay off your debt and not been taken in by these companies calling themselves the IVA Watchdog and IVA Council etc who are making people bankrupt and charging them lots of money for the privilege.
As for unscrupulous companies preying on the vulnerable then yes there are companies that exist that do this to people because unfortunately its normally easy to sell hope to someone who feels they have nothing to lose. This forum is very open and honest about directing people to at least three different companies for advice prior to agreeing to anything and this is something I wish I had known when I took out my IVA. I went with the first company i spoke to because I was so worried about being made bankrupt I jumped at an alternative. Looking back on my decision I feel I would still have done the same even with knowledge I have today. Possibly would have tried to negotiate a repayment plan with frozen interest with the creditors first and then do IVA if they failed to agree to that but other than that an IVA was my best choice.
I do feel companies should be a lot more open with the fees they are charging. I got told the creditors pay the fees because it comes out of the money i pay in which they don't see but that also means the amount you have paid off should the IVA fail is a lot less than you would expect.
I am eager to hear more on why you feel they are such a con.
That is a very honest and sensible post Dave - to bring balance to a post which I agree could alarm many of the forum's new posters about the IVA procedure.
For many of us Gerald an IVA is a lifeline and the only way we can find to get out of debt. I'm sorry you feel it was a mistake, and I too would like to know why.
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
I am not sure what has gone wrong for you in your IVA, maybe you could share it with the forum as it may help to ease the minds of anyone worried about their current IVA or their proposed IVA.
I am sure that there are some bad companies out there, but I think on the whole the majority are good.
The IVA is a legal process which has to follow certain protocol otherwise the practitioners would be committing offences in law.
For that reason the vast majority of IVA's regardless of which company you use would follow a very similar foremat.
The whole process of debt control for many is a frightening issue that can only be dealt with through help and advice from the many companies regulated to provide such help and advice.
It does not help the situation of many when someone submits such a negative post without a an explanation as to why.
Please share with the forum why you believe the IVA system to be a con. I would suspect that most would disagree and believe for them it is a life line to a better future.
I for one have found that being in an IVA is a godsend, it has changed my life for the better, and I do not for one moment believe that I wss conned in any way by anybody.
My IVA saved me from my massive debt, although a little smaller than some on here, but it was getting impossible to live off my earnings. Im glad that in 2 years im debt free, like i was at 16 and get to start my life again. Its like a rebirth, but with me being 30 odd years older! I now value my spare cash although sometimes im an idiot with it, but i learn by the end of the month not to do it the following month.
Its nice that someone (i know paid for) looks after my creditors and keeps them at bay, allows me to have some of my OT pay not all just hope when i come out of it, i can be controlled to keep myself debt free for the rest of my life, except maybe to buy a house!
I had an IVA that failed, and then went BR. Just because my IVA didn't work doesn't mean that a) they are a con, or b) an IVA isn't the right solution for many people.
How are you 'getting out' of your IVA? Have you made a F & F offer, or are you going BR? BR isn't the easy option despite what some people think.
I wonder if your decision was prompted by receipt of correspondence suggesting that you had been mis sold an IVA or that you are a non homeowner and therefore have nothing to lose by going bankrupt?
Ah, beaten to it by the above post
Last edited by Cybus on Tue May 04, 2010 4:02 pm, edited 1 time in total.
Im not a home owner, so i could of took the BR route, but wanted and still do, to pay back as much as i possibly could. I don't think ether is an easy route.
just hope when i come out of it, i can be controlled to keep myself debt free for the rest of my life, except maybe to buy a house!
