Switching companies before creditors meeting?

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leanne140

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Post by leanne140 » Mon Feb 10, 2020 6:50 am
I have just recently signed my IVA proposal and would like to cancel it. A creditors meeting has been set in 2 weeks time. I have found a better company with much better reviews thus I want to cancel the 1st IVA proposal. Can i cancel the first proposal and go for the 2nd company instead?

Foggy

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Post by Foggy » Mon Feb 10, 2020 7:42 am
In theory, yes. But,it depends on the terms of engagement of the current firm, who have, by now, put in a lot of work on your behalf. Additionally the creditors will already have been informed and will be 'on alert' for the impending IVA. If it is stopped now they could have another few months in which to move to collect the debts, if they so wish (unlikely, but a possibility).

Which firms are we talking about ? Reviews alone cannot always be relied upon.
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

leanne140

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Post by leanne140 » Mon Feb 10, 2020 9:08 am
What happened was, I first applied for Vanguard. And they took a little while to get back to me. As i have panicked with all my creditors calling me. I made a second opinion with financial support system, and within less than a week they made me an iva proposal, and because i have panicked. I signed it straight away.. but the day after i signed financial support systems proposal, i have also recieved the proposal from vanguard. Which was really my first choice..

Lisa Thomas

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Post by Lisa Thomas » Mon Feb 10, 2020 9:19 am
You may also still be responsible for their costs to date and this will now set you back at least a few weeks.

It might be better to just continue as you are, 99% of the legwork has now been done.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Mon Feb 10, 2020 9:45 am
I know nothing about Financial Support Systems. As Lisa says, they may charge you for work done.
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

leanne140

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Post by leanne140 » Mon Feb 10, 2020 9:52 am
I have just read the letter of engagement completely, and faith financial support only gives my information to Vanguard. And from then, vanguard will be the one who will take over.. i have not signed anything from vanguard, so shall i just leave vanguard? And go continue with the first one?

Thanks..

kallis3

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Post by kallis3 » Mon Feb 10, 2020 9:58 am
Having read their website I'm not impressed by some of the information on there.
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 » Mon Feb 10, 2020 9:58 am
OK -- basically it seems you have gone with Vanguard twice ! Once direct and once through Faith.

Faith will get their fee from Vanguard,if Vanguard think they are due it.
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

kallis3

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Post by kallis3 » Mon Feb 10, 2020 9:59 am
That's financial services I was referring to and not Vanguard.
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

Lisa Thomas

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Post by Lisa Thomas » Mon Feb 10, 2020 10:09 am
Who was your Nominee - Faith or Vanguard?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

leanne140

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Post by leanne140 » Mon Feb 10, 2020 10:39 am
Faith took all my information, and passed it on to vanguard.. but my nominee will be coming from vanguard..

kallis3

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Post by kallis3 » Mon Feb 10, 2020 10:53 am
I think you will be fine with them.
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

leanne140

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Post by leanne140 » Mon Feb 10, 2020 11:17 am
Do you suggest that i should just stick to financial support system (which im just awaiting meeting which will take place in 2 weeks time), Or go to vanguard?

Lisa Thomas

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Post by Lisa Thomas » Mon Feb 10, 2020 11:29 am
Take care to ensure you do not have any terms with Vanguard as they have clearly done some work as Nominee.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Mon Feb 10, 2020 11:52 am
Faith are an introducer for Vanguard. I would speak with Vanguard to staighten this out, or you could end up more than a little confused. I imagine that the proposal you have signed is from Vanguard too !
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
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