told we would have to pay all 72 payments

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Michael Peoples

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Post by Michael Peoples » Fri Jun 18, 2010 10:14 am
IVAs have helped many people and us as IP firms are among the most heavily regulated professions. Some people may be unhappy and Paula seems unhappy that she has to pay her debt back but IVAs are not debt avoidance schemes.

We spend a lot of time giving free advice and only a fraction of cases referred to us actually proceed with IVAs. Many go bankrupt when the options are explained to them and we do not push or sell IVAs.

I am sure Paula would have taken a £55k consolidation loan had one been available and she would have paid back a lot more than she is currently paying over a much longer period of time.
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
 
 

paula

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Post by paula » Fri Jun 18, 2010 10:18 am
CONSOLIDATION LOANS DONT WORK............. AND I HAVE NEVER SAID I WANTED TO AVOID PAYING MY DEBT...... PAYING BACK 56.000 OUT OF A 55.000 DEBT IS NOT WHAT I WOULD CALL AVOIDING PAYING A DEBT.............
 
 

rayb

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Post by rayb » Fri Jun 18, 2010 10:19 am
Captain Sensible,

Could you possibly stop being so negative about IVA's - obviously it did not work out for you but for the majority it does. Mine worked out favourably and everybody has there own situation to take in to account.

I chose an IVA even though I had no assets because I borrowed the money in the first place so only seems fair to try and pay some of it back!!!
 
 

kallis3

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Post by kallis3 » Fri Jun 18, 2010 10:20 am
Excellent post Michael.

The professionals on here give their advice freely and in their spare time, not just to their own clients either.
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
 
 

paula

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Post by paula » Fri Jun 18, 2010 10:23 am
I DONT HAVE ANY ASSETS EITHER AND I AGREE THEY WERE OUR DEBTS AND WE HAVE TRIED HARD TO PAY BACK EVERYTHING SO WHY DO YOU THINK DEBT FREE DIRECT WONT RELEASE US THEN MR CAPTAIN SENSIBLE........WHY WOULD YOU WANT TO KEEP PAYING IF YOU HAD PAID BACK 100 PERCENT OF THE ORIGINAL DEBT.
 
 

rayb

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Post by rayb » Fri Jun 18, 2010 10:25 am
I think we should lock this topic. We seem to be going around in circles and the poster has been told to contact Declan via the experts link.
 
 

Adam Davies

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Post by Adam Davies » Fri Jun 18, 2010 10:26 am
Hi
I think Paula has made her point and let's hope that Declan can explain why she has to pay as much as she can into an IVA.
A lesson from this is that anyone entering into an IVA must take time to clearly understand the implications.
Regards
Andam Davies
 
 

artemischild

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Post by artemischild » Fri Jun 18, 2010 10:34 am
paula wrote:

LIKE YOU KALLIS3 I HAVE MY OWN OPION ON THE SITUATION....WHAT I AM SAYING IS LOOK INTO IT DEEPLY BEFORE MAKING THIS IMPORTANT CHOICE.
I cant understand why anyone would not do this in the first place anyway??? I had two friends with legal background look over mine for me before i signed anytrhing!
IVA completion and certificate received 08/10/2012!!!
 
 

artemischild

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Post by artemischild » Fri Jun 18, 2010 10:37 am
ps - i would also like to say i haev recieved loads of great, free and impartial advice from the IP's who do post on this forum that are not representing me!!!
IVA completion and certificate received 08/10/2012!!!
 
 

Michael Peoples

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Post by Michael Peoples » Fri Jun 18, 2010 10:45 am
DFD do not have the power to release you from your IVA. Only creditors can do that and given that you committed to a 72 month IVA and can afford the repayments this is not likely to happen. If you are struggling then DFD will be able to help you but otherwise your IVA will have to run its course.
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
 
 

captain sensible

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Post by captain sensible » Fri Jun 18, 2010 10:47 am
Paula, the reason that DFD will not release you from this IVA is the fact that you signed a LEGAL agreement to be bound by its terms, as harsh as that fact is. That is what an IVA is all about, a little research would have avoided all this heartache.
 
 

Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Fri Jun 18, 2010 10:56 am
I think this thread is moving away from the original point raised, however I would like to raise a few points from reading the different postings. Firstly, all advice on this forum is free and distributed from both experts and people who have experienced IVAs. It is an open forum meaning opinions and experiences are freely expressed with the intention of helping one another and not to denegrade or scare people away from IVAs. Michael made a good point when he said that only a fraction of people who speak to IP firms go on to enter into an IVA and this is true because it is a serious solution that does not suit everyone. I fundamentally believe it is a good solution that has helped and rebuilt many peoples lives but on the flip side I also agree that it can be a very difficult experience. But I think alot of people on this forum will say that an IVA has helped them for the better.

In response to Paula, if you drop me a short email with your contact details, I will look into this for you. I cant say what the outcome will be but surely it would help to have someone look at it again?

Finally, Andy, I cant explain right now why Paula has to pay as much as she does simply because I dont know the details of the case and I'm not in a position to make assumptions either way I’m afraid.

Thanks
Declan Murray
Debt Advisor
Debt Free Direct - the UK's largest IVA provider.
http://www.debtfreedirect.co.uk/iva/
 
 

paula

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Post by paula » Fri Jun 18, 2010 11:02 am
thank you for all the replies no point in saying anything more as nothing will change my situation..... i see just one way out now....
 
 

Michael Peoples

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Post by Michael Peoples » Fri Jun 18, 2010 11:06 am
Paula. You should contact Declan. If you decided for example to petition for bankruptcy your credit file would be damaged for another six years and you could be made to pay into the bankruptcy for the next three years.

I am not trying to get at you or blindly defend IVAs and I really hope Declan can make the remainder of your IVA at least a bit easier.
Last edited by Michael Peoples on Fri Jun 18, 2010 11:07 am, edited 1 time in total.
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
 
 

paula

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Post by paula » Fri Jun 18, 2010 11:10 am
i wont be needing any credit at all.... my credit file is already damaged ....thank you michael for your kind words .....
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