Unsure who to go with for IVA

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Webbmaster316
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by Webbmaster316 » Wed Nov 07, 2018 2:00 pm
Hello,

I put my info into the Nationaldebt helpline website and got a call almost immediately after submitting the details from a company called Hanover Insolvency. They were really good on the phone but I feel they are being very pushy about getting the ball rolling.

I have also had advice from Stepchange who are in the process of letting their IVA team get in contact.

Now I am at a loss as to what to do. I just feel that Stepchange haven't been pushy at all but it looks like my monthly payments will be less with Hanover but I just don't get a great feeling from them. Has anyone had experience with either of these companies?

Thanks
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Foggy
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by Foggy » Wed Nov 07, 2018 4:07 pm
Stepchange get very little bad press on here but most firms will be pushy at the start --- "business is business" and, often, by the time someone realises they are in trouble, time is of the essence.

If Stepchange keep you in house there should be little problem, however, they do sometimes (or, at least, have done in the past) outsource to other firms.
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kallis3
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by kallis3 » Wed Nov 07, 2018 4:09 pm
Speak to some more companies - the smaller ones are better.
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luna
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by luna » Wed Nov 07, 2018 4:19 pm
Hi,

Stepchange were excellent throughout for us and their in-house IVA dept works exactly the same as any independent firm. I've said it a few times that they never get any issues raised about their service.

Regards.
Webbmaster316
Posts: 4
by Webbmaster316 » Wed Nov 07, 2018 4:51 pm
luna wrote:
Hi,

Stepchange were excellent throughout for us and their in-house IVA dept works exactly the same as any independent firm. I've said it a few times that they never get any issues raised about their service.

Regards.


Thanks, We have a phone meeting set up on Friday with their in house IVA team.
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Mrs_Brown
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by Mrs_Brown » Wed Nov 07, 2018 6:53 pm
Webbmaster316 wrote:
luna wrote:
Hi,

Stepchange were excellent throughout for us and their in-house IVA dept works exactly the same as any independent firm. I've said it a few times that they never get any issues raised about their service.

Regards.


Thanks, We have a phone meeting set up on Friday with their in house IVA team.

I had mine set up by them, I was where you are now 14 months ago. I still remember the name of the advisor who phoned me back to gather my full details (i had 2 calls, one was just a quick call to advise what I would need and to book the main one) the guy who phoned me was so nice and none judgemental, it wasn't what I expected at all and such an immense relief once the call was done. I have just had my first review forms through. In the interim I have only needed to contact them once, which I did by email, and everything has been going fine.
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Lisa Thomas
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by Lisa Thomas » Thu Nov 08, 2018 9:39 am
Do a Google search for local IPs in your area and arrange to have a face to face meeting with them.
Webbmaster316
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by Webbmaster316 » Fri Nov 09, 2018 3:16 pm
Just been onto the phone with Stepchange and they don't think an IVA suitable because apparently ZOPA reject them all and they own 26% of the debt
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Foggy
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by Foggy » Fri Nov 09, 2018 3:58 pm
I have not heard this, but it doesn't surprise me. If you can get them below 25% (so close), maybe by allowing a few days interest to accrue on the others, or Stepchange carefully re-calculating using updated and verified figures, assuming all the others say yes, it could be done -- but Stepchange obviously do not want to take the risk.
Webbmaster316
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by Webbmaster316 » Fri Nov 09, 2018 4:36 pm
So the other option I imagine is to either go bankrupt or accrue more debt with the other lenders?
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Foggy
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by Foggy » Fri Nov 09, 2018 4:43 pm
Webbmaster316 wrote:
So the other option I imagine is to either go bankrupt or accrue more debt with the other lenders?


Perverse isn't it ?! The latter option assumes the other creditors would vote in favour in enough numbers (all of them, as it stands) to overturn Zopa's controlling vote. To be honest bankruptcy isn't the ogre it used to be, as long as you don't have assets to protect and your career isn't curtailed by one.
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Lisa Thomas
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by Lisa Thomas » Mon Nov 12, 2018 1:09 pm
Is this a particular reason or reasons you have decided that Bankruptcy is not the best option for you?
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