We have been struggling financially for a while now

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carl139
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by carl139 » Tue Oct 03, 2017 4:59 pm
We have been struggling financially for a while now so decided to look into IVA's. Last night we gave out details to a company called "The Debt Company" based in Wilmslow. Has anyone heard of them or could recommend them? They accepted us in principle. Today we decided to contact another company called "Step Change" They said as we have a buy to let property, as well as our own home it's classed as a business. We have approximately £30k of debt in joint names. Unsure what our best option is. Can anyone help please?
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Foggy
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by Foggy » Tue Oct 03, 2017 5:22 pm
Step Change are a "charity" firm and are funded, in part, by the banks. They seem to work reasonably well, but tend to cut the cloth pretty tight, leaving you with less in your pocket. They also tend to farm out some IVA's to other companies and you could well end up with a firm unknown to you. I cannot comment on the Debt Company, but maybe someone who has used them will happen along.

Take care regarding the joint debt, if you aren't both going to have an IVA, as the other will still be liable for repayments.
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carl139
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by carl139 » Tue Oct 03, 2017 5:53 pm
Foggy wrote:
Step Change are a "charity" firm and are funded, in part, by the banks. They seem to work reasonably well, but tend to cut the cloth pretty tight, leaving you with less in your pocket. They also tend to farm out some IVA's to other companies and you could well end up with a firm unknown to you. I cannot comment on the Debt Company, but maybe someone who has used them will happen along.

Take care regarding the joint debt, if you aren't both going to have an IVA, as the other will still be liable for repayments.


Thank you for the advice Foggy. Hopefully someone will know about the Debt Company.
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sheraz.butt
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by sheraz.butt » Tue Oct 03, 2017 9:45 pm
Not come across The Debt Company before. If you feel you still need more information, there is no harm in speaking to other firms to give you some piece of mind.
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kallis3
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by kallis3 » Wed Oct 04, 2017 7:39 am
I just looked at their website and it does not give much information at all and when you click on the different solutions, unless I am doing something wrong, it is in a foreign language and I could not see a translate button.

I would definitely shop around.
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Michael Peoples
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by Michael Peoples » Wed Oct 04, 2017 11:21 am
I cannot comment on the Debt Company either as not a name I recognise. However I have been told that Stepchange are reluctant to look at any cases where there is self employment which would encompass a buy to let. It is not complicated but some firms do not want anything to do with cases that involve self assessment returns, HMRC etc. I am unsure what is meant by being 'accepted in principle' as any IVA is down to creditors to decide and not the IP or debt management company. Your case is either suitable for an IVA or not and a meeting is called at which creditors vote on its merits so perhaps speak to an insolvency firm for further advice.
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kallis3
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by kallis3 » Wed Oct 04, 2017 11:27 am
Personally speaking - I wouldn't touch them with a 10 foot barge pole! Not enough info on their website, have no idea who works there or if they have their own IP. Choose a smaller company - have a look around.
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size5
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by size5 » Wed Oct 04, 2017 11:49 am
There are so many different variants to take into account here that it is impossible to give you any clear guidance at this point. Is there equity in either of the properties, does the rent on the buy to let cover the mortgage payments, who are your creditors etc etc?

I am not averse to you speaking to StepChange, they are the UK's largest debt charity after all. They should only recommend a DMP if the timescale is reasonable, and whilst they may recommend an IVA and potentially pass you elsewhere to look at that option, at least you will have had free advice. As ever, it also pays to look at other sources of advice.

Regards.
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Lisa Thomas
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by Lisa Thomas » Wed Oct 04, 2017 4:30 pm
I'd be happy to chat to you and give you a second opinion.
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