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| T O P I C R E V I E W |
| modensane |
Posted - 15 June 2008 : 17:52:01
When our IVA failed, fearing the daunting task of filing for BR ourselves, we contacted a BR company for advice and help. They demanded £2000 to be paid over four months at £500 a month (wherever they thought we were going to get the money from, we did not know!!). Then we chanced upon this forum and have received immense help. With the advice of your specialists and various contributors, we have received invaluable advice and are proceeding to submit the BR form ourselves.
Then a few days ago, we received a letter from a body calling itself the IVA Council. They implied we had been mis-sold our IVA and that there was the possibility of recovering all or some of the money we lost (and that was substantial). When we followed up with a call, they promised to get in touch.
We received a call later from a company. When we checked out the website of that company, we found, among other things:
1)an advice (optional) to pay £175 for an interim order to keep creditors at bay,( and though there was no specific amount),the following (or something to that effect):
2)'WHEN WE RECEIVE YOUR FIRST PAYMENT, you will be contacted by an advisor who will (in short) prepare you for the bankruptcy. And then you MAY be contacted by the claims department about recovering some or all of your IVA payments'.
We did not like this because we discern similarities between them and the company that wanted money upfront (as described above).it looks to us like somebody is out to prey on the woes of IVA failures since failing an IVA is now the order of the day.
Has anybody out there received a similar letter from the IVA Council and if so what is this all about? |
| 15 L A T E S T R E P L I E S (Newest First) |
| modensane |
Posted - 18 June 2008 : 09:00:03
I am still waiting to hear of a success story from someone with no property and no assets. |
| melanie_giles |
Posted - 18 June 2008 : 00:10:02
IPs must ensure that when they put their name to a case that they truly believe that it is affordable for their client and had a good chance of succeeding. There are too many horror stories on this and other forums about malpractice in my profession, but there are many successful tales to tell as well of how IVAs, used appropriately, are an excellent solution for noth debtor and creditors.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| JulianDonnelly |
Posted - 17 June 2008 : 14:59:26
Job satisfaction that money can't buy!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 17 June 2008 : 14:55:55
Yes absolutely.....I know now why you guys dedicate your time to helping others x
Vicki x |
| JulianDonnelly |
Posted - 17 June 2008 : 14:51:26
Great feeling isn't it?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 17 June 2008 : 14:48:37
It was such a shame - I really wanted my IVA to work.
I just felt that my IP wanted to get as much money from me before I caved in to the pressure and went BR.
There was absolutely no opportunity to get them to reconsider/review my circumstances.
That's why it is so important to shop around I suppose and not make hasty decisions.
The good news is I have survived, I have made a life changing decision and I can sleep at night! (Bet I sleep better than my IP does! lol!)
Vicki x |
| JulianDonnelly |
Posted - 17 June 2008 : 14:35:34
Hi Vicki,
Thanks for sharing your experience with IVA's. It does seem to be a common theme with people I talk to who just cannot manage the IVA payments. Perhaps if more people go BR, the creditors will re-evaluate how they vote and take a more realistic view ..... well, maybe :)
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 17 June 2008 : 14:32:55
Hi Melanie/Julian
My experiences of IVA include...
Having a £355 monthly payment proposed and accepted then two weeks after the creditors meeting it had increased to £579 - by which time I had signed and committed myself to my IVA.
I have paperwork with 8 different repayment figures - that alone was stressful.
They would not consider my husbands own debts - it was set to fail from the start because of this.
Every piece of post had his name on it - implying a joint IVA when it wasn't.
I ended up having six months off sick and changing my job because of the stress. They wouldn't review my drop in income that came with the new job.
They rejected 18k and 25k lump sum payments (against 63k of debt) - I don't think my creditors even knew I had offered the higher figure.
My IP wanted me to pay the lump sum and continue paying £579 a month - that would have been a healthy £46k return.
The result is my BR, my creditors have had £2k from my IVA, and lots of grey hair!
I know that IVA's are an excellent option for some people.
If I had found this forum two years ago I would have realised that BR was the best route for me.
I live in rented accomodation, have no assets, and realistically had about £100 disposable income at the time.
I wouldn't have been so quick to jump into what seemed like the answer to my debt problems.
We live and learn!
Vicki x |
| JulianDonnelly |
Posted - 17 June 2008 : 11:42:54
Hi Modensane,
It is disappointing to hear that you have received such a poor service. There are so many fantastic IP's out there who do a wonderful job, unfortunately it seems that you didn't find one on this occasion!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| modensane |
Posted - 17 June 2008 : 11:25:06
This is the answer to your question,Melanie. We do not know if this is an isolated case, but our IP:
1)made errors in every single document they drew up,
2)included spurious and strange bank accounts and
bank names in our creditors list,
3)added monies we did not owe onto the list,
4)was uncompromising about our high repayments,
5)sent us an intimidating warning letter against
leaving them and going BR,
6)and took virtually all the money we paid into the
IVA as their remuneration .
If so many people are failing their IVAs then they must be having similar experiences and this must be brought to the fore.
We hope more people will write to expose these things. |
| JulianDonnelly |
Posted - 17 June 2008 : 10:21:33
Hi Vicki,
I raised that question in the last debt debate. It does seem to be the hardest job in the world to obtain statistics for the rate of IVA failures. I have spoen to many people in the industry and estimates rage quite wildly from 20% to 70%.
With regard a review of insolvency, BR was only changes with effext from April 2004 (as a result of the 2002 Enterprise Act). With regard other changes, there is nothing significant in the pipeline legislation-wise.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 16 June 2008 : 22:58:02
Vicki
Why do you feel you had a less than satisfactory service from your IP?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| m and v |
Posted - 16 June 2008 : 18:07:05
That's interesting to know Julian.
I know this company haven't had people's best interests at heart but certain IVA companies aren't much better!
Do you think there will ever be a wholesale review of insolvency?
I would like to know how many IVA's fail and go BR. From my own point of view I could have saved myself two years of stress and have been a discharged BR for over a year by now. Bah!
Vicki x |
| JulianDonnelly |
Posted - 16 June 2008 : 12:21:55
Not a problem!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| modensane |
Posted - 16 June 2008 : 12:09:36
That was quite enlightening. Many, many thanks. |
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