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Debbie.pr
Starting Member
3 Posts |
 Posted - 08 October 2010 : 17:18:05
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| Hi We are struggling to pay our IVA ( at 11 mths in,)at the moment and have taken some advice regarding BR we dont want to loose our home, and we have been told it can be done if we are in negative equity, but the charges are 4 x 400 does this sound about right? The company we have been talking to say we were given the wrong advice to enter into the IVA in the first place now we face more stress and upset, can anybody help? |
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debtinfo
forum expert
2826 Posts |
Posted - 08 October 2010 : 17:33:34
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| what is the name of the company you have been talking to and did you contact them or did they contact you |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 October 2010 : 17:51:54
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WHilst there can be a relative lot of work preparing for bankruptcy in complecated cases, if you are in an IVA then you are not experiencing any stress from creditors and I suspect that this fee is rather large
Action
Speak to your IP
Take independant advice regarding your situation because on occasions an IVA is not suitable
Understand what your alternatives are and then make a valued judgement for what is right for you.
You MUST understand where you are now and what you are considering.
Please advise which IVA company and which company you are considering using to help with the Br
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Debbie.pr
Starting Member
3 Posts |
Posted - 08 October 2010 : 18:13:42
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The IVA company is Money,Debt & Credit and the company I have recently contacted is IVA Debt Line, they sent a letter to us saying an IVA may not have been the best option, so I called for the advice as it was free! Now we dont know what to do.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 08 October 2010 : 18:20:39
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Hi Debbie,
It sounds like a company touting for business.
There are companies out there that will scour the insolvency register, pick out people who are in IVAs and write to them telling them they have been mis-sold.
They will then say they will help you, but all they are doing is helping you go bankrupt, which you can do yourself.
You really need to speak to your IP if you are struggling with your IVA and see if anything can be done to help before you consider bankruptcy.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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debtinfo
forum expert
2826 Posts |
Posted - 08 October 2010 : 18:26:49
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The advice was never free, what these companies do is look at the Insolvency register (which is not meant to be used for commercial purposes) where all IVA's are registered. They then write letters to thousands of people, they do not know your circumstances before you ring them and give them details and certainly have no idea when they write to you whether or not you have been misssold or if bankruptcy would be better for you.
What have they offered to do for you for the £1600 (btw does that include the £600 fee that must be paid to the court to go bankrutcy) also are you aware that if you go bankrupt you may still have to make payments for up to 3 years depending on your circumstances.
Im not in any way saying to carry on with the IVA or to go bankrupt, often it is not a matter of being 'Miss sold' but simply that there are two options available and at the end of the day it is you that needs to decide which one you want, there are good and bad points to both.
To make that decision you need information not someone selling to you. Like Reviva says look at the options available get free (really free) advice, speak to the CAB, CCCS or national debtline which are recomended by the government.
In the meantime, my area is bankruptcy and if you have specific questions about the process and what can or will happen then to ask and i will try and answer for you, Also if you are struggling with the payment speak to your IVA supervisor and tell them so they may be able to alter the arrangement for you.
Hope that helps |
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debtinfo
forum expert
2826 Posts |
Posted - 08 October 2010 : 18:27:43
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| ha ha, viki, thats what i said but in alot fewer words ;-) |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 October 2010 : 00:14:23
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I have recently seen quict a lot advice freely given by the CAB, CCCS and National Debt Helpline - all of which has been "unhelpful".
There are a number of experts here on the site that don;t charge to talk and would be happy to discuss all the options. Perhaps yuou should do this before speaking to the IP so you are more comfortable with your position first.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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debtinfo
forum expert
2826 Posts |
Posted - 09 October 2010 : 00:21:45
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| regardless of what you may think of their advice, they are the organisations that the government recomends on their website for people who need help with debt |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 October 2010 : 09:08:05
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I fully understand that.
If that is the wholly correct answer we shoud close down this website and direct all traffic to the CAB.
In truth the waiting time to see the CAB is too long and their time is limited and I repeat that the advice I have seen them dispense recently - perhaps because they are overwhelmed - has been most unhelpful.
some of the national charity agencies have someone in their early 20's giving considered debt advice on the telephone to a person in their 50's. It is highly unlikely that they have much life experience and limited real world experience.
If these charities are the answer then we really need to close down this site as it has no purpose .
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 09 October 2010 : 17:08:24
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I'm going to come out in defence of the CAB here. I don't doubt that some of the advice given can be wrong but I don't think that we can just say CAB = bad, BR assist company = good, it's not as straight forward as that.
Also, I don't think it's fair to judge advisors on their age. I'm sure it's the same as in other organisations, some advisors are good, some aren't and being young doesn't automatically mean bad and not able to empathise.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Elsiewhiteley
Starting Member
United Kingdom
6 Posts |
Posted - 09 October 2010 : 19:38:54
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| I think we are lucky on this site to have forum experts like debt info and lately Big Al, who give first class free expert advice, on the open forum, why on earth has anyone got to go to the left to consult privately unless it's to pay fees that the cab national debt line and the cccs don't ask for |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 October 2010 : 20:21:11
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I don't rate MDC as they told us we could only go bankrupt and we are now halfway through our IVA.
However I do have to come out in defence of CAB and any other companies who do provide initial advice free of charge and it is impartial advice.
This website provides support and advice to anyone who needs it. I am in agreement with both Tracey and Elsie. This forum provides everything you could need, without having to pay exortionate fees.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Elsiewhiteley
Starting Member
United Kingdom
6 Posts |
Posted - 09 October 2010 : 21:01:17
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| I think the fees Debbie is being charged are outrageous £1600 I presume that includes court fees of £600 that's £1000 for their costs, I shopped around and paid only £395 and they came to court with us, I was not happy about paying that I just hate forms and needed support |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 October 2010 : 10:39:20
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Debbie,
when you entered into the IVA,what was the equity position with your property, and if in negative equity was there the possibility that it would return to positive equity within 5 years?
Big Al |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 11 October 2010 : 00:17:54
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Hi Tracey
I didm;t say that all CAB are wrong and all commercial debt companies are good. You have to say as you find.
Some CAB offices are good and some debt companies are utter rubbish.
What I was saying is that if this site suggests that everyone should go to the CAB etc for advice then what value is the site?
The site has tremendous value form individuals and experts alike.
Personal experience and local knowledge is invaluable as is the support the site offers - absolutely free.
Indeed the experts here also offer free impartial advice and people like Viki, Melanie and I spend a considerable amount of time each week helping and advising folk free of charge over the phone.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Hi We are struggling to pay our IVA
