IVA support and discussion thread

MMI · 27 June 2017 at 3:47PM

hi,

I´ve just been contacted by Richmond Oaks with the offer of an IVA to assist in debt management.

I´m concerned as they took a lot of personal details by phone then requested bank statements via a link to my mobile which would require me to input my online banking information, including passwords and pin etc. This doesn´t sound at all right to me.

Can anybody else vouch for them as being a reputable company?

Thank you

sourcrates · 27 June 2017 at 5:05PM

MMI wrote: »

hi,

I´ve just been contacted by Richmond Oaks with the offer of an IVA to assist in debt management.

I´m concerned as they took a lot of personal details by phone then requested bank statements via a link to my mobile which would require me to input my online banking information, including passwords and pin etc. This doesn´t sound at all right to me.

Can anybody else vouch for them as being a reputable company?

Thank you

I don't care who they are, I wound not give them that information.

Print the statements off yourself if you need to.

Is an IVA the right choice for you, how much debt do you have ?

Are you a homeowner ?

John_Griffiths · 4 July 2017 at 4:03PM

We've been on IVA since January 2012, we've paid our 5 years, however the company now say that the equity on the house is too much and that we need to find two re-mortgage rejections. This is after we've paid 5 months worth of the sixth year.

Anyway, my questions are as follows:
I'm within 4 years of my state retirement age, so any remortgage has to be completed by March 2021. This then puts any theoretical payments close to £800 per month. As we're only paying £320 monthly at the moment, I understand that the most we can repay for this would be £160. Clearly the scenario is impossible and is obvious to anyone who looks at my circumstances. However they still want rejections

Are my assumptions above correct please, or is there something I'm overlooking?

Furthermore, I'm not getting any rejections as such because my conditions are too limited and we're not getting far enough into the application to be rejected.

Finally, does anyone know where (2 places preferably) we can apply for a remortgage with the full knowledge that it will be rejected

Thank you in anticipation.

DorisTrousers · 10 July 2017 at 7:07PM

You may want to contact a whole of market broker, but your assumptions are indeed correct. I cannot envisage any scenario in which it would be worthwhile for a lender to advance funds.

I understand that you may feel that your IP or staff may be being somewhat overly efficious in this matter, but far better that than the alternative.

Pauliepie37 · 29 July 2017 at 10:51PM

Hi, I'm just at the start on an IVA, so new that I've not had confirmation yet but am about to sign the next 5 years of my financial freedom away. I owe almost £14,000 and they've calculated that I'll pay £85 a month on my current part time wage.
I'm just awaiting confirmation from college for an art degree which includes a student maintainence loan which is means tested, but not credit checked (I've already been approved but do not know how much I will get). On average the student finance is around £3,000 quarterly to go towards materials and living costs whilst I am a student.
How will having an IVA affect this? Will I need to give them 50% of this each quater?
( I will still be working part time).
I will be paying this student loan back once I am earning £21,000 which the government take out of your wages at a set rate.
I understand that a yearly review will be made by the IVA advisor and that they will look at my account over 6 months, is it wrong of me to not declare any money I get in the next few months?
If anyone knows a way around this I would be grateful.

AgentJR · 23 November 2017 at 9:32AM

Hi

As a sole trader about to go into an IVA, I was wondering if anyone could offer advice on what is included in the creditors correspondence, e.g. notification, creditors meeting invitation, etc?

I am particularly interested in what details/financial info my staff will be given so that I can prepare for this.

A template/example letter would be very helpful.

Many thanks

Jophie · 8 December 2017 at 9:30AM

May I ask about my situation, please?
I have just been contacted (missed call while at work, then a weirdly worded email) tellingme I had within 7days to contact the IP company else a meeting would be held to extend my IVA. When I called them back they said that the largest creditor had only just submitted their claim.
I am 4 years 3months into my IVA.
A large amount of PPI was claimed back by the IP and I can only think this would be from the largest creditor as it was due to a shortfall sale in my ex-marital home and my ex husband refused to accept any of the shortfall sale debt.
My question is this, can a creditor jump in at the last minute and extend like this? I thought I could finally see the light at the end of the tunnel...

sourcrates · 8 December 2017 at 1:19PM

Jophie wrote: »

May I ask about my situation, please?
I have just been contacted (missed call while at work, then a weirdly worded email) tellingme I had within 7days to contact the IP company else a meeting would be held to extend my IVA. When I called them back they said that the largest creditor had only just submitted their claim.
I am 4 years 3months into my IVA.
A large amount of PPI was claimed back by the IP and I can only think this would be from the largest creditor as it was due to a shortfall sale in my ex-marital home and my ex husband refused to accept any of the shortfall sale debt.
My question is this, can a creditor jump in at the last minute and extend like this? I thought I could finally see the light at the end of the tunnel...

I had one creditor that flatly refused all IVA payments the IP tried to make to them, 4 years after the IVA ended, they sent me the money instead.

All i can suggest is, if your unhappy with the situation, follow the complaints procedure with the IP, and put in a complaint about it.

If nothing else it should get you a full explanation of what has happened, and why.

immoral_angeluk · 5 January 2018 at 1:06AM

Hi all, thought I'd bite the bullet and check in with this thread. I'm waiting for my appointment with an IVA adviser I know to go over my case in detail. It's looking like I'll have about £200-£300 a month spare to pay about 27k of debt in my name thanks to a failed business.
My boyfriend and I have a joint mortgage so looking to protect it from creditors by avoiding a DMP or bankruptcy.
Fingers crossed!

zedsdeed · 18 November 2018 at 8:21AM

There is an article in the Scottisg Sun this morning and it talks about Richmond Oaks and it’s owner Alan Harty. They have ran up debts themselves and been liquidated.

1. How can you trust a debt management firm for debt advice when they can’t get their own house in order.

2. How does this affect the current Richmond Oaks customers?

This is a bit of a sad story all round for anyone who was a Richmond Oaks customer or who worked for Richmond Oaks as an employee. It really sounds like this Alan Harty character was living a lavish lifestyle off the back of other people’s miseries.

Another reason to avoid one of these companies altogether and go to Stepchange!

IVA support and discussion thread

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