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    Find The Real
    IVA support and discussion thread
    • #1
    • 28th Sep 13, 4:07 AM
    IVA support and discussion thread 28th Sep 13 at 4:07 AM
    IVA's. There is a lot to talk about so I have started this thread for anything IVA related.

    Whether you want to debate any aspect of an IVA, ask a question, share your IVA journey including high and low points or offer support, are thinking of starting an IVA and have a million questions or having completed an IVA you want to share your experience and knowledge, hopefully this thread can offer a chance to do just that.

    It's not exclusively for those in the IVA club, anyone is welcome to join in but please kindly remember this thread is not for judgement.

    Wisdom comes from experience. Experience is often a result of lack of wisdom.
Page 13
    • mollymomoo89
    • By mollymomoo89 14th Aug 16, 10:03 AM
    • 1 Posts
    • 0 Thanks
    mollymomoo89
    Hello Everyone,

    I am looking for some advise (as normally I just do things and then shoot myself in the foot!! And 5-6yrs is a LONG TIME for a mistake)

    I am currently in a bit of debt (£15,000+) and looking to get an IVA, I am recently self-employed, living with parents (because I can't afford to rent), and I feel like my life is on pause (nearly 27). I have a phone appointment tomorrow with Payplan & Knight Bridge Insolvency (IVA) company. But after reading a few reviews and things I feel a little lost and not sure what I should do.

    At the moment I don't make a lot of money but with the amount they are offering me to pay back each month £90 @ 60 months I feel like a huge weight would be off my shoulders and I wouldn't have to stress out so much. I don't have the funds to go bankrupt and I don't really want to (seen it happen to my Dad). My parents don't really understand and we end up rowing. And I just want to be a 20 something and live life!!!

    So please if anyone has any advice please get in contact with me.

    *Do you feel it makes you respect money more getting an IVA?
    *Sense of relief not having to worry?
    *You have a better work/life money balance?
    * Pro's & Con's
    * Any other solutions?

    Many Thanks
    Mx
    • DorisTrousers
    • By DorisTrousers 15th Aug 16, 10:42 AM
    • 475 Posts
    • 279 Thanks
    DorisTrousers
    Hi,

    Personally, I have read too many negative reviews on both of those firms to recommend them, but that is a matter for you.

    I like IVA's, they are a fine solution to debt and in 95% of cases are much better than a never ending DMP. However, I would also sound a note of caution in your case.

    To enter an IVA you need, as far as is possible, stable domestic circumstances. For those employed, you will need to provide 3 months wage slips, and for those who are self employed, you will (usually) need to provide tax returns and probably a cash flow forecast as well. This may be difficult if you have only recently gone self employed?

    Also, consider the £90. Is it truly affordable, without fail, or is it an attractive figure that may be "being made to fit"? If the latter, be careful.

    May be worth your while to pop into your local CAB. They can go through a budget with you, and although you will still potentially have an issue with proving your income, once a budget has been done properly, with all the bits and bobs that are so easy to overlook on a day to day basis, it would not surprise me in the slightest if it then transpired that a Debt Relief Order (DRO) may be an option.

    You have less than £20k debts, you have no assets, and you may well, with professional help budget wise, come out with a disposable income of less than £50. Could be a perfect match, and a one off fee of £90 is better than 5 years at £90.

    Let us know how you get on.
    • sourcrates
    • By sourcrates 15th Aug 16, 11:29 AM
    • 11,211 Posts
    • 10,876 Thanks
    sourcrates
    £90 a month is a little low for an IVA, there are a lot of fees associated with IVA`s, that's why they are more suited to people with debts of 30k and upwards, and also why they tend to be recommended to people who are really unsuitable for one.


    The IP makes a lot of money from an IVA, at the expense of your creditors, so they may not be willing to accept such a small return.


    I would say a DRO (debt relief order) may be more suitable for you as advised above.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Debtfree_oneday
    • By Debtfree_oneday 29th Nov 16, 6:15 PM
    • 3 Posts
    • 0 Thanks
    Debtfree_oneday
    Right at the beginning....
    Hello all,

    This is my first post here although I've been reading through for forums for quite some time so please be gentle with me!

    Basically, I've spent the last ten years or so trying to work my way out of debt but actually just making the situation a whole lot worse by borrowing from one place to pay another. Getting divorced and starting again from scratch all contributed to my situation in the beginning and from there Iíve (wrongly) used credit to manage. This has been (sort of) manageable up until the last few months when the credit simply ran out. Up until last month I hadnít missed any payments but was constantly worrying about where the next payment due was coming from and knowing there was only so much time left before it all came crashing down around me (which it has).

    I currently owe in the region of £62,000 mostly in loans and credit cards. It makes me feel sick just to look at the figure. No one knows how much I owe and Iím ashamed and embarrassed that its come to this point.

    Last month I realised that it couldn't go on when my wages went into my bank and promptly disappeared into an overdraft black hole meaning I couldnít make my repayments. I decided (after reading so many of your brilliant posts) to approach stepchange and consider an IVA. They referred me on to another company and I have now had my initial meeting, provided the documents required and am awaiting more information as to what happens now, today they came back with a list of questions from my bank statements, which I have answered and I now need to wait again and see where it goes from here.

    I havenít had the nerve yet to speak to any of my creditors, I've missed one monthís payment to some but not all of them. Some of the ones set up for the first of the month got their payment last month but as Iíve now moved my bank account over to a new basic account with a different bank itís all about the hit the fan... I know I need to call them but I am quite honestly terrified to do it. The advisor from the IVA company told me to simply tell them I am considering an IVA agreement, give them her details and leave it at that but still I havenít made the calls. Iíve had a few missed calls on my mobile and a couple of letters through so far. Itís starting to stress me out. How long does an IVA agreement with creditors take? Does anyone have any advice on how to handle it while its processed?

    My advisor is putting forward a low IVA repayment of £90 or so per month as I get profit share payments from my work a couple of times a year. Under the agreement I will hand over this sum each time I get it to repay some of what I owe. When she worked it out they would be getting most of it back over the 5 years so it could be agreeable.

    Bankruptcy isnít an option for me as I am a company director and own my home (with mortgage). From what Iíve read IVAís have a decent success rate of being approved and Iím just keeping my fingers crossed that mine will be the same and I can post here in five yearís time on the other side of all of this mess.
    • DorisTrousers
    • By DorisTrousers 2nd Dec 16, 1:21 PM
    • 475 Posts
    • 279 Thanks
    DorisTrousers
    Rule of thumb with IVA's re timescale, anecdotal only.

    Assessment stage, paperwork out to paperwork back, maybe a week or two.

    Validation, can be done very quickly if all relevant information is supplied by the debtor, maybe 1 or 2 days. Longer if there is missing info.

    You will get a chance to double check your choice at what is commonly known as a debtors meeting, and will usually get a draft copy of the proposal to look over before any firm deal is put to your creditors, if you are happy then you sign it, lets say that takes a day or two as well.

    Signed proposal received, creditors get a minimum 14 day notice period of a creditors meeting, so you can calculate from that rule of thumb where you are in the process.

    As for your profit share, unless you have specifically agreed to hand over the lot, and I certainly wouldn't if I were you, then it should fall within the overtime, bonus and commission clause of an IVA which works as follows.

    Your base wage is used to calculate affordability. Anything over the base figure, you keep the first 10% extra without penalty, anything over and above that you split 50/50. That way you do get at least some benefit from your hard work, but you are also meeting your creditors halfway as well.

    Quick example:

    Normal take home £2k

    Lets say you get a really good payout, maybe £4k nett (this sum works on any amount, so don't worry if your bonus is lower or higher than that) Keep the first 10%, £200. Split the rest 50/50, so you pay over £1900 and keep £2100. Save it, let it build up and maybe look at a full and final settlement later in the process. Alternatively, treat yourself, holiday, new motor etc. That is the way a standard protocol IVA works, and if your proposal reads any different to that then run a mile and appoint someone else. An IVA is not meant to be beer and skittles, but 5 years is a long time with just sackcloth and ashes.

    Hope that helps.
    • Debtfree_oneday
    • By Debtfree_oneday 2nd Dec 16, 2:19 PM
    • 3 Posts
    • 0 Thanks
    Debtfree_oneday
    Thanks so much for that, the timescales are really helpful and It gives me a better idea of what to expect.

    During the IVA meeting, it was suggested that I paid a lower monthly sum but agreed to hand over pretty much all of my dividend payment each year. I do recall some mention of being able to keep a small proportion of it though but definitely not 50% so that will be something to look further into.

    I haven't had my written proposal through yer but i'll make sure I read it carefully to see what it says.

    Again, thank you x
    • DorisTrousers
    • By DorisTrousers 2nd Dec 16, 4:36 PM
    • 475 Posts
    • 279 Thanks
    DorisTrousers
    There are set guidelines for an IVA proposal and you cannot just "invent" a lower monthly payment. If you do, creditors will not accept it unless you agree to pay more each month.

    Then, on top of that, paying all your extra and having nothing to show for it in seems to be very heavily weighted in favour of both the creditors and the I.P. firm, who will get a higher supervisors fee from a larger payment. Up to you of course, but I would not touch a deal like that with a bargepole. Insist on a protocol compliant IVA where the extra is dealt with as suggested above, and if they do not agree then take your business elsewhere. I have never proposed an IVA under the terms you have described, and never will, it is very unfair.
    • Debtfree_oneday
    • By Debtfree_oneday 2nd Dec 16, 5:13 PM
    • 3 Posts
    • 0 Thanks
    Debtfree_oneday
    In all honesty, it never occurred to me that it might not be the right way of going about things. I just saw it as a way to pay back as much as I can over the 5 (or potentially 6) years. With approx £10,000 in dividends potentially each year it means that they would receive almost all of the debt back. I hadn't considered the fee...

    Again, thank you for your advice its been a eye opener! x
    • Pistol_Pete_81
    • By Pistol_Pete_81 15th Apr 17, 11:41 AM
    • 3 Posts
    • 0 Thanks
    Pistol_Pete_81
    Hi,

    This is my first ever post on these forums.

    Just wondering if anyone is still around on this IVA forum, so I could ask a question which I badly need asking?

    Thanks.
    • sourcrates
    • By sourcrates 15th Apr 17, 10:02 PM
    • 11,211 Posts
    • 10,876 Thanks
    sourcrates
    Hi,

    This is my first ever post on these forums.

    Just wondering if anyone is still around on this IVA forum, so I could ask a question which I badly need asking?

    Thanks.
    Originally posted by Pistol_Pete_81
    Hi Pistol pete,

    If you ask your question then people can respond to you.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Pistol_Pete_81
    • By Pistol_Pete_81 15th Apr 17, 11:57 PM
    • 3 Posts
    • 0 Thanks
    Pistol_Pete_81
    If people respond and let me know this thread is still active then I will ask my question.

    Basically, I ended an IVA in July 2015 after paying it off early after my joint in the IVA wife passed away.

    Have waited till the 6th year has passed from the beginning of the IVA, but yet still, it shows on my credit check, how can I get it removed??

    😳
    • sourcrates
    • By sourcrates 16th Apr 17, 12:09 AM
    • 11,211 Posts
    • 10,876 Thanks
    sourcrates
    If people respond and let me know this thread is still active then I will ask my question.

    Basically, I ended an IVA in July 2015 after paying it off early after my joint in the IVA wife passed away.

    Have waited till the 6th year has passed from the beginning of the IVA, but yet still, it shows on my credit check, how can I get it removed??

    ��
    Originally posted by Pistol_Pete_81
    Hi,

    It should fall off your file on the 6th anniversary of the IVA start date.

    How far over that line are you now ?

    You can ring the insolvency service and see if they can help you, do you still show on the insolvency register ?

    Can still take up to 3 months to be removed from credit files.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Pistol_Pete_81
    • By Pistol_Pete_81 16th Apr 17, 12:22 AM
    • 3 Posts
    • 0 Thanks
    Pistol_Pete_81
    Am 7 months past the 6 year drop off point, have rung the insolvency agency and they say Iit has been removed.
    Have checked Exerpian and it is still showing as active, AND defaulted.

    I do have the signed proof of it ending.

    Should I send it to Experian?? Is what I'm thinking. 😳
    • sourcrates
    • By sourcrates 16th Apr 17, 12:24 AM
    • 11,211 Posts
    • 10,876 Thanks
    sourcrates
    Am 7 months past the 6 year drop off point, have rung the insolvency agency and they say Iit has been removed.
    Have checked Exerpian and it is still showing as active, AND defaulted.

    I do have the signed proof of it ending.

    Should I send it to Experian?? Is what I'm thinking. ��
    Originally posted by Pistol_Pete_81
    Yes that's your next step, if information is inaccurate or out of date, then a complaint should be sent to them.

    You can dispute entries from the website as well.

    If that fails, which it shouldn't, the ICO would be your final port of call to get it removed.
    Last edited by sourcrates; 16-04-2017 at 12:27 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Robbie D
    • By Robbie D 18th Apr 17, 5:15 PM
    • 1 Posts
    • 0 Thanks
    Robbie D
    Hi, I am deeply worried as last year I was pursued by a company called Maple Leaf who promised me they could recover PPI that had related to an IVA i was in from 2007-2012 even though I had to previously sign a form waiving away any rights before DFD would release my completion certificate.

    Maple Leaf successfully recovered a 5k refund from a Bank of which I retained £3.2k and they kept £1.8k for admin charges. I was told at that time to "enjoy my win". When I queried with them if DFD could chase me in the future they advised "doubtful" because the "Green v Wright" case had changed the landscape into how PPI was being viewed.

    However since the "Green v Wright" had a successful appeal early this year Maple Leaf contacted me explaining that I might need to take legal advice on where i now stand and that they cannot comment on any individual cases........!

    Huge worry because this £3.2k has now been spent and I am worried sick that DFD will now chase me for the money which I cannot afford to pay back! Maple Leaf were keen to help me last year but it is like they have pulled the ladder up and are now saying "you're on your own now" even though they pursued me and persuaded me to go with them in the first place - how can this be fair???

    I suspect that there will be thousands of people in this scenario who have received PPI refunds relating to an IVA and are now wondering whether their IP's will start chasing them?? Legally I have been advised they can!

    Help me please - its keeping me awake at night with worry. I wish Maple Leaf had not have texted me in the first place.

    Robbie B
    • Samielou92
    • By Samielou92 26th Apr 17, 8:20 PM
    • 8 Posts
    • 0 Thanks
    Samielou92
    Hi can anyone on this thread give me some advice on setting up an IVA.

    Circumstances-
    I am 24 year old, with a daughter and live in a rented property.
    I currently have around 23k worth of debt (credit card x2, personal loan, purchase from bensons for beds, and a cataloge, overdrafts x 2)
    I am paying around £500 a month out on debt i have never missed a payment yet however i have been off work sick on reduced pay and have maxed everything out.
    I am not struggling to find the money and having to borrow off family to make payments. Increasing my debt for when i return to work to about 25k.

    I am looking into setting up an IVA plan to help reduce my debt. I dont want to go BC and like the idea it only affects credit for 6 years.

    I was wondering can i still have a bank account. And will i be able to keep my car ( i am still paying for this through a loan someone got on my behalf) and would i still be able to apply for car insurance.

    My annual salary is £21909 however i work regular bank taking me to around £33000 a year be4 tax n ni. I want to include my bank into my actual wage as i know they wil if i dont declare at begning only let me keep 10% of my over time however this is regular so would this be possible to include it as my annual income.

    Any help and support is welcome.

    I am going out of my mind.

    Thankyou
    • sourcrates
    • By sourcrates 26th Apr 17, 8:31 PM
    • 11,211 Posts
    • 10,876 Thanks
    sourcrates
    Hi can anyone on this thread give me some advice on setting up an IVA.

    Circumstances-
    I am 24 year old, with a daughter and live in a rented property.
    I currently have around 23k worth of debt (credit card x2, personal loan, purchase from bensons for beds, and a cataloge, overdrafts x 2)
    I am paying around £500 a month out on debt i have never missed a payment yet however i have been off work sick on reduced pay and have maxed everything out.
    I am not struggling to find the money and having to borrow off family to make payments. Increasing my debt for when i return to work to about 25k.

    I am looking into setting up an IVA plan to help reduce my debt. I dont want to go BC and like the idea it only affects credit for 6 years.

    I was wondering can i still have a bank account. And will i be able to keep my car ( i am still paying for this through a loan someone got on my behalf) and would i still be able to apply for car insurance.

    My annual salary is £21909 however i work regular bank taking me to around £33000 a year be4 tax n ni. I want to include my bank into my actual wage as i know they wil if i dont declare at begning only let me keep 10% of my over time however this is regular so would this be possible to include it as my annual income.

    Any help and support is welcome.

    I am going out of my mind.

    Thankyou
    Originally posted by Samielou92
    Hi,

    Yes you can have a bank account, yes you can keep your car, yes you will be able to get car insurance.

    Before you decide to go for an IVA, please get some professional advice from one of the companies listed in my signiture.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Samielou92
    • By Samielou92 26th Apr 17, 8:48 PM
    • 8 Posts
    • 0 Thanks
    Samielou92
    Thankyou. I have been contacted by someone called richmond oaks group. But i have just submitted a form to step change.

    I just hope i can get this sorted.

    Thankyou
    • sourcrates
    • By sourcrates 26th Apr 17, 9:11 PM
    • 11,211 Posts
    • 10,876 Thanks
    sourcrates
    Thankyou. I have been contacted by someone called richmond oaks group. But i have just submitted a form to step change.

    I just hope i can get this sorted.

    Thankyou
    Originally posted by Samielou92
    If your going to get an IVA go with a company that are on National Debtlines approved list, look on there website for more details, don't go with the 1st company you see, do your research, as there are numerous cowboys out there.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Samielou92
    • By Samielou92 27th Apr 17, 9:40 AM
    • 8 Posts
    • 0 Thanks
    Samielou92
    Hi i am trying to do the research its all abit mind boggling.

    This is reply i have had from richmond oaks but it doesnt seem correct

    Hi

    We are an advisory service so we do not take any fees or charges from you, whatever you pay each month goes directly to your creditors. We simply get a fee from your creditors for helping you with your debts. The way the creditors look at it is you could easily go down the bankruptcy route tomorrow and they would not receive a penny but by going through a plan with ourselves and your creditors getting a return they pay us a fee for helping you.

    I hope this makes sense.

    As i have read they charge about 4000 for an IP person or something is this correct.

    Sorry for all the questions
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