IVA guidance please

insider66

Deep_In_Debt wrote: »

CCCS also do IVA's for a fraction of the cost of other providers and as they are charity they are not trying to make money out of you. If CCCS recommended a dmp then I would go with that, as they recommend IVA's to very few people. Yes, you will get charged for an IVA, and your first few months will go to paying the IVA provider and not clearing your debts.

I'm not a fan of Payplan. They recommended an IVA to me when it was not suitable. I'm now on a dmp with CCCS.

Do seek more advice before proceeding.

I see a lot of people talking as if the CCCS are the oracle of debt advice, and that if they say only 3% of people are recommended for an iva, then that is right....

BUT, whilst registerred as a charity, does anyone realise that the CCCS was set up by your creditors and is funded by your creditors, so who's side are they really on?

Of course they will recommend a dmp first, as the creditors get all their money back!

debs16

hi ,i dont know whether anyone can help me ,as i have tryed everywhere else , me and my hubbie went into a iva with a company called accuma based in manchester ,we entered into it in feb 2006 and paid to date into the iva 8,000 when we got the end of year statement we saw that we have just paid there fees for the last two years which is a bloodly joke so i rang them up and they said it is legally binding i can just not bother paying anymore if i dont want to , and i said i cant afford the 300 a month any more ,but can afford to pay 200 as that is th eonly disposable income we have ,he said he will send out a income expenture form ,and i filled it out and sent it back to them and havent heard from them since that was 3 months ago they dont seen to care and i am so so annoyed that they have 8000 of my money that could have paid my creditors.
what should i do i would have another 3 years left shall i just send them 200 each month whether they argee are not ,are is there a change i can claim my 8000 back from them and pay my ccreditors myself ,we owe in total 44,000 which was in the iva xxx
helppppppppppppppppppp

skintandscared_2

The people who IVAs "work" for are people who can afford to keep to the agreed payments for five years. For anyone unlucky enough to have problems in those five years, they fail.

The amount of the IVA is agreed at the beginning, and a huge chunk of it is your IVA administrator's fee. If the IVA fails early, the administrator takes their cut first and the creditors lose out. If the plan carries on full term, the administrator gets their cut and the creditors get the amount which they agreed to accept at the start. If you have property, the creditors usually push for a re-financing in year four of your plan so they can get more of the money they are owed. The only reason people say IVA is good for those with property to protect is when the only options would be IVA or bankruptcy.

debs16, the IVA you signed up to will have clearly listed the fees payable to your IVA administrator and yes, they can keep the payments you've made so far. If you carry on with your plan, your creditors will get their portions too. But if you have to lower your payments your creditors may reject that. Your IVA company really need to tell you where you stand so you can make an informed decision. Really hope you can sort it out without losing what you've already paid in. Best of luck.