We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

CCCS & PayPlan recommended IVA's

Options
2

Comments

  • CCCS_Matthew
    CCCS_Matthew Posts: 922 Organisation Representative
    First Anniversary Combo Breaker
    Options
    From a CCCS perspective, absolutely not. We take pride in being able to give impartial advice, I can assure you there is no vested interest for counsellors to offer one solution over another.

    CCCS
    Just a question.

    Do the employees of CCCS and Payplan get paid a commission for signing up folks to an IVA?
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • imcognito
    Options
    Payplan refused us an IVA, (because half of my husbands take home is overtime and not gaurenteed ) tho they said we could try an Informal Arrangement? Basically the token payments. I said that would take us 50 odd years and would ruin our credit file anyway so I mentioned BR to them and they were more than happy to discuss allt he implications, and said it was best that only one of us went BR to protect the assets.. Am hoping seeing as now I am BR that was the right advice!!
    BSC Member 207 :beer:
    Mummy to 3 Wonderful Children 2 Boys and a Princess
  • MurrayMint
    Options
    Hi,

    Very interesting responses. In my own circumstances my situation is not stable enough to look at an IVA, but CCCS have said once things have settled (my outgoings will change over the next year due to childcare arrangements) that this is a route to be considered. There was no pressure, but from my point of view I've appreciated the knowledge that there may be other options open to me.

    But it's just that IVA's are really to favoured on these boards, but can they be that bad if CCCS/PP are offering them? Is it just that like minded people gather in the same place? I would love to see the official stats of IVA's that fail during their life-span - if there are any - and the reasons for this???

    MM
    :D PROUD TO BE DEALING WITH MY DEBTS :D
    Light Bulb Moment Jul 2008 /
    CCCS DMP started Sep 2008 / DMP Support Thread Member # 224
    Debt Free Day [strike]Aug 2032, Feb 2018,[/strike][strike] Jul 2032[/strike] Feb 2023
    July-08 Unsecured Debts £40,499 / Nov-09 Unsecured Debts £38,945
  • MurrayMint
    Options
    Me again... was just googling to try to find out some stats on IVA failure rate, which is a bit difficult as that search finds reported rates of creditors voting against an IVA proposal, which is not what we're discussing!

    But there was a government paper from 2006 that looked at IVA's and maybe changing them a bit. It was quite interesting, but I don't know if the government will adopt any of the recommendations
    http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/con_doc_register/improvingIVAsgovtresponse.pdf
    :D PROUD TO BE DEALING WITH MY DEBTS :D
    Light Bulb Moment Jul 2008 /
    CCCS DMP started Sep 2008 / DMP Support Thread Member # 224
    Debt Free Day [strike]Aug 2032, Feb 2018,[/strike][strike] Jul 2032[/strike] Feb 2023
    July-08 Unsecured Debts £40,499 / Nov-09 Unsecured Debts £38,945
  • blind-as-a-bat_2
    Options
    MurrayMint wrote: »
    Hi,

    Very interesting responses. In my own circumstances my situation is not stable enough to look at an IVA, but CCCS have said once things have settled (my outgoings will change over the next year due to childcare arrangements) that this is a route to be considered. There was no pressure, but from my point of view I've appreciated the knowledge that there may be other options open to me.

    But it's just that IVA's are really to favoured on these boards, but can they be that bad if CCCS/PP are offering them? Is it just that like minded people gather in the same place? I would love to see the official stats of IVA's that fail during their life-span - if there are any - and the reasons for this???

    MM

    The thing is there is a very slim differance between going on an IVA and going BR, its recorded in the same place, and if the question is asked have you evere been BR or entered into an IVA you must answer truthfully.

    However one could argue if you complete an IVA it may go in your favour in the future as you demonstrated, even though you got into a mess you made an agreemant to rectify it, and completed it.

    Only time will tell if that does have any affect.

    the fact is if you go BR with an excess income, you still end up paying that surplus to your BR estate, so although that seems to be egnored, it is not that differant to an IVA, except it is three years instead of five, and will more than likely be a lot less. but you are still paying what you can afford

    If creditors, mortgage companies treat BR,s and IVA,s the same in the future for there risk assesmants, than it would make doing an IVA pointless however, not to mention it will take longer to have a "clean slate" so to speak.

    The golden rule of thumb is if you have no assets to protect, or your job would be at risk if you went BR, then an IVA is not suitable for you, and is possibly pointless from a future credit worthiness point of view, depending how they are viewed,

    thats unless you throw the moral debate of "you borowed it so you should pay it back" into the equation of course, but the above is almost always true when deciding if an IVA is a suitable option.

    The only exception may be if you would have a huge excess if you where to go BR, in which case the court may refuse BR and instruct you to go on an IVA, but that is rareely seen on here
    Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all …………. :(
  • MurrayMint
    Options
    The golden rule of thumb is if you have no assets to protect, or your job would be at risk if you went BR, then an IVA is not suitable for you

    Hi blind-as-a-bat,

    I have a house that I wish to keep, as we have working %£@&% hard on and it would happily be my forever house - well, until retirement, so 35+ years! So that is my reasoning. And while I appreciate that with the falling market and my probably negative equity if I were to try to actually sell it right now, there is a chance I could keep it if I went BR, I don't want to take that gamble.

    If I could have a conversation with an OR who guaranteed that he would let me by the beneficial interest back for a nominal fee, then I would probably go for BR.

    Who knows what's best... at the moment my DMP is a form of treading water, whilst I try to formulate a cunning plan. Where's baldrick when you need him!!
    :D PROUD TO BE DEALING WITH MY DEBTS :D
    Light Bulb Moment Jul 2008 /
    CCCS DMP started Sep 2008 / DMP Support Thread Member # 224
    Debt Free Day [strike]Aug 2032, Feb 2018,[/strike][strike] Jul 2032[/strike] Feb 2023
    July-08 Unsecured Debts £40,499 / Nov-09 Unsecured Debts £38,945
  • Trollfever
    Trollfever Posts: 2,051 Forumite
    Options
    The golden rule of thumb is if you have no assets to protect, or your job would be at risk if you went BR, then an IVA is not suitable for you, and is possibly pointless from a future credit worthiness point of view, depending how they are viewed,

    Agreed...........................

    P.S. Who can I contact to get redress for a miss sold IVA?
  • OhDear
    OhDear Posts: 138 Forumite
    Options
    Hi all,
    I had my telephone interview with CCCS yesterday, and there was no suggestion of any serious option apart from BR. I even hinted that if there was an alternative to BR that "ideally" I would be interested in avoiding BR. I also stated that I hoped my work situation and income would improve. The adviser pointed out that even if my income was to improve by £200pm, that it would still take about 24years to become debt free.:eek:

    So BR next Monday? I hope so.

    I don't think that even in the freedom to be honest that this forum provides, that we get the whole picture of anyone's personal finances, assets and job prospects. It is so easy to forget important detail, when one is going through so much stress. I forgot that I had a caravan.:confused: Ok, it's not worth much more than £1100 to £1400, but I still forgot that I had it!:T

    Btw BAAB, on the "moral" issue:
    There is a biblical principle called "the Jubilee Principle" where all debt is written off every 50 years.:D There is a charity called "Jubilee Debt Campaign" involved in writting off 3rd world debt! I also understand from a Christain friend, that biblicaly it is "wrong" to charge for lending money - we should lend to those who need.
    I don't think any of us should feel any kind of moral guilt. Having said that, I do take my mistakes responsibly!:A

    ODx
    Debt free by 2025?
  • Deep_In_Debt
    Deep_In_Debt Posts: 8,579 Forumite
    Photogenic First Post First Anniversary Mortgage-free Glee!
    Options
    OhDear wrote: »
    Hi all,
    I had my telephone interview with CCCS yesterday, and there was no suggestion of any serious option apart from BR. I even hinted that if there was an alternative to BR that "ideally" I would be interested in avoiding BR. I also stated that I hoped my work situation and income would improve. The adviser pointed out that even if my income was to improve by £200pm, that it would still take about 24years to become debt free.:eek:

    So BR next Monday? I hope so.

    I don't think that even in the freedom to be honest that this forum provides, that we get the whole picture of anyone's personal finances, assets and job prospects. It is so easy to forget important detail, when one is going through so much stress. I forgot that I had a caravan.:confused: Ok, it's not worth much more than £1100 to £1400, but I still forgot that I had it!:T

    Btw BAAB, on the "moral" issue:
    There is a biblical principle called "the Jubilee Principle" where all debt is written off every 50 years.:D There is a charity called "Jubilee Debt Campaign" involved in writting off 3rd world debt! I also understand from a Christain friend, that biblicaly it is "wrong" to charge for lending money - we should lend to those who need.
    I don't think any of us should feel any kind of moral guilt. Having said that, I do take my mistakes responsibly!:A

    ODx

    And those institutions had no morals about charging us extotionate interest rates and charges!
    Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free :)
    Mortgage free since 2014 :)
  • mother_hen_2
    Options
    Good luck ohdear.. I wish you well... (glad about the caravan good for you!)
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 12 Election 2024: The MSE Leaders' Debate
  • 344.2K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.1K Spending & Discounts
  • 236.3K Work, Benefits & Business
  • 609.7K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 248.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards