Independant Voluntary Agreements-IVAs

garywar41

I'm currently looking into using one of the agreements via an Insolvency Practioner through a comapny called Accuma Group. THEY tell me there are no hiddne chagres and their fees for arranging these with my creditors are totally free to me whatever happens (accepted or not) and they are met by my creditors (approx £2500.00) after a few friends have become a bit suspicious about them I'm now worreid about going ahead with it. Basically they arrange a meeting with your creditors, of which you must have at least three, from your income and outgoings, they work out a budget and what is left as "disposable income they offer this amount between your creditors to pay off my debts providing they agree to stop all interest chagres and they fix the repayment of this agreed amount to five years. With my debts this would mean the main one, a bank loan is reduced by two years and the loan itself is greater than the amount they have deemed "disposable income"
After reading Martins site I thought I would take the bull by the horns myself and have requested a new credit card with a different bank offering a 6 month 0% on balance transfers and have requested two balances from previous cards be moved to the new one totalling approx £4500.00 (still waiting on the reply) I was just going to try and track down a different bank loan offering shorter repayment periods or a lower interest rate, when looking at the small print of my current loan found a clause stating the early settlement clause giving a repayment figure that would apply but states this can not be done until the repayment date when a quarter of the term of the loan has lapsed so that seems to have put a stop to that idea, as I'm stuck with this loan now for 1 3/4 years (that'll teach me to read the samll print even when I'm in a panic!) So I have two questions:-
Has anyone had experiences of IVAs
Any suggestions in regard to reducing the repayments on the loan or its term length, would it be a good idea to speak to the bank?

Someone suggest to put a statment of affiars GULP !

Salary £17750.00

Bank Loan at final settlement £22800.00 (£272.00 per month for he next 7 years)
Halifax Visa £500.00 and mounting (as much as possible each month)
MBNA £3900.00 Cut up! (as much as possible each month)
Lloyds bank loan £800 £32.00 per month two more years to go)

Outgoings £941.00 and I can assure you there are no extras there for going out these are merely living expenses and work related outgoings like petrol and parking.

lou_lou_skinty_poos

could you not just try a debt managent plan? payplan or cccs dont charge fees and could try and get ure creditors to reduce the ammount ure paying each month and try to drop the charges and interest although they cant gaurantee that. if ure looking for iva information then try this forum https://www.debtquestions.co.uk they have a section on iva put ure post on there and somebody will reply good luck

fatbelly

It doesn't sound to me as if you are ready for a debt management plan.

Don't even think about IVAs.

Post a Statement of Affairs and let us rake through it.

Regards

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Addicted2Chocolate

if you do go down Individual Voluntary Arrangement route, do not go withAccuma. Go with reputable IP like Baker Tilly.

garywar41

Just edited my post with my statement of affairs ! The IVA people advised me I had two options an IVA or bankruptcy. Even the later is looking appealing at the moment !

garywar41

How are Baker Tily anymore reputable than Accuma? Do you have any expereinces of Accuma or heard anything about them? As far as I can see all the IP places as as bad as banks and the like profiting from vunerable people who have little option but to use their services to survive in the modern world and end up paying for it in one way or another. Have you used Baker Tilly yourself?

CLAPTON

a statement of affairs is a detailed description of your financial affairs

something that explains in detail ypou income, what you spend and about your debts: a format something as follows


If you browse the bulletin board you will see examples but the general format is

: statement of income:

: statement of expenditure
this should be quite detailed but excluding debt repayment
: a subtotal to save us all having to add it up

: statement of all debts including:
for Credit cards show: outstanding amount, monthly repayment , APR
for loans/HPs show outstanding amount, monthly payment, APR and number of months still to pay;
Say whether you are paying PPI on your debts

a subtotal of the total debt and of the total repayments, to save us having to add it up

also add a brief details of your situation, partner, any children, rent or own property, value of house and mortgage, any special circumstances that are relevant

wylie_2

Withoutknowing all your circumstances and speaking generally, an IVA is a viable and favoured option.

Remember an IVA can only be conducted by REGULATED professional insolvency practitioners... debt management is unregulated.
IVAs offer legal protection from your creditors!

The government is more in favour of short term IVAs than the long term DMP and is consulting widely and will be introducing changes to make IVAs more useful. That is why there is a rush by many DMP companies to hire qualified IPs.

If you are unsure of the company you mentioned then PM me and I will put you in touch with a company I know to be above board and who work with one of the country's top firms of accountants/Insolvency Practitioners to provide truly FREE independent and professional Debt Advisory Service. They will tell you if an IVA is indeed right for you or NOT.
(I do have an association with this company)

Always get Proper advice on all the options before you make up your mind what to do. Depending on individual circumstances it could be the difference between struggling to pay a set amount for 5 to 10 years or being debt free in a year! It's that stark!


Good luck

Ken

Addicted2Chocolate

I do not have any personal experience of Accuma, but the things i have read about them on here are not good. All IP's are not the same, there fees and the way they charge for them vary. Baker Tilly were just an example, but they do not need to advertise on TV as their reputation precedes them.
Are Accuma a reference agency to IP's firms or are they IP's themselves?

garywar41 wrote:

How are Baker Tily anymore reputable than Accuma? Do you have any expereinces of Accuma or heard anything about them? As far as I can see all the IP places as as bad as banks and the like profiting from vunerable people who have little option but to use their services to survive in the modern world and end up paying for it in one way or another. Have you used Baker Tilly yourself?

garywar41

Accuma group are the IPs themselves.

Addicted2Chocolate

thats good then. if you are happy you have done your research then go with them. At least they are not ambulance chasers.