Churchwood IVA - Safe or Unsafe?!!!

Dodo_Donna

I would like to know about the credibilty of this company as I am considering using them to do my IVA which sadly due to the credit crunch seems to be my only way out of the ever increasing debts! I am certain that I am eligible and I don't have an account with Northern Rock who I heard were refusing IVA's. The financial advisor that I spoke to was extremely helpful especially as I grilled him with about 100 questions. Any advise would be really helpful before I receive my agreement this week.
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Deep_In_Debt

Contact CCCS, Payplan or CAB who will offer you free advice and will advise whether an IVA is the way forward for you. IVA's make a lot of money for IP's and Churchwood may not have informed you of any other options that may be out there for you.

Charco_2

I dont know a lot about Churchwood... I know they used to refer their work on to other companies and i used to speak to some of their staff but it's been a while - i can ask around to find out a bit more about them now if you'd like. Dont think there's anything wrong with them!

Contact CCCS, Payplan or CAB who will offer you free advice and will advise whether an IVA is the way forward for you. IVA's make a lot of money for IP's and Churchwood may not have informed you of any other options that may be out there for you.

Insolvency is a HEAVILY regulated field. If a company advises an IVA for you then they must also ask you to sign a Government R3 form which is your agreement that you have been informed of and understand that there are or MAY BE other options available to you. The R3 form also outlines briefly what these options are. No company can pull the wool over your eyes as regards to this.

As for companies making a lot of money... dont make me laugh about CCCSVA's profit margins. Astronomical compared to any Insolvency Practice you care to mention! Dont worry though, once the bigwigs have taken their huge salaries out of this, they pour all the rest back in to their "charitable foundation". I know they wont mind me mentioning this, because its on their website anyway if you care to look. The "charitabe foundation" is then funded mostly by banks...

Wait a minute. So, a qualified IP who negotiates their fees from the banks is a crook who wants to swindle money from people who are already struggling financially but the CCCS who were set up by the banks and are funded in much the same way (by receiving a fee for debts they recover) the CCCS are somehow the heroes of debtors everywhere!?

Have i missed something?

I have no axe to grind with the CCCS, PayPAl or CAB.
CAB are generally fine but dont necessarily have the expertise on hand to answer the questions you might want to ask... it depends on the knowledge and background of the staff they are able to hire! Luck of the draw!
Reports from CCCS and Paypal are that it will take you an age to get a meeting (they're either too busy polishing their halos or perhaps just drowned in work - which they do get paid for, just like any other company)

The only difference between CCCS and any other debt company is HOW they get paid. Both get paid by the banks in the long run, so that's not it. IP's negotiate a fee for their work, CCCSVA work "for free" and get a proportion returned to them for their trouble.
See the difference? Me neither!

hallsy85

I've been with Churchwood for the last 2 years, and generally they've been brilliant. If i've ever been late with a payment etc, they've always been understanding, and i've managed to up my monthly payment to £300- which i'll be dropping to £200 with the current credit crunch. I'm about 4 months short of clearing my total debts! They're always on the phone to me, checking i've not heard from creditors, and whenever i have they've always sent me SAEs to return correspondance to them.

Have to ring them a bit later to drop my payment, but i'm expecting them to be understanding! Some of their agents go that little bit further, and will email you out your total balance to help you plan ahead.

Dodo_Donna

Thanks for all the info.

I did go and see the CAB earlier in the year and the lady I saw was helpful, but I didn't feel she took my case very seriously. I earn just enough to cover the minimum payments of my creditors, with £15 a month left over by the time Ive paid my main household outgoings and thats not including things like clothes! I do only buy from charity shops but still that doesn't leave me alot to play with! She told me that I could afford my debts! Even though I am only paying the interest each month!

I also have looked at DMP and it will take 11 years to pay off so it really does look like the IVA is the best option for me at the moment.

I am actually looking forward to not having any credit available to me as I am VERY upset with myself for allowing this situation to get out of control and not call for help sooner.

I am also really looking forward to getting post out of my box with no default notices!!

I will be receiving the paperwork from Churchwood in the next few days and I really just wanted to check what everyone thought of them really before handing over £360 for an IVA proposal.

Thanks again!

notmyrealusername

I wouldn't use a company that charges fees up front Insolvency practioner's get paid for setting up/running your IVA (if approved) and they will take their fees, normally in the several thousands, from the payments you make into your IVA.

Have a look on www.iva.com for independant reviews of all the IVA firms. I'm with Payplan and have been very happy with the service. I also frequent an IVA forum http://www.iva.co.uk/forum/ and one of the posters, Melanie Giles, is an actual IP and is very helpful and knowledgable - her firm comes highly recommended on that forum.

Charco_2

Melanie Giles is another IP i would recommend.