Seriously considering an IVA but unsure whether it will go through.....

makka

Hi all. I have just received my IVA pack from Baines and Ernst. We have been accepted for the IVA over the phone and now have to fill the forms in. On the form, bank statements and credit card statements are asked for. The thing is, my credit and bank statements show quite a few deposits to poker and gambling sites (maybe £1000 worth).
Does anyone know whether this will be cause for my creditors to decline or look unfavourably my application?
I hope not as this IVA really is the light at the end of the tunnel i need.

Thank you

continualdiamond

Have you looked into the option of a DMP?

Only asking as this has more flexibilty, ie circumstances changing, so able to change amount creditors receive etc.

We are in a DMP and unfortunately after only being in it for 6mths my OH lost his job, for the next 6mths he was out of work our creditors only received £1 each. They were all luckily very understanding, as soon as he got a job again, the payments went back to normal.

It also offers flexibility if you need the money for repairs, ie new washing machine or something unexpected etc.

We've recently increased our payment after our review.

Just been on the companies website you mention and checked the T/C's:

3a [FONT=Arial Narrow,Arial Narrow][FONT=Arial Narrow,Arial Narrow]You [/FONT][/FONT]will pay [FONT=Arial Narrow,Arial Narrow][FONT=Arial Narrow,Arial Narrow]us [/FONT][/FONT]our [FONT=Arial Narrow,Arial Narrow][FONT=Arial Narrow,Arial Narrow]initial fee [/FONT][/FONT]and then a monthly [FONT=Arial Narrow,Arial Narrow][FONT=Arial Narrow,Arial Narrow]management fee [/FONT][/FONT][FONT=Arial Narrow,Arial Narrow]

I personally wouldn't go any further with them, companies exist where they do not charge for the service (payplan i use)
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carried36

go thru cccs dont use a company the charges eat away at what you can pay off your debts!!

mjm3346

makka wrote: »

We have been accepted for the IVA over the phone

The companies you owe money to are the ones who can decide if an IVA is acceptable or not (I think at least 75% by value have to accept for it to go through then any others are bound by it).

As has been pointed out payplan and cccs do not charge any fees so everything goes to your creditors and they maybe more likely to accept an offer which gives them higher payments.

Assets such as property can be taken into accout with an IVA and there is not as much flexability as with a DMP but equally you have certainty with an IVA you do not get with a DMP.

sammyjammy

I think some of you are muddling up IVAs and DMPs, all IVAs come with fees because they are managed by an Insolvency practitioner.

althas

If you decide on an IVA, before you settle for an IP, have a look over at www.iva.com They have lists of IP's and reviews of them by the clients who use them

But 100% agree, do NOT go with a company who ask for a fee in advance, and/or act as an introducer to an IP. There are far to many good reputable IP around these days to do that. ALL IVA's will have fees included, the IP's do not work for free. BUT a good IP will fully disclose all fees and charges as part of the proposal, and these will all be included within that proposal that goes to your creditors. So you do not pay anything EXTRA for the IP's fees, I guess in reality, the creditors get less of a payment. But once voted on and agreed that is it

Good luck on whatever journey you decide

Max_1066

I would strongly recommend speaking to a few IP's as they will give you slightly differing views. However, def don't pay any amounts up front.

Good Luck

debtinator_2

How can anyone be "accepted for an IVA" over the phone? Only your creditors can approve the proposal by a vote (75% by value have to vote yes) and that include the gambling debt, if they get out voted they have to go with the proposal anyway.

"congratulations Mr XXX you have been accepted for an IVA" is just a hook to get them another sale.

By the time you have completed all of the forms the monthly payment they have suggested (let me guess about £250 per month) will shoot through the roof later. No fault of the IP of course, it's those rotten creditors who want more money.

Have they told you clearly how much (%) of your contribution will go to them and how much will eventually go to your creditors?

Are you sure an IVA is actually the right thing for you? You don't mention any assets to protect? It could be the right solution for you but if it's not it could turn out to be as very costly and time consuming (5 year) mistake!

skintflint103

Just know that if you go with Blair Endersby (Baines and Ernst) they do 6 monthly reveiws not 12 like everyone else. They will ruin your next 60 months. My experience of clients in IVS seems that small is best.

Choo_Choo_4

makka wrote: »

Hi all. I have just received my IVA pack from Baines and Ernst. We have been accepted for the IVA over the phone and now have to fill the forms in. On the form, bank statements and credit card statements are asked for. The thing is, my credit and bank statements show quite a few deposits to poker and gambling sites (maybe £1000 worth).
Does anyone know whether this will be cause for my creditors to decline or look unfavourably my application?
I hope not as this IVA really is the light at the end of the tunnel i need.

Thank you

I have to agree with MOST of the posts here ... do not pay anyone an upfront fee for being referred on to an IP. The first payment that you make should be MONTH 1 of your IVA!

I'm not saying don't go with Baines & Ernst (just don't pay them for ADVICE) - a few people on here are saying that they have a bad reputation but another thread show Trudij is somewhat confused as her experience has been positive ??? Each to their own I guess ...

I know that they do 6 monthly reviews as Skint has pointed out - so weigh up if this is going to be a deciding factor for you (if we knew before entering any arrangement that our situation was going to change that'd be handy but unfortunately that's circumstances for you ...)

How about you speak to Baines & Ernst or Blair Endersby (whichever) - DO NOT PAY for their advice (sorry for harping on but some people do pay which is madness!) and then speak to another IP and compare notes ...

Come on here for more advice if you wish - but don't just go with the first company you speak to ...

As for people advising Payplan & CCCS because ALL THE MONEY GOES TO THE CREDITORS and they receive 0p for 5 years work - seriously???
WHO would work for nothing?
Of course they charge fees or get paid by the banks in a round about way ...

BUT
The point of your post I see is your worry about the money going into a gambling account ...

Your bank statements will not go to the creditors to view as part of your proposal but of course the IP will be able to see this activity ... so are you still gambling so to speak?

Will you be able to stop?

Lots of people have done IVAs, DMPs, Bankrutpcy and have had large amounts of money transferred into betting accounts ... it could be a worrying factor but you might be asked to address this topic but showing that you have perhaps closed down the accounts ... and provide proof of this ... for large amounts of gambling it can sometimes be requested that you would attend Gamblers Anonymous ...

But to answer your query - questions might be asked but it does not mean that it will stop your IVA from being approved.

Lastly - to agree with the others, no company can tell you that you've been accepted for an IVA over the telephone (I think what they might mean is that COMPUTER SAYS YES! In that you appear to meet the criteria)

thechippy

Nickpearson wrote: »

Hi

We are perhaps the largest IVA provider and we have an excellent reputation for how we deal with IVA's. The feedback we have from customers is consistently really good. I'm afraid a few adverse and all too often ill informed posts on MSE are not evidence, esp as some firms pose as disgruntled customers on forums such as MSE to post adverse commenst which are picked up on google alerts.

Well with all due respect, you don't come out very well in the customer reviews on iva.com