Can anyone recommend good company for IVA please.....:)

Needs-Help.

Hi there,

Please can somebody recommend a decent IVA company, I am currently with Payplan, my debt is 16k and am paying back about £12040k made up of £150 x 22 monthes the £230 for 38 monthes. I dont find this shared equally and is this a standard how much they write off? Baines & Ernst are offering me £180 over 5 years, but i have read on here to avoid them. They told me to break my contract with payplan, then go on a payment plan for 6 months which they would help me with then start my IVA up again, but this seems a waste of money for the 6 months just to get a better deal! Is this right ? Are there better companies out there? Can anyone help me?

Thanks :j

althas

No company can "offer" a plan like that. They must do a detailed income and expenditure, and have the creditors agree. I hate the cowboys who just come along and say things like that Grrrrrr...

Sorry rant over

If you want to break your agreement, that is upto you, but be aware of the potential consequences. You could be declaired bankrupt, you would essentially loose the payments made, and (as I understand) your creditors can them chase you for the full amounts of the original debts AND backdated interest, what would the liklehood of them agreeing to another IVA after you have broke the last one..............

There is no standard write off amount. It all depends on how much you can afford to repay each month. For me it is a 40p in £1, I have heard of more and I have heard of less

If you can make the repayments you have entered into, my advise would be to just stay with it. You are, afterall, paying back less than you owe to creditors anyway, and the hastle and potential problems you WILL face, in my eyes, just aint worth it

Charco_2

Terrible idea and IF B&E are encourageing you to do this then i would report them to their regulators.

devonshire

STAY WITH PAYPLAN!! they are the best out of them all, as there are no hidden/upfront fees with them

Charco_2

Well, I wouldn't exactly say they are the best of them all. Plenty of companies don't charge hidden/upfront fees...

One complaint i would have with Payplan (and a number of others) is that they will happily put you into a DMP for six months to a year and THEN magically decide that perhaps an IVA would better suit your situation when in fact nothing's changed and an IVA would have been both suitable and the better option all along - but thanks for the 12 months DMP fees! Hidden fees anyone?

As for the original poster here.. dont be too concerned with a company promising that they can reduce your monthly contributions. You should just be paying a figure you can afford for 60 months and that's that!

If you can afford £230 for 38 months then that's the figure that all IPs will use.

devonshire

oh right didn't realise that i have to say, about the dmp etc, i can only talk about my own personal experience and touch wood i have not had anything to moan about regarding payplan! let's hope it stays that way!!

Charco_2

Ach I may just be being a bit cynical (or maybe i'm not). There have been a number of posters on here in DMPs with various companies who after a year or so find out a bit more about IVAs and then suddenly the DMP company wants to discuss IVAs too.

Why wasn't it discussed 12 payments ago?

Charco_2

Or perhaps you'd simply be better steering clear of this company altogether!

Needs-Help.

and if i cant make the repayments? I can just about afford £150 for the 22 months but i haven't got to the £230 for 38 months part yet and that's the part i didn't realise i had signed for ( i no its silly ) but payplan told me £150 for 5 years and that's it. Now i have asked them about 7 times for copies of my proposal and they still haven't sent it to me. Can i not call another creditors meeting and review these payments? The I& E for they have got they have made up. They said i have pets ect when i don't and they have put less down for council tax ect and included my partners income as they said this would help me, but i feel this is just a way to make extra money from me. I don't know what to do, and i called the CAB and they told me i didn't qualify for any help! :SSSSSSSSS

Charco_2

What did your IVA company base the increased payments on?

Usually the payments increase like that becasue a HP agreement ends in 22 months time. I know you're saying that they fibbed a fair bit on the I&E but surely they based the increase on something!?

[Deleted User]

I went through McCambridge Duffy - purely because an ex partner did years ago and it all seemed straight forward for him. I have to say they have been fantastic I started looking into IVA on 28th February and it was completed by 8th April. I am paying back £11000 out of £26000 of debt but what you repay is dependant on circumstances I'm paying roughly £200 per Month my first few payments have been lowered to allow me to pay back some housing benefit I owed can't fault them at all