IVA with Taylor Cavendish

budicebelle

Hi,

I have just entered into an IVA with Taylor Cavendish - I have been advised that i will be oaying £200 per month for 5 years, then all my debts will be written off. The at the 6th year my credit rating will be returned to normal.
I am just feeling a little insecure about this - any advice or information?
Anyone know anything that i should be aware of?

whichwhydoIturn

i think that if you have your own property, they ask you in yr 4 to raise money,not sure ut, after reading your post didnt want to read and run.someone will be along as the day goes on to advise clearer.maybe have a look at you paperwork that you IVA ppl gave you, or look on here for more advise.have a good day.:)

Charco_2

Not sure exactly what it is you feel insecure about!

Yes, on a simplistic level, that is how an IVA works.

There are of course numerous caveates to this arrangement but the basic idea is that you pay in as much as you can afford over a five year period and the remainder or your debts are simply erased afterwards.

If you have equity in property or another asset then you will need to address it. If you win or inherit or otherwise come into a large amount of money you will have to share it with your creditors.

Have you any specific concerns... your IP/IVA Company really should have covered all this - perhaps they did but you would just like a second opinion.

Any specific fears?

trudij

Sounds to me like you just want reassurance that it really is that simple....

it is. (sort of !!)

keep to your side of things, declare everythign you have to, sign what you need to and pay what you have to as extras, and in 6 years time it will all be over. (ish) its not an easy get out by any stretch of the imagination, but its SUCH a weight off the shoulders.

x

budicebelle

thanks all, just a bit concerned that these are not a good company to go with. And yes do feel like such a weight has been lifted, that maye i think there must be something i'm missing

Charco_2

Hmmm.. where are Taylor Cavendish based? All I can see when i type the name into google is an estate agents!

The only advice I can give you about the company you choose is

1. Most importantly: DO NOT PAY ANYONE FOR ADVICE * OR FOR OFFERING YOU THE KEYS TO A MAGICAL WORLD OF NARNIA *!
* IPs get pid for the work they carry out (basically, for drawing up a proposal and for supervising it for five years) - there are a number of IPs out there like to get paid a little in advance too but they don't offer any ectra or better than the honest IPs (in fact they're mostly worse) so why would you
pay extra? Why should you pay for 62 or 63 months when the IVA you are paying for only last 60 months? There should be no up front fees and no fees for advice. Your first payment should be made AFTER you have signed and returned your paperwork agreeing to 60 monthly cntributions!
* Many of the companies that you could speak to offering IVAs are not infact IVA companies or IPs but are instead Introducer Companies or Referal or Lead companies... They earn money by making contact with indiviuals in debt (or you contacting them) and they discuss the debt solutions with you. They make all sorts of promises and statements and make you feel relaxed. Then they collect upfront fees from you for their trouble (sometimes as much as £700) then they sell your details and interest to a company that actually does carry out the solutions they discussed.

Meanwhile it's been a month or two since you forst contacted a company and still no-one is heling you out yet and your creditors are getting restless (and harrassing you).

2. The only other thing is to make sure you are happy with the company you are speaking to: they are prompt, helpful, supportive, friendly, competent... you'll have to deal with them for five years so it can help that you find a company that you trust and can turn to with your problems.

bex123_2

I have only just seen this post as I was doing a search on taylor cavendish, are you still with this company?, as we went with them last year (Feb 2010) paid our deposit of 150 pound and then heard nothing!!! Chased lots of times and still nothing, so I have had 150 pound stolen from me by Taylor Cavendish. Im hoping this hasnt happened to you, and you have had alot more luck with this company.

skenn1622

I had dealings with Taylor Cavendish and I can tell everyone that this company has no accredited intermediaries to proceed with a DRO or IVA check out the Insolvancy service website and you will see that they are not consumer credit council recognised. At present I am taking them to the OFT to get them stopped from promising the world and giving back zero. Only bad advice and taking your money so if they call you do not speak to them and keep your money, if you need debt help start with the CCCS there help is free and fair to both your creditors and yourself.

Monsterr

I researched a lot of companies promising to help me out of debt. All promise what you want to hear. I ended up with CCCS. All advice could be checked independantly. Also all questions and advice asked were done so promptly. I've been contacted by an independant company, don't know where they got my number from and they called from a mobile number, asking for lots of personnal detail to then pass me onto Taylor and Cavendish. After research I would touch them. go with CCCS or stay with them. Ask them whats best for you. Ask them about different options IVA, Bankruptcy. Their good and honest. All money paid to them goes to clear your debt. Most companies I spoke to even recommended them. You will suffer for a while, anyone who says you will not should not be trusted. After all there's not alot free now-a-days. Good luck:idea:

eggabugga

i took out an iva last year,have raised several points on the chairmans report, after writing a letter to TC several months ago i have had no reply. Is it possible to get out of an iva?

dancingfairy

Hi Egg Are you actually in an IVA? it seems from previous posts that Taylor Cavendish don't have the authority to actually do the IVA but will sell your details on to another company. Do you have an IVA number /are you on the official IVA register?
If it's not a proper IVA then I don't see why you can't cancel at any time - you might need to give a months notice in writing but I would have thought that was about it.
What's the situation with your creditors? are they hassling you? are they receiving money from TC? have they agreed the IVA - ie the amount in the pound they will receive?
If you are actually on an IVA then they should have a governing body that you can complain to and you may want to weigh up carefully your options before leaving it but more details are needed.
Best of Luck
df