newbie and unsure

l327tgc

Hi Guys

A newbie here,ive just started the prosses of applying for an IVA with a paid company as one of the free companies could only offer me a DMP which i wasnt to sure on.Ive paid the fee to this company and ive now been passed onto another company and unsure if this is correct and the amount that the first company said i would pay back was very good but have now got the draft letter and its not what i thought.In the end i would be 6k better off.
My question is,is it better to sign up for this or maybe trying the free companies or maybe think about bankrupt but really not sure on what really is involved as the debt is all mine and not my wifes.

Any suggestions please.

Cheers.

Charco_2

Well, first thing is you shouldn't have paid a company for advice or worse... you shouldn't have paid to be handed to another company! Who was it?

Sometimes however it's worth bearing in mind that it's not the fault of the IVA company... it's the companies who have set up in between to offer you the moon on a stick before selling you onwards to a company that is going to do the real work for you.

If all the debt is in your name and you are not financially tied to your wife (through joint accounts or the like) then your situation wont affect her.

If you are looking for an IVA, there is no such thing as a "free company" as everyone gets paid the same way... you pay what you can afford into a large pot and your IVA company and your creditors negotiate a fee. (this is why you should not have paid up front fees - not your fault i know, it's the fault of companies who spotted a gap in the ever growing market and set-up business to take advantage of people desperate and in debt!)

Some IVA companies also charge an upfront fee (like two months extra payments)... these companies are to be avoided also because there are enough companies that will simply do the job for the fee they earn without squeezing extra out of people who can ill afford it!

That's neither here nor there now, cant be changed. What is important now is that you make sure you are making the right decision. Make sure your IP/IVA company discusses all your options with you... IF you have any further questions about BR, or IVA or other then feel free to ask.

And post up a copy of the Income and Expenditure you agree with whatever company BEFORE you agree to it because you may be able to squeeze a little bit more from it... it's better in your pocket!