please DELETE

misscutiepie1984

My sister is currently in an IVA through churchwood financial - kingsgate insolvency deals with the payments to the creditors it seems the biggest creditor has only been paid £1.20 even though she has paid over 3k!!!!

Has anyone heard of them?

rog2

Sorry if it sounds like I'm saying 'We told you so' but advice on this forum consistently reccomends talking to Charitable Institutions, such as CAB, PAYPLAN or CCCS before entering into an agreement with a private Insolvency Company.
Having said that - Kingswood do appear to be taking all of their fees 'up front' and would not appear to be working either in your sister's, or her creditors', best interests.
Even at this stage I would suggest that your sister talk with CCCS, PAYPLAN or CAB.

misscutiepie1984

thanks a lot for the advice

moozie_2

I googled the company and it's quite suspicious that their website has no information on what their fees are or how they will be paid, upfront, throughout etc.

Although the charitable companies do not administer IVAs and IVAs always cost, your sister would be better off contacting CCCS, Payplan, National Debtline or CAB to help her get out of this awful situation she's in and they can recommend a reputable IVA company, if they feel that is the right solution for her.

Anyone reading this, STAY AWAY FROM THE CHARGING COMPANIES!!! (unless endorsed by the above charities )Why pay for advice when you can get for free???

misscutiepie1984

hi thanks for the advice we just phoned up payplan and they said that generally they front load the interest for the first year and of course sit on it a rake in the interest....... so for the first year at least they are only getting token payment of about £1 or so

CLAPTON

if she has entered the IVA, i.e. signed and sealed then she can't do anything about it now. also, assuming the amount she has to pay has been agreed etc. then whether or not the IP fees are up front or not makes no difference, as she still makes the agreed payments.

james32_uk

Agreed. Mistake was made but nothing you can do about it now. In fact, the only negative this company would have on the debtor is make it harder to get an IVA approved. She needs not worry about anything now - just keep making the payments.

Just to check, you do mean IVA right? If it's a DMP then it's a totally different ball game!

misscutiepie1984

yer IVA..... she has an IVA and me the DMP great huh lol

misscutiepie1984

Please Delete

System

I am curious, why delete?