Going to start an IVA

vicky1001

hi all,

i have just got off the phone with my dmp provider we are now going to start an IVA
But we have a few questions

- do we have to go to court?
-what do we do if my partner earns overtime
-what do we have to delcare - even a prepaid card
-tv /dishwasher rentals?

thanks

meer53

Didn't you ask your DMP provider these questions ? They should have advised you of all this already. Have you really just spoken to them ?

dancingfairy

Hi - I can answer some of the questions. No you don't have to go to court as far as I know. Your creditors will have a meeting (well o.k your Insolvency Practioner will write to them with your proposal and will givce them a date to say yay or nay by but it's not a meeting as such). You may be required to be around in case you are needed on the phone but I don't think you physically have to go anywhere.
Overtime - there should be a bit in the proposal for that - I can't recall how overtime is split -I can't remember if it all gets passed over or 50% of it.
Not sure about rentals etc.
To be honest your IP should go over it all with you and I would a) double check you are happy with everything in the proposal and b) if there are any problems make sure you get it sorted out before you sign the official paperwork.
I can understand people wanting to just sign it to get everything sorted but it is not to be undertaken lightly and you should take the time to make sure you are happy.
df

Standingtall

Hi Vicky, can I just check please, whether you have discussed this with Gregory Pennington or did you ring up Payplan or CCCS? If you have not rang on of the last two the please, please do so before signing up for the IVA as I am led to believe the private providers can make a lot of money from IVAs and do not always give sound advice. Please be aware that this is not aimed at GP specifically, they may be very good, it is more of a general observation.

FoggyBrain_2

Standingtall wrote: »

Hi Vicky, can I just check please, whether you have discussed this with Gregory Pennington or did you ring up Payplan or CCCS? If you have not rang on of the last two the please, please do so before signing up for the IVA as I am led to believe the private providers can make a lot of money from IVAs and do not always give sound advice. Please be aware that this is not aimed at GP specifically, they may be very good, it is more of a general observation.

Payplan and CCCS will get the same fees as any other private firm ... these are agreed with the creditors. Yes, some firms are to be avoided and it IS important to speak to a few companies to see who you feel you can work with for 5 or 6 years.

There are many good firms over on https://www.iva.com

Avoid any firm wanting up front fees like the plague.