IVA advice

MUMZ2BEE

I am due to start an IVA with Debt Free Direct.

I have never been on an IVA so am a bit nervous.

Would just like to ask peeps someone advice.

I have 4 debts which include 2 credit cards, a loan and a catalogue.

They are arranging a meeting to officially notify my debtors of an IVA.

In the meantime of going on an IVA, can they send the debt onto a debt collecting agency!!??

I am scared of debt collectors banging on the door.

Debt Free Direct have told me to only offer a £1.00 token payment until the IVA is offically setup which takes around 24 days.

Any advice please thanks!!

greenbrucelee

Yes they can get debt collection agencies invloved but they probably wont get door step collectors involved as they know about the IVA meeting.

Once the IVA is setup after 6 weeks you wont get contacted again by anyone except your IP.

FoggyBrain_2

Hi. They probably won't get doorstep collectors involved because of the cost and the time it takes to get them out. However, they might well threaten all sorts on the phone to try to scare you into paying, so don't get into any discussion. Tell any that phone that you are entering an IVA and give them DFD's details and hang up.

MUMZ2BEE

Thanks Foggy; DFD have told me to just pay a token gesture of £1.

They have said that if I get contacted to fone them straightaway; they are so helpful!!

Virgin Money did get funny and said they will sell the debt on but I said they cant under an IVA!!

I feel less stress in general now with an IVA!!

Thanks for the advice Foggy!!

FoggyBrain_2

Hi Mumz. If Virgin wish to they can sell the debt on, but it's nothing to worry about as the buyers will still be bound by the IVA. Many do get sold on for peanuts during the course of an IVA.

MUMZ2BEE

I have around 4 debts in total; I understand it is going to take around 10 days for me to sign and return the paperwork.

I will probably only miss one payment as it takes around 20 something days for an IVA to be officially setup.

DFD have told me if any creditors fone in the meantime they will fone them up and speak to them direct and warn them to back off.

I've never been on an IVA before, and nor have I defaulted on any of my debts; so its very daunting process at the moment.

Vikipollard

Three of mine were sold on to Max Recovery, but other than an annual statement, which clearly states they aren't asking me for anything and it's purely a statutory requirement that they send it for my records, I've never heard anything from them in 5 years and 8 months (and counting).

I paid token £1 gestures to each of mine. Once they get the notification of the IVA as others have said, you are unlikely to hear from them.

MUMZ2BEE

I got my IVA meeting on the 1st June, with all the creditors.

My creditors should have all had notification as well; DFD have told me to refuse to accept fone calls from them if they demand payment; but as I will only miss one minimum payment the creditors should be understanding. I have never missed a payment so far.

Most of the debts are due to be paid end of the month, so I will only miss one minimum payment!!

I've already paid £1 token payment to Virgin Credit Card, and will offer the others the same.

DFD have told me the IVA will be approved on the same day.

I have already calculated I will be about £70 a month better off doing an IVA and at last I can have some money to myself!!

DFD have been very helpful and have been a pleasure to deal with; I would recommend them to anyone else lie myself who are having money troubles.

I can't thank them enough!!

jani99

Guys,

Please i need some help i went iva last week and someone from Vincent Bond contacted me and asked to transfer my wages to another account.

1} Cancel all my direct debit

2} Pay only £150 for month till my iva is accepted,it takes 3 month and if i am not accepted they will refund my 2 month £300 back.

The person i spoken with is confident i will be accepted

Please help am i doing anything wrong?

Can they come on my door and collect my debt or anything else?


Thank you in advance

jani99

At Vincent Bond we pride ourselves in the quality of our service. We will:
- Do our utmost to make sure the payment plan works well for you and best suits your circumstances
- Be available inside and outside office hours to deal with any concerns or questions you may have
- Ensure the one payment you make is affordable so you no longer need to rely on taking out further credit
- Deal with the creditors on your behalf. Simply forward any paperwork you receive from creditors and we will act upon it

Vincent Bond is recognised as a premium service provider in debt solutions. You are taking a huge step in establishing a plan for a debt-free future, and we promise you our total support as we act on your behalf. We really will make this as stress-free and pain-free as is possible!

Anyone had good experience with them?

loopylass81

just wanted to say Mumz2bee I am just about to complete my iva with dfd and yes they have had their moments but it has been relatively easy to sort all the payment out with them and get everything they needed sorted.. I hope your creditors agree and you get to go through with it as it was the best thing I did