About to enter into an iva

Depth_Charge

Anondebtadvisor wrote: »

I agree and if there is DLA etc it should always off set it in expenditure as other needs relating to the disability. But i know this doesn't always happen and it should!

Not all IPs should be tarred with the same brush!

Hi

Im basically with you on that

As I have said all circumstances are different and some are exceptional and you sometimes need to be a little unorthadox to get the right result for the person in debt, it does happen

There are also non protocol IVAs as I am very sure you are aware

I agree not all IPs should be tarred with the same brush, not disputing that.

I keep looking at some of those job adverts though, dont think they help the cause you know:)

Anondebtadvisor

Having received an unsolicted text message from Cleardebt the other day i though i would see what happened if i replied!! So i replied and awaited my call which came about 6pm that night!!

What an eye opener that was........... no mention of equity release, did not ask me about essentail expenditure such as hair, MOT, car tax, emergencies etc

I do wonder if the aim is to get the DI as high a possible to get the max commissions on the case..without a 2nd thought of best advice!

I am continuing the process with cleardebt (obviously i will do not intend on taking the IVA offered) but i am finding out some interesting stuff about how some in the industry operate! Tut Tut

Depth_Charge

Hi

Just shown others the job adverts, a couple of them have fell about the floor with laughter and another blew the coffee out of her cup!

Besides the IVA one, there is another protocol on the drawing board, its the new debt management plan one, think some of the charities are reluctant to sign it, cant think why myself:)

Depth_Charge

Anondebtadvisor wrote: »

Having received an unsolicted text message from Cleardebt the other day i though i would see what happened if i replied!! So i replied and awaited my call which came about 6pm that night!!

What an eye opener that was........... no mention of equity release, did not ask me about essentail expenditure such as hair, MOT, car tax, emergencies etc

I do wonder if the aim is to get the DI as high a possible to get the max commissions on the case..without a 2nd thought of best advice!

I am continuing the process with cleardebt (obviously i will do not intend on taking the IVA offered) but i am finding out some interesting stuff about how some in the industry operate! Tut Tut

Hi

Interesting, unsolicited? are they supposed to do that?

You have probably read the report already, but this sort of thing is mentioned in the OFT consultation document link below - page 18 onwards I think..

http://www.oft.gov.uk/shared_oft/consultations/OFT1338.pdf

Interesting all round read nevertheless, mind you these reports all seem to look the same after a while, protocols and guidelines, not legally binding stuff tend to.

My take again

UpToMyNeckInIt

Anondebtadvisor wrote: »

Having received an unsolicted text message from Cleardebt the other day i though i would see what happened if i replied!! So i replied and awaited my call which came about 6pm that night!!

What an eye opener that was........... no mention of equity release, did not ask me about essentail expenditure such as hair, MOT, car tax, emergencies etc

I do wonder if the aim is to get the DI as high a possible to get the max commissions on the case..without a 2nd thought of best advice!

I am continuing the process with cleardebt (obviously i will do not intend on taking the IVA offered) but i am finding out some interesting stuff about how some in the industry operate! Tut Tut

That's really interesting that you mention 'ClearDebt'. I believe that their IP (David Mond), won 'Personal Insolvency Practitioner of the Year 2012'. You would hope that, with an accolade like that, his company would be the example-setters.

...shows what industry awards are worth I guess.

To be fair, they do list the main IVA pros & cons on their website - you've got to look for them mind.

I expect the sales person would have told you about the bad bits once they had you on the hook!!!

Anondebtadvisor

He did indeed win IP of the year and has set up the DRF which is supposed to encourage best practice in the industry.

I just wonder where they got my details, i did ask the question but they couldnt answer

Tillydot

I am very confused about the process of an IVA and trying to find information. I have around £30,000 in cc debt and a loan that has a ccj. I am self employed, age 62 and have a home that only has about £10,000 of equity in it. I have a interest only mortgage. My mortgage finishes in about 10 years and i will have to give my hosue back then but I want to be able to stay in it for the next 10 years. I have been in contact with National Debtline and they have told me about the protocol of an iva and that if I cannot remortgage in 5 years which I am sure would be the case because of age and bad credit I could probably carry on with the iva for another year. I have about 200 a month that I could use for the iva after expenses. My main concern after reading threads on the forum and wonder if someone could confirm this, is the iva would inform my mortgage lender and the mortgage provider would then make me have revert to the repayment mortgage. Is this the case please and any other advice would be very much appreciated. Thank you

GD2_2

Depth Charge asks the question, which I can't see an answer to so apologies if there is one and I have missed it, as to CFS v CCCS guidelines.

The answer is very simple, creditor voting representatives use CCCS guidelines as their benchmark and not CFS when IVA gets to meeting stage. Get to that point with CFS and they will reject unless you accept their modifications down. Is it right or fair to do this? Absolutely not, but there you have it. The more cynical amongst you may feel that this is another example of creditors maximising their returns by quoting their chums at CCCS, however I couldn't possibly comment. I do find it strange though that when you ask CCCS where they get their figures from the stock answer is that that is what their clients tell them they need to live on, which doesn't really tally with a potential new client using their online tool, entering their own figures and then being told by a machine that they may wish to cut back.

As for other points mentioned, it is absolutely true that a sizable proportion of IVA clients would be better off going bankrupt as it would be cheaper, but they make their own choice not to. Similarly, a sizable proportion choose to enter DMP's when an IVA would be cheaper. As long as it is their own decision, made after weighing up pros and cons of all solutions, then that is all that really matters.