Risks of chosing the wrong IP Practitioner ?

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Galeeno
Galeeno Posts: 295 Forumite
What would be the risks of chosing the wrong IP Practitioner? (one which says they are certified but they actually are not? - how can you tell ?

and what would be the 2-3 worse cases 'things' that would happened if you picked the wrong one ?

Examples
(eg they would charge a higher monthly fee? -eat up most of it)
or the IVA would change amount £ Every year? (they would mess you around?)

so by picking the wrong ones what would be the worse case things that could happen ?

Comments

  • sourcrates
    sourcrates Posts: 28,993 Ambassador
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    Hi,
    You really need to pick a company that is well known in the marketplace, there are plenty out there that advertise, just do a search on google and pick a well known name.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • RuthnJasper
    RuthnJasper Posts: 4,032 Forumite
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    The worst-case scenario (apart from being duped by a scam, non-existent, IP 'provider') is being charged extortionate fees for what you can obtain for free - this will add to your liabilities and is not in your best interests. There are plenty of recommendations on this site - try here: http://images2.moneysavingexpert.com/attachment/ivaGuide.pdf

    I am in my last few months of an IVA. I got my provider c/o the Citizens' Advice Bureau - http://www.adviceguide.org.uk/england/debt_e.htm.

    An IVA was the ideal solution for me. It has not been easy, and it is NOT RIGHT FOR EVERYONE - nor is it an easy way of "writing off" your debts. I would suggest that you make an appointment to see a debt adviser at the CAB sooner rather than later.

    Best wishes. x

    P.S. The day reality hit home re. my debts and IVA:- http://jasper-thedogsblog.blogspot.co.uk/2008/10/saturday-28-july-2007.html
  • FiatFan_2
    FiatFan_2 Posts: 269 Forumite
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    good advice above, reading reviews, research and talking to IP's will give you the confidence you're not going to be ripped off and would be trust worthy. Sticking to the main stream would see you right, but shop around as everyone has different experiences being individual to your circumstances.

    Answers to this thread kinda answer the other question to
    Roll on DFD, final payment 1st October 2017 :beer:
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
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    Hi there

    We would recommend that you use an IP who is signed up to the IVA Protocol. This is a code of conduct which sets certain standards out for those signed up to it, amongst them:

    - Not charging any upfront fees - the customer should only be expected to pay fees if and when a proosal is approved and gets underway;

    - Ensuring the customer is aware of the alternatives and referring them for suitable advice if it is not felt that an IVA is genuinely in their best interests

    A common issue we encounter is that of people whose IP determines that they can afford a level of payments which turns out to be utterly unsustainable. It's in your interests to get a 2nd and even 3rd opinion on how much disposable income you reasonably have by speaking to one or more of the free advice charities. Bear in mind that the IP's advice on this won't necessarily be impartial, as the more you pay in, the more they are likely to be able to earn in fees.

    Good luck

    Dennis @NDL
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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