IVA support and discussion thread

Find_The_Real

Another shameless bump up the page!

It's good to see the board looking a bit lively with a load of questions which hopefully have helped people. Obviously some hot topics with the new 2014 protocol which will probably rumble on for a while as it is such early days there is not a lot of info on it.

As equity is starting to show in some properties it will be interesting to see if any more companies decide to want to change the terms for their customers although at the moment no one else seems to have joined in with wanting to push the 2014 onto existing customers so I am guessing it is an interesting route and it will be even more interesting to see if anyone challenges such a move by a certain company.

Just a final reminder that all are welcome to post in the IVA discussion thread, be it opinion, just some support through the IVA process or even the usual IVA rants!

Elfbert

Has anyone finished an IVA with Varden Nuttall recently? My partner finishes his this month :T and has signed all the paperwork regarding future PPI claims (we don't believe there are any anyway, they've already been claimed/gone into the IVA). But I know people have been waiting AGES for their certificate because of the whole PPI thing. Anyone actually received one in a timely manner??

Thanks! And good luck to all you IVA-ers. It's a great feeling knowing it's finally gone!

Find_The_Real

Hello Elfbert and welcome. Congratulations on your partner finishing the IVA, it must be a relief it has come to an end. Each firm seems to have it's own times scales depending on what needs to be completed but as you say the PPI has already been claimed hopefully it won't be too long before they issue it.

If you don't hear anything within the next couple of months then it would certainly be worth contacting them about the closure to see what is happening.

Elfbert

Thanks Find The Real.

It really is a relief! When he started it I couldn't quite ever imagine it might finish. Yet here we are. Looking to rebuild credit, with advice from these forums, and get on with life now!

UpToMyNeckInIt

Hi,

Reading some of the other forum posts recently, I thought I would raise another issue befitting of this thread, regarding the inconsistent IVA advice offered specifically by the CAB.

Not having a pop at CAB here, as generally they are an excellent organisation. But clearly IVA advise differs markedly from one CAB advisor to another. (I accept that inconsistency is a problem in all professions though).

However, the last few days have seen some degree of finger pointing: allegations of CAB offices referring customers direct to Grant Thornton, Payplan etc. (not isolated accounts if my reading of this and other forums over the last couple of years is anything to go by). Some forums posters, who apparently work for CAB having vastly differing views on IVA's - predominantly 'anti-IVA' though from my perspective.

I am uncomfortable with a long-standing, well-regarded charity such as CAB claiming to offer 'free, independent, confidential and impartial advice', (quote taken from CAB's website) whilst effectively (some CAB offices at least) forming a 'partnership' with one or two favoured private sector companies, and/or being actively biased against IVA's.

Such arrangements can only damage CAB's reputation for transparency and impartiality. This is really is something which CAB needs to look into at a National/centralised policy level if possible.

Furthermore, a related debt advice site: 'Debt Camel' (set up by a CAB Advisor), has a distinctly anti-IVA bias - although I concede, is very informative overall.

Don't misunderstand me, clearly IVA's can be fraught with problems - as the high failure rate and thousands of forum posts allude to. But if properly thought through and managed, IVA's can be an excellent solution. (Indeed, it was nice to see a few 'positive' accounts recently, of customers finishing their IVA's, and feeling better for it. That is motivating for me, and other IVA customers I am sure).

It does make me wonder (in the same way that IVA's are mis-sold to some customers by some IVA providers), if CAB are unduly discouraging some customers from entering an IVA when it may actually be their quickest/best way to becoming debt-free.

It is worrying enough that the other debt charities like Stepchange and National Debtline do this sort of thing. They of course are funded by banks etc. So I can understand how their advise can be biased against IVA's in some way, instead favouring DMP's for maximum creditor return.

But CAB are publically funded, and should not have a vested financial interest. They should also steer clear of 'partnering up' with one or two firms. (Not that I am against the CAB working with the IVA industry as a whole - wouldn't that be refreshing?). But if a CAB advisor suggests an IVA as a customer option, surely they should maybe give said customer a few reputable firm's phone numbers, not just phone up a 'pal' at GT or Payplan!!!

scared-sick

If you are in the middle of an IVA and your current mortgage deal comes to an end, do you get less favorable rates when the new deal starts?
Does this also happen to someone on a DMP?
Also do you have to go on to svr or can someone in an iva still be offered a fixed rate?
Has anyone had this happen to them?

Standingtall

Hi Scared Sick

I was already in my DMP when my fixed rate ended a couple of years ago. Since the fixed rate had been taken out prior to the excessively low interest rates bottoming out, however, it resulted in the Standard Variable Rate being less in case! It fell from £650 per month to £400 per month !!!!!!!! it then rose slightly when so many of our wonderful banking institutions decided to raise the SVR by half a percent but still nowhere as high as the original fixed rate.

I did ring my mortgage lender to ask about a new fixed rate but they would only offer me a rate that ended up with a payment of just under £600 as I was an existing customer.

So, i expect it is unlikely that you will be offered a preferential rate with a new lender but you may get one with your existing - others will advise on that. However, at least the SVRs are low and unlikely to rise a huge amount for the next few years. (Maybe a little though).

ST

scared-sick

Standingtall wrote: »

Hi Scared Sick

I was already in my DMP when my fixed rate ended a couple of years ago. Since the fixed rate had been taken out prior to the excessively low interest rates bottoming out, however, it resulted in the Standard Variable Rate being less in case! It fell from £650 per month to £400 per month !!!!!!!! it then rose slightly when so many of our wonderful banking institutions decided to raise the SVR by half a percent but still nowhere as high as the original fixed rate.

I did ring my mortgage lender to ask about a new fixed rate but they would only offer me a rate that ended up with a payment of just under £600 as I was an existing customer.

So, i expect it is unlikely that you will be offered a preferential rate with a new lender but you may get one with your existing - others will advise on that. However, at least the SVRs are low and unlikely to rise a huge amount for the next few years. (Maybe a little though).

ST

Sorry, i should have said, i will stick with my current lender as i know i wont be able to go elsewhere if im in an iva.

Also my deal is due to finish in 2 years so kind of smack bang in the middle of an iva if thats the way i go.

If things stood as they do now, going onto svr wont be a problem but i am trying to look ahead at potential pitfalls.
Obviously weighing up options.

If i am going to end up on a crap mortgage rate for the rest of my life because i went down the iva route, then it may just be as sensible to stick with the dmp if you see what i mean.

Anondebtadvisor

scared-sick wrote: »

If i am going to end up on a crap mortgage rate for the rest of my life because i went down the iva route, then it may just be as sensible to stick with the dmp if you see what i mean.

With defaults registered against you in a DMP, you will also find it difficult to re mortgage I am afraid

UpToMyNeckInIt

scared-sick wrote: »

Sorry, i should have said, i will stick with my current lender as i know i wont be able to go elsewhere if im in an iva.

Also my deal is due to finish in 2 years so kind of smack bang in the middle of an iva if thats the way i go.

If things stood as they do now, going onto svr wont be a problem but i am trying to look ahead at potential pitfalls.
Obviously weighing up options.

If i am going to end up on a crap mortgage rate for the rest of my life because i went down the iva route, then it may just be as sensible to stick with the dmp if you see what i mean.

As you say, you will have to stick with your existing lender.

BUT, I have heard of other IVA customers arranging new fixed rate deals with their existing lenders, so that might be an option for you.

(Personally, I am on the 'rock bottom' SVR).