quick question

mickyb1974

Am looking at setting up an IVA have spoke to a family friend who is an IP at local solicitors who went through it over the phone briefly , i am meeting her tomorrow for a more thorough discussion.

Is it common practice that although i make a payment every month the IP doesnt actually pay my creditors every month sometimes its quaterly or even annually in some cases ?

This has confused me a little

Michael

Foxy-Stoat_3

If the IP is trying to charge you directly for the IVA then you should choose a different IP, one that doesn't !

Maybe use one of the main larger companies that the CAB recommend...also have you reclaimed the PPI first?

longtermplanner

No I think that is quite unusual.

As Foxy Stoat says, definitely look at reclaiming all PPI first if you haven't done this. Sometimes this can transform your debt situation into one than can be handled easily with a simple Debt Management Plan.

Also be careful of just going with a family friend. Make sure you look at all your other debt options. An IVA may seem better than your current situation, but that still doesn't mean that it is the best solution for you! Look at the alternatives of bankruptcy, a Debt Relief Order (if you owe less than 15,000) , remortgaging or even selling the house.

UpToMyNeckInIt

Are you referring to how your ip distributes dividend to creditors? If so, then yes it is quite normal for these to be paid quarterly or even annually, even if you pay monthly.

This will all be outlined in your iva proposal.

Definitely speak to 2-3 providers. Google 'Insolvency practitioner reviews'for a few pointers in the right direction. Most important thing is to Feel comfortable with your chosen provider as you will not be able to switch.

Mind you, having an IP as a family friend should be a considerable advantage.

Good luck.