IVA - Peace of mind? No such luck

rog2

They sound like a right bunch of cowboys, jam - definitely worth having a word about them with the fsa.

tallyb1

Not once has anyone mentioned my bankruptcy and I used to live in a gossipy little town where that sort of news was MAJOR except I doubt anyone looks at those really small print ads and if they do you can always deny it and say they are nasty vindictive types who make things up. I didnt even see my own ad. I dont know if it makes any difference which county court you use - you can always use one further away from home like I did

wherediditallgo

If Posthinking (himself a postman) can discuss the post service without insulting other members, perhaps others can remember the site motto too - "please be nice to other MoneySavers". It seems that every time a thread goes slightly off-topic, it doesn't take long for the insults to start flowing.

Any chance this thread can get back to discussing jam3162's original post & IVAs?

Posthinking

wherediditallgo wrote: »

If Posthinking (himself a postman) can discuss the post service without insulting other members, perhaps others can remember the site motto too - "please be nice to other MoneySavers". It seems that every time a thread goes slightly off-topic, it doesn't take long for the insults to start flowing.

Any chance this thread can get back to discussing jam3162's original post & IVAs?

Thanks sweet but all the relevant posts have now been censored:rolleyes:

Tr@cker

STOP PRESS: RM and the union at ACAS for more talks and headway is being made so hopefully we'll get a settlement.
Strikes can still achieve things if there's enough strength of feeling and the industrial actions are smart-eg. not all out strikes.
They (RM) had a manager driving an artic whilst we were out that ran into a car and killed the driver, very sad but let us do our job and let them stick to their's.
...................................
Back to the original point of the thread just get a decent IP as rog seems to be saying, i'd certainly prefer an IVA to bankruptcy, for anyone who finds 12 months or so into a plan they're struggling to make the payments there must be ways and means of raising a few extra quid in most cases for a trader it must be crucial.

rog2

Tr@cker wrote: »

Back to the original point of the thread just get a decent IP as rog seems to be saying, i'd certainly prefer an IVA to bankruptcy, for anyone who finds 12 months or so into a plan they're struggling to make the payments there must be ways and means of raising a few extra quid in most cases for a trader it must be crucial.

Not exactly what I have said and, sadly, not applicable to the OP, who has already suffered as a result of being 'mis-sold' an IVA.
IF it were as simple as 'raising a few extra quid' very few of us would be in the situation that we are now in.
The situation of EVERY debtor is unique and there is NO SINGLE SOLUTION to debt - each case needs to be reviewed on its own merits and solutions need to be tailored to suit the individual problem.
The current growth in the 'commercial' IVA market would appear to be based on the 'concept' that 'all debt is the same therefore one solution suits all.' Consequently, many debtors are enticed by companies claiming to be able to 'write off up to 90% of your debt' over 5 years using a little known piece of government legislation' when what they ACTUALLY should be saying is 'we would like to earn up to £8,000 out of your debt situation'.
To re-confirm what I said - 'The IVA is, in principle, an excellent alternative to bankruptcy, when properly administered.'
To avoid any further mis-understanding, or misquoting, I would like to add, as I have consistently said in my many posts on the subect of bankruptcy and debt in general: Debtors should take PROFESSIONAL advice, from one of the Debt Counselling Charities, such as CCCS, PAYPLAN, National Debtline or the CAB, to ensure that their chosen solution is right for their circumstances.
Thank you for reading.

wherediditallgo

Spot on, Rog. When it comes to debt, one size definitely does not fit all. Reading this forum is absolutely great & I don't know where I'd have been without it, but it's vital that people (a) take professional advice about their own particular circumstances, & (b) tell whoever they're contacting all the details, not assume the answers to some situations. Ten or twenty calls to various organisations before making a decision is much better than making a decision you later have cause to regret.

Tr@cker

rog, all that is fairly obvious common sense, for the OP or anybody else who who has been conned there isn't a lot you can do 'after the fact ' but its been a good thread at least as a warning to anybody considering one of these plans.
I notice the latest ads from debt-free direct contain the words: ' You will only have to repay what you can comfortably afford' It shouldn't be at all difficult for anybody to work out what they need to live on if the the proposed plan doesn't make those allowances its simple enough-dont buy it.
When i mentioned IVA 'failures' earlier on i meant failed as a proposal not half way through a plan.
I dont understand the guy who said 'you cant have a normal current account' How else could you run a business and trade ? Another guy on here the other day told his bank either didn't know or didn't care that he was on an IVA plan and his arranged O/D was still in place!

nottoolate

Hi Tr@cker.

If you dont mind me asking which IVA company do you work for?

Is it debt-free direct?

scootw1

Tr@cker wrote: »

rog, all that is fairly obvious common sense, for the OP or anybody else who who has been conned there isn't a lot you can do 'after the fact ' but its been a good thread at least as a warning to anybody considering one of these plans.
I notice the latest ads from debt-free direct contain the words: ' You will only have to repay what you can comfortably afford' It shouldn't be at all difficult for anybody to work out what they need to live on if the the proposed plan doesn't make those allowances its simple enough-dont buy it.
When i mentioned IVA 'failures' earlier on i meant failed as a proposal not half way through a plan.
I dont understand the guy who said 'you cant have a normal current account' How else could you run a business and trade ? Another guy on here the other day told his bank either didn't know or didn't care that he was on an IVA plan and his arranged O/D was still in place!

You obviously have no idea of the realities of being in an IVA. People don't know how much they realistically need to live as most people who get into debt live beyond their means anyway. It's a very difficult thing to do and the IVa lasts for five years, in which time a hell of a lot can happen.

as for bank accounts, the only reference I can see to someone saying "you can't have a normal current account" was from you on page 1 of this thread.

In reference to your comment about IVAs not costing anything, In actual fact you sometimes pay into an IVA before you get it approved (to show good will to creditors or some such crap) and this sometimes does not get refunded. Some are lucky and get it back, others not so lucky.

i doubt very much that an O/D would be in place when in an IVA as you are usually not allowed extra credit.