IVA - Peace of mind? No such luck

Tr@cker

Nekozombie, [EMAIL="Tr@cker"]Tr@cker[/EMAIL] hasn't steadfastly ignored anything mate, this is a fact-finding mission. Getting people arguing is always a good way of learning and usually makes for a more interesting read. I dont mind a bit of flak and im not looking for brownie points.


The guy in an IVA who told me about his current account is on a different thread somewhere you can probably dig it up if you're interested.
To the guy who keeps asking who i work for: Im a driver with Royal Mail in Stoke-on-Trent.

scootw1

Do you have any experience with IVAs? have you been in one? If not, some of your comments previously should not have been made as they are wild assumptions probably based on what you have heard in the past.

BrandNewDay

As far as I can tell, if you don't own a home or any assets of note, bankruptcy is generally going to be the best bet for 95% of people who can't meet their minimum payments.

When I first researched bankruptcy, I entered "bankruptcy in the UK" on Google. 85% of the stuff that popped up was scare-mongering nonsense from ambulence-chasers. I had to look hard to find the real information. Most of it came from message boards like the Motley Fool or Debt Advice. Of course, you have to be very careful reading message boards, too. But, enough people have asked the same questions and gotten answers from people who have clearly been there, done that that I was able to glean a lot of useful information.

jam3162

thanks for all ur help. am sure that in the next few months i will be asking for more.

an update - phoned my ip regulator today to complain. They told me that i needed to let my IVA company know why i am complaining! I explained and again she repeated that i needed to contact my IVA company and that i needed to stop worrying about other people. I feel that people in the same situation should really think carefully before entering into a IVA especially with debtmatters.

I am now waiting for complaint form from regulator. Also i have written to my IP and debtmatters about what they have done to me.

I am staying extremely positive and wish to thank everyone on this site as the information i have gained has been excellent and informative and i feel less paniked about going bankrupt.

if anyone can verify who else i need to contact about the complaint i have against debtmatters.

thanks

jam3162

jam3162

update

looked through some papers to do with my IVA and found that it states that my IP must have sufficient funds to petition for my bankruptcy if IVA fails. I phoned Debtmatters and found that because i had asked to terminate my IVA first before failure then they wont pay. WHAT?! i explained to them that the only reason i had said that was because of the ccjs that i had got through the year that i had the iva with them which had also made me homeless. They said they would get back to me! they havent so i will be ringing today!

Phoned national debtline with queries over the br forms as i have no address. They said that if you have no permanent address you must put your main residence in the last 6 months. He also said that i cant petition for br until i have a letter from dm saying that i have failed my iva.

again i urge anyone thinking about an iva to get professional advice so that you dont end up in a situation like mine.

PS. I realised i have never spoken to my IP from DM. I wrote to him after posting this thread and never got a reply. does he exist?

jam3162
i started filling in my petition for bankruptcy and found that i had a few questions.

rog2

jam3162 wrote: »

I realised i have never spoken to my IP from DM. I wrote to him after posting this thread and never got a reply. does he exist?

I started filling in my petition for bankruptcy and found that i had a few questions.

I would not be at all surprised if your 'IP' were nothing more than a software program on the DM computer.

Ask ANY questions you like.

jam3162

i wouldnt be surprised either.

will definitely contact trading standards and will go back to CAB to speak to a solictor.

jam3162

fermi

The IP's who allegedly work for Debtmatters are given here:

http://iva.com/iva_companies/Debtmatters.asp

Although I wouldn't be surprised if they just rubber stamp everything.:rolleyes:

From this thread and elsewhere it looks as if Debtmatters are hoping that you will just give up, allowing them to pocket the portion of you fees they should be using to pay for your BR (if it is in the contract that they should pay these).

Good luck in challenging them with this, and if we can help you in any way with the bankruptcy side of everything then just ask.

Dr_Hook

If you go to the Insolvency Service website, you can search for IPs based on the company they work for - link here

It lists email addresses that they can be contacted on too - I'd send a strongly-worded email & see if that gets you anywhere.

You could always quote SIP3 (Statement of Insolvency Practice) at them, specifically s3.1 which states:

On initial contact with the debtor, the member [IP] should offer to meet personally, or arrange for a suitably experienced member of his staff to meet the debtor. If the debtor declines the offer, the member or a suitably experienced member of his staff may conduct the initial interview on the telephone. However, if during the telephone interview, the interviewer forms the opinion that either the debtor does not fully understand the matters described in paragraphs 3.2 to 3.5 or that the debtor has not adequately disclosed his financial circumstances, the member should insist that a meeting in person be conducted. In view of the complex nature of VAs involving trading individuals or companies, a meeting in person should always be conducted.

fermi

Dr_Hook wrote: »

You could always quote SIP3 (Statement of Insolvency Practice) at them..............

I'll have a look for that.:D I've been meaning to look into IVA's a bit more than I have.

Don't suppose anyone has a link?

EDIT: Found it. R3 was the obvious place to look.:o

http://www.r3.org.uk/uploaded_documents/SIP3_v4_April_2007.pdf