Can anyone recommend an IVA company please?

chocky

I've pretty much decided to try for an IVA as opposed to bankruptcy. I've read loads on IVA's (and still not an expert)! I'm aware though that there are good ones and ones to be avoided. Can anyone recommend a good 'un please?

I've heard of Clear Start and contacted them, however it seems that they are owned by Debt Free Direct now. Has anyone had any dealings with DFD? Any advice much appreciated. Thanks

fermi

Ask CCCS to see if an IVA is appropriate for you. If it is, they can help arrange one.

Heard terrible things about DFD. Don't touch with a 100 mile long bargepole.

There are quite a few ex DFD customers on the bankruptcy board.:rolleyes:

10past6

I'm on a DMP at present with Payplan, although I'm in the process of applying for an IVA.

Having done extensive research both on here, and externally, CCCS came out as the best organisation.

For that reason, I've applied through CCCS for my IVA.

churchrat

I've just had a quick look at Signacs recommended company, and I'm no expert but it looks like spam to me. Two of the things they "offer" are consolidation loans and re-mortgaging" not something a DFW should really be looking at if there are alternatives available. However, they do say they offer free advice-- so maybe someone who knows about these companies could have alook???????????????
thanks
cr

fermi

signac wrote: »

No wonder they nearly always recommend an IVA.

Absolute complete and utter twaddle.

CCCS only recommend an IVA in a tiny percentage of cases.

Could well be :spam:.

GeorgeUK

CCCS replied to signac before and while part of what is said above is true, it appears to be totally out of context.

http://forums.moneysavingexpert.com/showpost.html?p=8340325&postcount=98

Edit: Yummm... spiced ham...

10past6

signac wrote: »

I received some really bad advice from CCCS, No wonder they nearly always recommend an IVA.

I disagree with that 110%.

I'm in the process of setting up an IVA, I completed extensive research both on this board and externally as to which was the best organisation to go with.

Without doubt, CCCS came out on top, FYI, I'm on a DMP with Payplan, and as good as Payplan are, even Payplan did match CCCS for support throughout the life span of an IVA.

rog2

I have just had a look at the 'employeedebtline' website and am, quite frankly, amazed at the innacuracies therein, particuarily in the comparison between 'Bankruptcy' and 'IVA' - both of which are recognised forms of Insolvency. To infer that the 'difficulty in obtaining credit' will be any different as a result of opting for an IVA rather than bankruptcy is, to say the least, misleading - even dishonest - yet the site categorically states that you will only have problems in obtaining credit for one year after IVA as opposed to six years after bankruptcy, when both options of bankruptcy are published on the Insolvency Service website and the associated references and 'defaults' will remain on your credit file for six years.
As is their pledge that 'your employer will never know' when the information will, by law, be published on a website for anyone to see.
As is the inference that 'Bankruptcy Restrictions' last for three years.
I could go on, but what's the point?
If employeedebtline sorted your problems, signac, then I am happy for you - however nobody should be advised, or as you appear to be saying 'encouraged' to go to a fee-charging Company without first having spoken with one, or more, of the many Debt Counselling Charities.

fermi

It is not hearsay. It is the experience of the vast majority of the people on this and other forums.

And since you are posting on Martin Lewis's website, this is HIS advice.

From the article: Debt Problems - Where to start, what to do, where to get help

The right people to go to

You need non-profit debt counselling help, in other words a one-on-one session with someone who is paid to help you, not to make money out of you. This is different to ‘free’: many commercial companies say they’re free as you’re not charged directly, but you’ll still pay somehow. The places I'd recommend are:

Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

National Debtline - Website: National Debtline Telephone: 0808 808 4000

Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest

Community Legal Advice - Website: Community Legal Advice Telephone: 0845 345 4 345

These counsellors use a variety of techniques, you may be put on a debt management plan, where they negotiate with your creditors. You may be recommended an IVA (Individual Voluntary Arrangement) or even bankruptcy (not as scary as it sounds). They will certainly show you how to prioritise the most important debts to enable you to keep food on the table and roof over your head.

Most importantly they're not judgmental, they're not there to tell you off, they're just there to help you sort out the problem. The sooner you talk to them the better. It may help you sleep at night.

Unfortunately they can be oversubscribed. If it takes time to get an appointment with them, use the info on their websites to start to plan. There may also be a local debt councillor in your area, such as Christians Against Poverty (not about religion even if it sounds like it) but ensure it is a non profit/Charity.

The wrong people to go to

Avoid any of the beasts that advertise debt help or management on the TV or in red top newspapers. They are commercial companies who simply want to make cash out of you, they don't care. While in the short term their plans will make your payments lower, in the long run it'll cost you dear. Avoid them. Don't touch them. Don’t go near them.
I think this post from the Chat Forum explains it better than I ever can:

"We, my wife and I, are on a seven-year plan with CCCS" (that's the Consumer Credit Counselling Service, one of my recommended agencies – Martin) "having recently changed from a commercial debt management company after hearing Martin on Radio 2's Jeremy Vine show. The simple action of swapping to the CCCS has shaved over two years off the length of our plan as the money we were paying the management company now goes to our creditors instead! Of course, that also means a financial saving of nearly eight grand over the term of the original plans 10 year period."

This includes IVA companies who advertise about “a little known government loophole”. While it sounds good, it’s only for a few people. If it is for you the debt counselling agencies should suggest it.

fermi

rog2 wrote: »

I have just had a look at the 'employeedebtline' website and am, quite frankly, amazed at the innacuracies therein, particuarily in the comparison between 'Bankruptcy' and 'IVA' - both of which are recognised forms of Insolvency. To infer that the 'difficulty in obtaining credit' will be any different as a result of opting for an IVA rather than bankruptcy is, to say the least, misleading - even dishonest - yet the site categorically states that you will only have problems in obtaining credit for one year after IVA as opposed to six years after bankruptcy, when both options of bankruptcy are published on the Insolvency Service website and the associated references and 'defaults' will remain on your credit file for six years.
As is their pledge that 'your employer will never know' when the information will, by law, be published on a website for anyone to see.
As is the inference that 'Bankruptcy Restrictions' last for three years.
I could go on, but what's the point?

I know.:rolleyes: The info on that site is a lot of misleading GARBAGE.

rog2

signac wrote: »

I have just been onto the employee debtline website and they do talk about consolidation and remortgage as someboday said, but surely they need to talk about all the options on their website? After listening to my situation last year, not once was I recommended either of these.

I am not at all surprised that you were not reccomended any other 'options'. Whilst they do, indeed, mention several alternative possibilities the whole site is so 'biased' towards the IVA that one could be forgiven for asking the question as to why they even bother mentioning any alternative debt solutions.