IVA support and discussion thread

UpToMyNeckInIt wrote: »

Great suggestion FocusQueen,

I didn't even know you could get a 3-Year insurance contract.

Will certainly bear it in mind.

DC: I used to pay for my bike insurance technically 'by saving on my other allowances'. Ie: I covered its cost relatively easily from reduced outlay in various other bits like car maintenance / fuel etc.

After all, if I wasn't cycling, I would be driving.

Hi

Thanks for that

These sound like top of the range bikes with cover at those premium levels.

Also keeps you fit does cycling, I need to consider getting into it as the weight has upped a trifle again I think.

DC

Cheers FF, will add them to my list.

Thanks for all the suggestions. Quite a few pay monthly options to choose from.

Yes, AXA are cheap at the moment. Was about to get my home insurance with Budget Insurance, when I re-ran the comparison and were pipped by £50.

FTR: You are very fortunate to have had your IVA with about the best IVA firm out there: Just google 'melanie giles complaints' ...not a sausage. That speaks volumes.

I think finding a genuinely 'unbiased' opinion though on IVA's is nigh-on impossible.

I think as well, that customers must carefully consider all their options, before deciding that an IVA is right for them.

The IVA guidance on this site suggests that customers with debt problems seek advice from the ‘charity’ organisations. Sounds fair enough doesn't it? ...until you find out from any of their websites, that they are funded by your creditors.

I can't help feeling that was who’s interests they were looking out for when they advised me. They tried pushing me towards a debt management plan (would have taken 15-20 years to pay off my debt + loads of interest).

No doubt, the charities 'over-sell' DMP's, in the same way the private sector is accused of mis-selling IVAs. I have read dozens of accounts over the last year along the lines of:

'...I'm in a DMP with [insert charity/company], but 5-Years in, hardly any of my debt is paid off...'

...clearly had those people chosen IVA's, they would be debt-free by now.

Don't get me wrong, I am sure that the Customer Advisers working for these charities genuinely believe they are offering the best advice. But their advice is dictated by the policy of that organisation, which is almost certainly heavily influenced by the creditors who ultimately pay their wages.

Also, on the rare occasion that Stepchange believe an IVA to be the best option, they refer much of that to Grant Thornton anyway. (Just google 'Grant Thornton Complaints' to see why that may not be in your best interests). They are all very competent etc. (Most of the problems seem to be associated with delays in closing the IVA, associated with reclaiming PPI). But with only a handful of IP's to cover their 20,000+ customer portfolio (nearly half the IVA market basically), one-to-one customer service is probably not their strong suit.

I have even come across allegations that some CAB offices refer potential IVA customers direct to GT as well. Hardly inmpartial advice is it?

Saying all that, the flip-side of the coin is to seek advice from the private sector (as ultimately, that is where you will likely end up if being referred by a charity for an IVA). In doing so, no doubt perspective customers will encounter firms that will ‘over-sell’ IVA’s to people for whom it may not be the best solution.

With 35-40% of all IVA's failing to complete, one has to assume that there is a lot of mis-selling of this product to people for whom clearly it is not the right solution. A solution though which is very lucrative for the company.

Hence why I have also read several accounts from customers claiming that they have very few assets and low (sometimes state-benefit only income) along the lines of:

...'Help, I can't afford my IVA - wish I'd gone bankrupt instead...'

So, each perspective IVA customer should seek opinions from not just CAB, Stepchange etc, but to speak to the private sector as well. Everyone needs to look at their own unique circumstances, and make an informed decision after hearing the pro's & con's of IVA vs DMP vs BR.

If you have your heart set on an IVA, my personal advice - based solely on my experience, is to forget the debt charities (take heed of their advice by all means, but if they are going to refer you for an IVA, best to avoid the most complained-about IVA company in the Country).

Instead, Google:
'Insolvency Practitioner Reviews'; and
'Insolvency and Rescue Awards'

Then seek advice from 2-3 IVA companies that have both good customer reviews AND recognised for best practice within the industry.

Pesrsonally, I would put slightly more faith in the customer reviews.

I say that, because my IVA company (Mitchell Farrar), have been nominated in the awards (which at least reassures me that they are competent), but frankly, their customer service is poor. (Frequently Emails don't get responded to, premium-number phone line - only to be put through to an answerphone - then to not get a call-back either).

You have to feel comfortable with your chosen firm, because you are well-and-trully stuck with them once your IVA is approved.