font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by nepensioner
Iamfubb, your question about advertising is interesting. I have never seen an advert that tells you the downside of their product. Cadburys for example, tell you that their chocolates have a wonderful taste, they don't say what the outcome is if you eat too many....
npensioner, i find your analogy about eating too much chocolate interesting and a little confusing Are you saying that eating chocolate and putting on a bit of weight should be compared to somebody seriously in debt (in some cases suicidal) and trying to find a way out, should be used in the same terminology? A tad flippant and a bit bizarre in my view.
As i have said people visit IVA companies sites for help when they are at a low ebb and in the main desperate. To be hit in the vitals with negative and frankly scary facts about redundancies, repossesstions, CCJ's, how much it costs to run a car ect, is in my opinion outrageous.
No Iamfubb, I was not being flippant or bizarre. All I was saying is that any advertising will only tell you the good things about a product and not the bad. Personally I believe this to be true of all advertising, be it cars, chocolate or even debt solutions.
I think the problem here is the recent introduction of secured loans, rather than remortgages, to the IVA equation.
Care needs to be taken when initially dealing with a debtor, who is a homeowner, so that they are aware of the possible raising of capital towards the end of the IVA.
For me it depends on whether the word remortgage is replaced by the word refinance, if it is then as long as there are safeguards such as the new finance not costing anymore than 50% of the current IVA payment it should be ok but it is VITAL that people think carefully before opting for an IVA over the DMP option.
Generally a DMP will not affect the equity in the property as long as creditors do not pursue a charging order.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by iamfubb2
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by nepensioner
Iamfubb, your question about advertising is interesting. I have never seen an advert that tells you the downside of their product. Cadburys for example, tell you that their chocolates have a wonderful taste, they don't say what the outcome is if you eat too many....
npensioner, i find your analogy about eating too much chocolate interesting and a little confusing Are you saying that eating chocolate and putting on a bit of weight should be compared to somebody seriously in debt (in some cases suicidal) and trying to find a way out, should be used in the same terminology? A tad flippant and a bit bizarre in my view.
As i have said people visit IVA companies sites for help when they are at a low ebb and in the main desperate. To be hit in the vitals with negative and frankly scary facts about redundancies, repossesstions, CCJ's, how much it costs to run a car ect, is in my opinion outrageous.
Regards iamfubb2
little harsh!!! I got the point Ne was making and dont think at any point she was saying that either were alike or more/less serious!!! Think someone needs to lie down for a minute and stop over reacting[8)]
Arty
IVA completion and certificate received 08/10/2012!!!
Good to read you got ne point but a bit sad you are missing mine. Quoting scary negative stats on a website that you have visited for consolation and a solution, is alarmist and unhelpful.
"Just because your proposal says remortgage does not mean this will be impossible when the time comes to investigate."
Michael I agree with all you say except this bit.
Ok it may not say this in the proposal, but in practice what if you were told remortgage WOULD be impossible, in the early discussions when the IVA route was "sold" to you [?]
Last edited by Hyperdrive on Mon Jul 09, 2012 2:41 pm, edited 1 time in total.
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I have to say if I was told that I would question why it was in the proposal in the first place.
As this relates to DFD it would be interesting to hear Declan's take on this - I know he can't comment on individual cases, but just in general. Michael is taking a lot of flack for this and it's not even a McCambridge Duffy issue!
But Skippy, if you are told it has to be in the proposal or you can`t get an IVA, what would you do?
I`m not saying it`s wrong to have the equity clause, rather it`s wrong to assume people were told it could be possible to remortgage, when the opposite is the case.
Hyperdrive.
I fully understand that some people have been told a remortgage would be impossible and while it may be unlikely it is wrong to say impossible. I never say this to clients as I cannot foretell how the mortgage market will be in five years.
I think the protocol needs rewritten with a bit more clarity. This will afford protection to clients while also giving creditors a fair return and most of these issues will be avoided. There still will be creditors such as HMRC who will modify proposals but most clients will know exactly where they stand.
Michael, I agree with you regarding re-writing of the protocol with more clarity. Fortunately the protocol does get amended every now and again and, hopefully the professionals involved bring issues such as these to the table. Like any organic document, it will evolve to meet changing needs.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
