Application for IVA

[clownsean]

Hi!
I know very little about all this but after contacting debtfreedirect i'm reassured that an IVA is the way forward. Considering we're struggling every month to pay the interest on credit cards etc life is pretty grim at the moment. If this goes well it would mean a totally new start.
Has anyone had any experience with debtfreedirect & if so can you please let me know how your application went, We're really nervous about it all at the moment, any advice would be some relief to us both,

Regards
clownsean

[barbara.worthington]

hi - and welcome to the forum

i am in the process of waiting for my proposal to coe through - i am not with dfd though - my ip is melanie giles and i caanot fault her or her team. am sure someone will be along to advise you about dfd.

you have done the hardest part by making that phonecall

good luck with your journey, am sure you will be just fine

kind regards

barb [:)]

[clownsean]

Hi Barb,
Do you mind me asking how much you had to pay for the IVA?

BR
Sean

[barbara.worthington]

hi - when you say how much will it cost to set up our iva - i have not made any payments yet, i will send my first months payment with my proposal and then any other fees will come out of my monthly installemt each month - sorry i am not sure how much they will be!

if you are unsure about dfd why not just give melanie a ring - you have nothing to lose and she is held in very high regard on this forum

good luck with whatever you decide and if you are unsure just keep asking questions - i too am a novice but have found this forum such a support over the last few months

keep yer chin up it will work out

love barb x

[aguise]

Hi there and welcome to the forum. The fees form part of the proposal and are included in the monthly payment you make. They are not paid seperately. Some companies will ask for a payment upfront, to show willing as such, and this should be returnable should the iva not go through. There is nothing to stop you getting a second opinion from another company, in fact it is a good idea.

You have made the first step and yes it is a nervous time with lots to understand. Ask all the questions you need and make sure you understand everything.

All the best

Ang

[MelanieGiles]

These days, the fees charged by IPs are generally set by creditors, and depending on who your creditors are will largely dictate the amount the IP will be allowed to charge - regardless of the amount of work they have to do! A sad sign of the times I am afraid.

[angela18]

ooh Melanie hoping they're letting you have enough.. to me your team are worth there wait in Gold..

[no money eva]

Yes Melanie that is becoming clear my chairman from PP yesterday said that TIX had made them cap their fees for the duration of my iVA, their fees being just shy of £6k. TIX had the majority vote as he said even though I had about 10 creditors only had 4 creditors/agents voting.

[MelanieGiles]

I am all for a more cost effective profession, and greater accountability from IPs to the creditors for their actions, but at a time when IPs are being asked to do more and more work at the bequest of creditors, which rarely results in a higher return, it is very difficult to perform this work at a loss. It would be easier if the creditors could agree on one set of charging rates - either fixed or percentage based, so that we were performing on an even field. Difficult times, which will undoubtedly result in some good practitioners packing up.

[luluj]

DFD have been great with us and IVA since the acceptance of it in September 2007. They have always been on the end of the phone and willing to listen and support us through difficult times - we are approaching our first review and although we have communicated our increase in earnings throughout the year, they have not asked us to increase our payment - I'm guessing that will start from the month after our review has been completed as per our chairmans and proposal reports -this way it allows you to save a little for the rainy days which we all get while in an IVA believe you me - trouble is they tend to last for more than a day!