Beginners

[masterinengland]

Hi there! I owe £50000 with my wife and in the stage of entering an IVA. I have read lots of topics within this forum and realy learned a lot. The tentative proposal set by my IP is around about 750 a month. Is it really the best solution available to me granting that amount? If not then can I withdraw my application with them and find other solution such as DMP? MAny thanks.

[mikebdomain]

Hi masterinengland and welcome to the forum, please post a few more details so the experts can offer you some more advice.

Do you own your own home?
What secured debts do you have?
What unsecured debts do you have?
How are the debts split between you and your wife?

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

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[masterinengland]

Hello again! Yes we own a mortgage with only small equity as valuated. No secured loan under our names. 3 personal loans in joint names total of £29000. Credit cards under my name is about £12000 and £1100 overdraft and hers is 1500 + 400 pound store card. Our Ip is under SYNERGI. At the moment we are in the stage of assessing our asset and expenditure and tentative figure calculated is £750 which is subject to amendments as I was told recently.

[thebear29uk]

Hi masterinengland.

Please tell me you haven't paid any money to Synergi yet. This forum has highlighted huge problems with Synergi. They take up to 6 months to get a creditors meeting but get you to pay the monthly amounts to them to show your ability to pay. If the IVA proposal is rejected they then keep the payments to cover their costs.

Have a look at ScaredKez' blog about them.

If you haven't agreed anything with them yet walk away before its too late. Most IPs don't charge up front and you should check out ones that post on here. From personal experience I would recommend Melanie Giles.

Regards

Dave

[thebear29uk]

Also have Synergi given any indication of how long it will all take? Have you been able to put down accurate Income/Expenditure or have they tried to get you to change things to enable a higher payment in order to get the IVA approved.

Dave

[Skippy]

I agree with Dave - walk away from Synergi. Scaredkez and Coco both had terrible problems with them and they are both now bankrupt.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
I suggest getting a second or third opinion.
On payments of £750 per month you could repay your debts in full by a DMP in just over five years,the same timescale as an IVA.
Has Synergi discussed equity release in the fourth year with you ?
You seriously need to consider a DMP as your property will not come into the equation,unlike an IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[masterinengland]

Thanks for all of your reply. They say it will take 4 - 6 weeks to finish the proposal. Am i in deep trouble? I already signed an engagement letter with them but I havent paid yet? Can I still withdram from them? What will I reason out? Please help.

[MelanieGiles]

You can change your mind about your IP provider at any time, but do seriously consider the options available to you. Are you property owners with equity?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[masterinengland]

Thanks for your reply Mel. We own a mortgage with a small equity at present. Can I just phone synergi and tell them I want out?

[MelanieGiles]

Yes you should be able to disinstruct your current provider at any time. Did they discuss all options with you, or just the IVA? And if you do decide upon IVAs, you may be required to propose entirely separate ones depending upon your individual disposable incomes. This is because in reality there is no such thing as a joint IVA, and both estates do have to be looked at separately. Nothing for you to worry about, but a technicality for the IP.

Interestingly I gather than you can do a joint DMP!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[masterinengland]

Many thanks for that information. No other options has been offered to me. They are very positive that IVA is the right one for us. With regards to joint application they never raised that at all. Not a single information has been given to me that there is no such joint application. Well, tomorrow I will phone them. But what about the creditors whom they said "they will sent a letter informing about the IVA"?

[MelanieGiles]

When you decide the best route - be it IVA or DMP, whoever you choose to represent you will write to the creditors to advise them what is happening.

And just to clarify my point on "joint" IVAs - there is no such thing, but a lot of couples propose mutual and interlocking arrangements, which are reliant upon one another and involve just one contribution. All I am saying is that this should not be used if you could propose two separate ones as this is more correct procedure.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[scaredkez]

hi I didn't really want to say anything because i have a grievance about this company, but please listen to mels advice, i was taken in by them, and lost an awful lot of money at the time, you are not compelled to take them on as your IP, seek alternate advice, i wish you luck and hope everything works out better for you than it did me, be careful and select carefully you feel someone you can trust for the next 5 yrs.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[masterinengland]

Thanks for the advice kerri. I would like to withdraw my application but silly question how will i do it and what will I reason out granting i have signed the engagement letter with them? Can I just put it in writing as to being formal or phone them. I do apologize for this.