Changing debt companies

[doghouse1964]

Hi,
I have been working with Debt Release Direct since November 2006, I am on a monthly payment plan which isn't great as my 8 creditors are not receiving anything after DRD take out there payment. They have now said I can have an IVA, which is good, but they haven't been that great and all my creditors tell me that they haven't heard anything from them. My question is, can I change the company I get my IVA through? Or will I have to start all over again? Finally I am being told that I have to pay at least 60p in the pound repayment before any one will consider an AVI? Is this correct?
Regards
Doghouse.

[freelili]

hello doghouse and welcome
an IVA will be in your life for 5 years and that is a long time. You really need to feel that they are working with you and the company will earn from it. I wouldnt go ahead with an IVA if I was not 100 per cent happy with them. Regarding the 60p in the pound, that sounds quite high but it really depends on what you can afford to pay. Your budget would be basic but affordable for a five year stint and it also depends on which creditors you have, for instance HSBC require 40p and Northern rock 45p. I would phone around 3 IVA companies and see what they say at least then you can make an informed choice.

I would be really concerned if my creditors had not recieved any money since November, where is the money you have paid? ~What are DRD's fees?
There are some sharks out there, avoid Synergi, please
Good luck and keep posting.


LILY

fly me beyond the distant star, I will wish on tonight to see you smile just once more to know youre there.

[freelili]

Ps

It takes around 6-8 weeks to set up an IVA with another company. Given that you are already in a plan your figures etc should be easily available, right? One more thing that springs to mind is, why did DRD not adbise IVA in Novemember? Hmmm, you could have been five months into it by now, I wonder if they wanted to make something out of you befoe advising you correctly and did they talk through other options with you at that time?+

LILY

fly me beyond the distant star, I will wish on tonight to see you smile just once more to know youre there.

[Oliver]

Hello

As Lilli says in an IVA you will have to pay as much as you can afford. However, I am slightly confused that your DMP company seems to think that you can afford to repay 60p in the £ and at the same time you state that your creditors are not in receipt of money from you becasue your contributions are eaten up by the DMP company fees?!!

Please post some more details on your debt, disposable income etc....


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi
You can choose any IVA provider that you want as you are not tied to Debt Release.To say that no one will consider an IVA for less than 60p in the £1 dividend is not true.
As stated can you post as many details as possible,disposible income ,income and house value and equity if you are a homeowner.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[doghouse1964]

Hi, thank you for your help, we finally got our IVA last week. The problem we have now is my wifes bank account has been frozen and I need to get her a new bank account. Do you know any banks that work with clients who have an IVA against them?

Sorry I didn't post more on the website, but spent most of my time getting correct information over to the company. This is one thing I would say to anyone going through an IVA, please give them all the correct information, other wise you can have problems.
Thanks to all Garry

[MelanieGiles]

Try the Co-op or Nationwide.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk