Hi,
I am new to this forum, only finding it today. I have been talking for some weeks with a debt specialist company, who has advised myself and my husband to start an IVA. I have sent everything off to them, and a sum of £450 is due out of our account by debit card to in initiate this process. Looking at this forum I am now wondering if it was even necessary to go through this company in the first place. Is this the best way to do it? This figure of £450 is simply a fee to them and not a figure towards an IVA. Am I being scammed?
Look forward to any advice.
ive never heard of a payment to initiate the iva-some ips do request a months iva payment but thats to show to the creditors that you will have funds available to meet the monthly payments but thats only once the ball gets rolling
be wary of whoever youre using
you should definitely seek the advice of two or three other firms before committing to this firm-look on www.iva.com where you can get reviews and ratings of firms and call as many of them as you need to get FREE clear initial advice. keep your cash til you get further info hun.
who have you chosen to represent you ? i cant tell if youre being scammed but it sounds irregular keep posting x
Last edited by flumpy dog on Wed May 27, 2009 3:48 pm, edited 1 time in total.
Hi Fergiedoggy,
This company is called Debt Specialists Ltd. Have just looked on the web link you gave me and can't seem them on there. Their letter to me states that in order to start work on our behalf we have to fill out details and provide the initial £450 fee. I so hope this is ok, as I can do without the added stress of using a company that is not reputable.
Kalf - some IPs will ask for a payment upfront, which can be refunded on non-acceptance, or will form part of the first payment on acceptance.
If you are not comfortable paying upfront, there are plenty of companies who operate on a no upfront fees basis - www.iva.com has a comphrensive listing, but David Mond and Melanie Giles' firms (check out the links in their posts) are highly recommended, and I have never seen PayPlan get a bad word on this forum.
You should really talk to more than one IP anyway, to ensure that you are getting the right advice (compare what they say).
hey kalf ray has given you the names of two excellent ips
they ARE on iva.com and i would highly recommend either-i speak for mel from excellent service
i am getting warning feelings about this company you mentioned
at the end of the day hun you have to do what is right for you.
at the moment the worry and fear you are feeling can make you do hasty stuff. please dont use this firm just for a quick solution.
if i was you i would get david or mels details and call them-you can get their details from the experts bit on the left hand side or give any of the firms on www.iva.com a call
i really think that 450 could be used towards a contigency for you and i personally would get alternative advice and avoid this firm.
please keep posting so we know youre ok [:)]
Last edited by flumpy dog on Wed May 27, 2009 4:11 pm, edited 1 time in total.
Many thanks for you advice. I have now filled a form online to Mel and hopefully will get a response shortly. As this firm already has my debit card details and I have already signed paperwork I don't know if it can now be stopped. Fingers crossed though.
Hi
You could stop a payment by cancelling your card.
Some companies do charge for preparing documentation for an IVA,however this should be clearly explained to you at the time.
Regards
there should be a cooling off period for this other company-call them and tell them youve changed your mind and to remove your card details-
try and contact your bank and tell them not to authorise the payment -if you have to use drastic action you could ring the bank and tell them you need a new card -thus putting a stop on the old one and therefore this comapny cant extract money from you
so glad youre going with mels team it will be the best decision youve made xx
I've just looked at their website and I'm not impressed with some of the information about IVA's on there.
This is one of the points they make:
'You will not pay any fees'
Which planet are these people on?
Kalf - I would recommend using another firm - I think the money you are being charged is to pass you over to an IP. You can contact a firm via here with their own IP's.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Kalf. I reccommend Melanie Giles company and you only send the first IVA payment with your completed proposal to show them that you can actually pay the amount. I believe this is refunded if IVA not accepted? Trust your instincts and ring a few recommended from this forum. Good luck x [:)]
You are perfectly entitled to approach an IP directly, but there are also merits in using the services of debt management professionals who can help you with a lot of the initial paperwork.
If you are asked to pay fees, make sure that you understand what these fees are for and what will happen to your money in the event that the IVA either does not proceed or is rejected.
To be honest I would approach an IP direct rather than use an intermediary. The IPs who post on here are all highly recommended and you can find their details in the experts section.
Alternatively have a look on www.iva.com and read the reviews of various companies.
