I just seem to be going round in circles...

[dandd]

Hi, I have been going through an IVA since November last year with Spectrum. I have been reading some posts and am a bit worried with this company. I have paid them four months payments and they have now passed me onto a company called Bridges. My IP called me and sent out the relevent information which left me even more worried. If my IVA fails will I be made bank rupt by the crediters or can I agree something else? I owe money to:

EGG 11000
SKY CARD 6500
HALIFAX 3500
CAPITAL ONE 5000

Are these crediters likely to agree? Im just scared of losing everything, I can afford the repayements and am having doubts weather to try and get a loan over 5 years due to the br situation - however, due to me not paying them as instructed - I have defaulted on my loan which seems to mean a lot of crediters wont touch me - What should i do?

Please give me some advise - I just seem to be going round in circles...

Many thanks in advance

[freelili]

Hello and welcome

I am concerned about this company spectrum, they have been on watchdog. I also do not understand why you have been paying them for four months and have only just started the IVA process. I cannot advise you on whether your proposal is realistic or not. How much have you been paying, was this money going to your creditors? My advice would be to phone around 3 companies, start with the ones on this site go through your income and expenditure in order to get a realistic idea of what your chances are. I would also advise that you walk well away from spectrum as it seems the only people who will benefit from your situation is them. One of the experts may be able to offer advice regarding your disposable imcome/ total amount of debt if you would post your disposable income. One another thing that I would say is, when phoning, do not be ashamed and be realistic with your expenditure,including things that do not occur on a regular basis, such as dental, prescriptions contigencies etc. a) your IP will earn from you and b) you will have to live on this budget for 5 years. I am sure there will be an answer. I would not advise further credit, spectrum should have established insolvency before accepting you for IVA, right?
I am not an expert, just another person in debt

Good luck

LILY

[laleanne1]

Hi

I agree, maybe you should walk away and try another company. You probably wont get the money you've pain in back but it will bw a small price to pay in the long run.

I too had egg and captiol one as creditors and they are one the few that bothered to vote and they were for the IVA. Speak to one the companines on this site they will be than happy to help you[:D]

l morris

[MelanieGiles]

No-one should take four months, during which time they are taking money off you, to then refer you to an insolvency practitioner. What on earth has this firm been doing for you in the meantime?

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

[dandd]

Many thanks for all your quick responses... [:)]

My case has now been passed onto a Company called Bridgestones whom my IP works for. I was paying Spectrum £368 a month and they did say this would go towards my case but for obvious reasons I can't see this. I don't know weather or not to use this IP as they have been appointed through Spectrum and I now have many doubts. I do know that they were sending information requests to the wrong address and not to the correct one. When I found out and spoke to them things moved quickly. It only took two more weeks befor I was introduced to Bridgestones. I havn't yet signed anything with this company as I found this forum and wanted to seek advice.

I owe £26500 and was going to get a loan. This is running in circles. I earn £1400 a month but live with my long term girlfriend. She earns £1000 a month. Total £2400 with the normal outgoings (morgage/tax/utilitied) etc totaling £1600. This excludes food and petrol. We purchased are house 8 months ago so BR is out of the question. My loan was 300/month the I tried to pay at least 100 on each card. Total 600. However the credit card balanced werent comming down hence needing a solution - IVA.... Otherwise I can't afford to live. So this was also leaving us only 200/month for food/clothes/petrol etc... With these figures I guess my DI is 800 / month so I was looking into getting an IVA for around 350/month so that I could live with less worry and have an end to my debt situation. I am only 23 and want to get my mistakes corrected so that I can move on - does this seem correct or are Spectrum as bad as we think??

I'm just all over the place at the moment and havn't paid any of my crediters for four months now. So rather worried... I have always tried to pay something.. I think the best thing to do is to cut my ties with Spectrum and speak to one of the experts via this website as they seem to know whats what and would have my interests at heart.... Or has anyone heard of Bridgestones and should I use them? All the advice you give me is great and its nice to speak to people who are going through the same problems.. Sorry to rabble on I just needed to speak to someone...... Many thanks in advance...

[MelanieGiles]

Dandd

You are taking a very responsible attitude to dealing with your debts, but have been let down by the system. I suggest that you ask for your money back, as I am at a loss to what the first company have actually done for you to warrant a payment of nearly £1,500. Did you sign any form of agreement with them to pay fees?

I have not heard of Bridgstones, but they seem to be a fairly small practice based in Oldham, with some obvious link to Spectrum. If you have any sort of doubts at all, have a look at my blog which gives advice on how to choose an IP, and the sort of questions to ask to ensure that you are going to get a professional service from someone who will look after your interests.

Continue to post to let us know how you get on, and any of the experts on the forum will be more than happy to advice you off-line if you prefer.

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

[dandd]

Thanks you very much for your quick response again.. I have looked there company up and you are as always correct. They do have five reviews and all are positive. I will speak to them to find out the link with Spectrum as I feel this company has like you say not done a lot. All they seem to have done is introduce me to Bridgestones for a large fee. However the price I am being quoted by this company (if all goes well) is 2500 plus what I have paid to Spectrum as you say nearly 1500, does this seem to be a reasonable amount?? I did sign something and I will read the terms and conditions again. I did read them when I signed it and was told it would contribute to my IVA and they take there fees out but this seem far fetched.... I think I will speak to Bridgestones using your blog questions and see how I feel after this. Many thanks for your help and I will let you all know how I get on. I just want a line drawn under my debt so that I can move on with my life and put an end to all while I am still young....

[freelili]

Hi again I hope you feel a little better now. I am in debt also and was looking into iva watchdog mentioned iva's and my ears went up. They said that spectrum advertise iva's but are not capable of handling them and take months of fee's and get someone else to do it, i think on a commission basis. Anyway I remembered it showed insolvency site and they expained what an Iva was so I think you would be better to walk away. This is a stressful time for you and you will need to go with a company you can trust, speak to 3 get a feel for it and make sure you look at this site. AVOID SYNERGI. I may be wrong but I feel what you have paid for is a referral I am sorry, you were not to know this, its a bit of a lottery unless you know.

Good luck and please keep posting
(better late than never eh?)

LILY

[maya]

Hi Dandd,

I went thru' debt free me & they referred me to Bridgestones , they were effective, slow to begin with but then i started calling practically everyday for an update , though mind you the whole process took 5 months ( Sept, Oct , Nov with Debtfreeme & then Jan to the beginning of Feb with Bridgestones)with Christmas in between ( so lost out on 8 to 10 days ), finally the IVA was approved on the 12th after a lot of modifications ( pretty standard !!).Not sure if there is anyone else on this forum who has dealt with Bridgestones.
But good luck with them & let us know ..
Take care
maya

[dandd]

Thanks very much for your advise - Think I will give them a go........